News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Issues Lowest Close in 3 Months Before FOMC Outcome
  • S&P 500 Continues to March Higher, Testing the Index’s Record High
  • Gold Prices Drop to Seven-Week Low Beneath the $1300/oz Figure

To receive Ilya's analysis directly via email, please SIGN UP HERE

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke support at 10620, the 76.4% Fibonacci expansion, exposing a rising trend line set from early April (now at 10574). This barrier is reinforced by the 100% level at 10561. A further push below the latter barrier targets a falling channel bottom at 10528. Near-term resistance is in the 10646-57 area, marked by the August 16 low and the 61.8% expansion.

Forex_Dollar_Selloff_Continues_Before_Pivotal_Fed_Policy_Announcement_body_Picture_5.png, Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices took out resistance at 1701.80, the 50% Fibonacci expansion, exposing the August swing high at 1709.60. A push above this barrier targets the 61.8% Fib at 1719.60. The 1701.80 level has been recast as near-term support, with a reversal beneath that eyeing the 38.2% Fib at 1684.10.

Forex_Dollar_Selloff_Continues_Before_Pivotal_Fed_Policy_Announcement_body_Picture_6.png, Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1316.01, the 38.2%Fibonacci expansion, exposing the 50% level at 1279.68. The 1316.01 mark has been recast as near-term resistance, with a reversal back above that eyeing the 1347.52-60.96 region marked by a horizontal pivot as well as the 23.6% expansion.

Forex_Dollar_Selloff_Continues_Before_Pivotal_Fed_Policy_Announcement_body_Picture_7.png, Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A break of support at 105.93, the 23.6% Fibonacci retracement, has exposed the bottom of a rising channel set from early July (now at 104.38). A further push beneath that targets a rising trend line established from mid-April, now at 103.01. The 105.93 level has been recast as near-term resistance, with a turn back above that aiming for the channel top at 110.76.

Forex_Dollar_Selloff_Continues_Before_Pivotal_Fed_Policy_Announcement_body_Picture_8.png, Dollar Selloff Continues Before Pivotal Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES