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
Bearish
Oil - US Crude
Bearish
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.31% Oil - US Crude: 0.90% Gold: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LKcIsCQeTg
  • #DAX30, #dowjones : la reapertura económica lidera los avances #trading https://t.co/GoI9cOuD9A
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 1.28% 🇦🇺AUD: 1.17% 🇬🇧GBP: 1.01% 🇪🇺EUR: 0.57% 🇨🇭CHF: 0.35% 🇯🇵JPY: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eMQxa6E4eU
  • Coming up at half past the hour: my weekly webinar on market #sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?ref-author=essex&CHID=9&QPID=917711
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 1.67% Wall Street: 0.90% Germany 30: 0.89% US 500: 0.65% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5LHY5FmIF9
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/I6VTWPtUwc
  • Canadian Dollar Forecast: USD/CAD Price- Ready to Edge Lower? More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/05/26/Canadian-Dollar-Forecast-USDCAD-Price-Ready-to-Edge-Lower-MK.html?CHID=9&QPID=917714 https://t.co/eTYFyolGbV
  • Vaccine hopes, a Franco-German recovery package proposal, and a Fed that is committed to provide further liquidity has taken some of the shine off the safe-haven US Dollar.Get your market update from @JMcQueenFX here:https://t.co/GeN07sifc0 https://t.co/r8RTJC8bBG
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/3XSyQQShxq
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/rpZihwpSS1
US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

2014-04-23 05:02:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices put in a Bearish Engulfing candlestick pattern below support-turned-resistance at the bottom of a falling channel set from mid-February, hinting a move lower may be ahead. Initial support is at 10430, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 10405. A turn above resistance aims for the top of a larger falling channel in play since the beginning of the year, now at 10517.

US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

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 rebounded as expected after putting in a Piercing Line candlestick pattern. A break above the 38.2% Fibonacci expansion at 1870.70 has exposed the 50% level at 1889.70, with a further push beyond that eyeing the 61.8% Fib at 1908.70.Alternatively, a reversal back below 1870.70 targets the 23.6% expansion at 1847.10.

US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices continue to edge lower, taking out support at 1287.14 marked by the 38.2% Fibonacci expansion and exposing the 50% level at 1273.57. A further push beneath that aims for the 61.8% Fib at 1260.01. Alternatively, a reversal back above 1287.14 sees the first layer of resistance at 1303.93, the 23.6% expansion.

US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are turned sharply lower below the 105.00 figure, sinking to challenge support at 101.04 marked by the 50% Fibonacci expansion. A break below this boundary initially exposes the 61.8% level at 100.11. Near-term resistance is at 101.96, the 38.2% Fib, followed by the 23.6% expansion at 103.11.

US Dollar Rebound at Risk, Crude Oil and Gold Continue to Sink

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

News & Analysis at your fingertips.