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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook!
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps
Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

2014-02-20 13:23:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Working on a Fourth Day in Positive Territory
  • S&P 500 Snaps 7-Month Win Streak as 2013 Top Holds
  • Gold Falls as Expected, Crude Oil Stalls Above $103.00

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

US DOLLAR TECHNICAL ANALYSISPrices began to rebound after showing a Hammer candlestick above support at a rising trend line set from September 2012, with prices on pace to produce the strongest upside run in a month. Breaking above the 23.6% Fibonacci retracement at 10576 on a daily closing basis exposes the 38.2% level at 10610. Trend line support is now at 10540, followed by the February 17 low at 10520.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_5.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

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 ANALYSISPrices recoiled from resistance at 1847.90, the index’s 2013 closing high, to snap the longest winning streak in seven months. Near-term support is at 1820.30, the 23.6% Fibonacci expansion. A break below that on a daily closing basis targets a rising trend line at 1809.30 and the 38.2% level at 1803.70.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_6.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices fell as expected after putting in a bearish Dark Cloud Cover candlestick pattern below trend line resistance set from April 2013. Breaking below initial support at 1295.85, the 23.6% Fibonacci retracement, targets the 38.2% level at 1273.49. Trend line resistance is currently at 1326.41.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_7.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance at 103.29, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 104.48. Alternatively, a move below the 23.6% Fib at 101.81 exposes100.73, the December 27 high.

Forex_Dollar_Aims_to_Extend_Recovery_SPX_500_Rejected_at_2013_Top_body_Picture_8.png, Dollar Aims to Extend Recovery, SPX 500 Rejected at 2013 Top

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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