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.

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
EUR/USD
Bearish
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
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • US Indices are heading lower today after misses on key data prints. DOW -1.19% NDX -1.20% SPX -1.19% RUT -1.74% $DOW $QQQ $SPY $IWM
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: -0.55% Oil - US Crude: -2.14% Silver: -2.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UlhX3chZWU
  • 🇺🇸 Business Inventories MoM (NOV) Actual: 0.5% Expected: 0.5% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-01-15
  • $EURUSD briefly fell below 1.2100 for the first time since December 10th. $EUR $USD https://t.co/yVqkPtN0Cc
  • 🇺🇸 Michigan 5 Year Inflation Expectations Prel (JAN) Actual: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2021-01-15
  • 🇺🇸 Michigan Inflation Expectations Prel (JAN) Actual: 3% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2021-01-15
  • 🇺🇸 Business Inventories MoM (NOV) Actual: 0.5 Expected: 0.5% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-01-15
  • 🇺🇸 Michigan Consumer Sentiment Prel (JAN) Actual: 79.2 Expected: 80 Previous: 80.7 https://www.dailyfx.com/economic-calendar#2021-01-15
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.81%, while traders in NZD/USD are at opposite extremes with 64.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0uvGHbLoet
  • Mixed bag in the crypto space...Ether (ETH) outperforming Bitcoin (BTC)...#btc #eth #xrp @DailyFX Prices via @IGcom https://t.co/LpRLnlk1cD
Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

2014-03-03 01:27:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Continues to Cling to 17-Month Trend Support
  • S&P 500 Recoils Downward After Setting New Record High
  • Crude Oil Hits 5-Month High, Gold at Familiar Resistance

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

US DOLLAR TECHNICAL ANALYSISPrices continue to consolidate above support at a rising trend line set from September 2012. A break above resistance at 10614, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 10673. Trend line support is now at 10554, with a reversal below that eyeing the February 17 low at 10520.

Forex_Dollar_Clinging_to_Trend_Support_SPX_500_Recoils_Sharply_Lower__body_Picture_5.png, Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

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 are testing below resistance-turned-support at 1851.40, the 2013 high, after recoiling from resistance at 1863.60 marked by the 23.6% Fibonacci expansion. A break below rising channel support at 1840.90 targets an upward-sloping trend line set 1814.40. Alternatively a reversal above 1863.60 aims for the intersection of the 38.2% level and the channel top at 1881.30.

Forex_Dollar_Clinging_to_Trend_Support_SPX_500_Recoils_Sharply_Lower__body_Picture_6.png, Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance at a falling trend line set from April 2013, hinting at a turn lower ahead. Negative RSI divergence bolsters the case for a downside scenario. A break below support at 1306.00, the 23.6% Fibonacci retracement, exposes the 38.2% level at 1281.71. Trend line resistance is now at 1343.92, with a push above that targeting the 23.6% Fib expansion at 1358.83.

Forex_Dollar_Clinging_to_Trend_Support_SPX_500_Recoils_Sharply_Lower__body_Picture_7.png, Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices testing above resistance at 103.89, the 23.6% Fibonacci expansion. Confirmation of a break on a daily closing basis exposes the 38.2% level at 105.67. Support is seen at a rising trend line set from mid-January, now at 102.11, with a reversal below that targeting the December 27 high at 100.73.

Forex_Dollar_Clinging_to_Trend_Support_SPX_500_Recoils_Sharply_Lower__body_Picture_8.png, Dollar Clinging to Trend Support, SPX 500 Recoils Sharply Lower

Daily Chart - Created Using FXCM Marketscope 2.0

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

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.

DISCLOSURES