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
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • 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
Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Recovery Looks Corrective Whilst Below Former Support
  • S&P 500 Vulnerable to Deeper Losses After Hitting One-Week Low
  • Gold Resuming Long-Term Decline After Retesting Channel Bottom

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 are retesting support-turned-resistance at a rising trend line set from early April (now at 10584), with a break higher targeting the August 16 low at 10646. Near-term support is at 10469, the June 13 low. A push beneath that eyes the March 25 bottom at 10413.

Forex_Dollar_Bounce_Looks_Corrective_SPX_500_at_Risk_of_Deeper_Losses__body_Picture_5.png, Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

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 are pulling back after putting in a bearish Evening Star candlestick pattern. A break of support at 1708.70, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 1693.00. A push beneath that eyes the 50% Fib at 1680.30. Reversing back above 1708.70 targets the September 19 high at 1734.10.

Forex_Dollar_Bounce_Looks_Corrective_SPX_500_at_Risk_of_Deeper_Losses__body_Picture_6.png, Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled from support-turned-resistance at the underside of a rising channel set from the late-June swing bottom. A break through the 1341.60-47.52 area, marked by a horizontal pivot and the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1320.86. Pushing further beneath that eyes the 50% Fib at 1304.10. Alternatively, a move back above 1347.52 targets the channel top (now at 1386.56) anew.

Forex_Dollar_Bounce_Looks_Corrective_SPX_500_at_Risk_of_Deeper_Losses__body_Picture_7.png, Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke through support at the bottom of a rising channel set from early July and an upward-sloping trend line established from mid-April. Sellers now target the 38.2% Fibonacci retracement at 102.05. Channel support-turned-resistance is now at 105.07.

Forex_Dollar_Bounce_Looks_Corrective_SPX_500_at_Risk_of_Deeper_Losses__body_Picture_8.png, Dollar Bounce Looks Corrective, SPX 500 at Risk of Deeper Losses

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