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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
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
Bitcoin
Mixed
More View more
Real Time News
  • Switzerland government says coronavirus risk is moderate - BBG
  • Trader confidence continues to suffer from the spread of the #coronavirus and its possible impact on the global economy. Get your market sentiment update from @MartinSEssex here: https://t.co/4a4RXyK4Wy https://t.co/3ci3Fptn8r
  • There's always a bull market somewhere? Oct 2018 - 10y yield at 3.25% Feb 2019, a year ago, 10y at 2.7% This morning the 10y touched down for a test of the all-time-low at 1.33% Rates come at ya fast https://t.co/N7yqi0AMAM
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.56% 🇯🇵JPY: 0.56% 🇨🇭CHF: 0.27% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/voDtKYTgzL
  • $EURUSD threatening a deeper reversal as an ascending triangle has built, short-term. Get your EUR/USD technical analysis from @JStanleyFX here: https://t.co/qmGzD3rbOZ
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.37% US 500: -0.42% Germany 30: -1.26% France 40: -1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zQL4nNXJsy
  • $SPX < 3,200
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: -0.48% Oil - US Crude: -1.02% Silver: -1.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fuN1JsPmS0
  • $EURUSD resistance has held thus far. But higher-lows coming in, setting up an ascending triangle this is similar to the backdrop in USD in early-Jan, just before the bullish reversal came in - discussed here at the time https://www.dailyfx.com/forex/market_alert/2020/01/07/correction-conundrum-in-the-us-dollar-eur-usd-usd-cad-aud-usd-js57.html https://t.co/uze2m6I5y7
  • 🇺🇸 USD Consumer Confidence Index (FEB), Actual: 130.7 Expected: 132.2 Previous: 130.4 https://www.dailyfx.com/economic-calendar#2020-02-25
US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

2013-10-16 07:09:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points

  • US Dollar Range-Bound in Familiar Territory Above June Low
  • S&P 500 Recovers as Expected, Reclaims Foothold Above 1700
  • Gold Technical Positioning Hints at a Possible Rebound Ahead

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 edged higher as expected after putting in a bullish Morning Star candlestick pattern above support at 10469, the June swing bottom. Initial resistance is at 10539, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 10591.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_usd.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

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 recovered as expected after showing a Spinning Top candlestick at support marked by a rising trend line set from late February. Near-term resistance is now at 1713.30, the 61.8% Fibonacci expansion, with a break above that targeting the 76.4% level at 1729.00. Alternatively, a break below support at 1700.70 the 50% Fib exposes the 38.2% expansion at 1688.00

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_spx.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Initial resistance is at 1294.51, the 23.6% Fibonacci retracement. This barrier is reinforced by a falling trend line set from the August swing top. A break above that initially targets the 38.2% level at 1321.09. Near-term support is at 1251.54, the October 15 low.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_gold.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are wedged between support at 100.88, a horizontal pivot dating back to April 2012, and the underside of a rising channel set from early July (105.17). A break upward aims for the underside of a rising trend line set from mid-April (108.33). Alternatively, a push through support initially targets supports at the 100.00 figure and 98.99.

Forex_US_Dollar_Flat_Gold_Hinting_at_Rebound_on_US_Budget_Woes_body_crude.png, US Dollar Flat, Gold Hinting at Rebound on US Budget Woes

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

News & Analysis at your fingertips.