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
Mixed
Oil - US Crude
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
Wall Street
Bullish
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
Bullish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Perched at Make-or-Break Chart Resistance
  • S&P 500 Rejected Downward on Another Test of 1900
  • Crude Oil Rebound Pauses Below $103/barrel Figure

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

US DOLLAR TECHNICAL ANALYSISPrices look to be attempting to set a double bottom at 10375, the October 22 close. Confirmation of the upward reversal pattern requires a breach of resistance is at 10462, marked by the top of a falling channel that has guided the benchmark currency downward since the beginning of the year. A daily close above this barrier initially targets horizontal support-turned-resistance at 10495.

US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

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. The index pulled back from resistance at 1899.10, the April 4 high, to test rising trend line support at 1883.80. A break below this boundary exposes the 23.6% Fibonacci expansion at 1880.20.

US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1309.31-15.60 area, marked by the top of a descending Triangle chart formation and the 38.2% Fibonacci retracement. A break above that on daily closing basis targets the 50% level at 1330.18. The descending Triangle argues in favor of bearish continuation however (though confirmation is absent for now). Near-term support is at 1277.00, the Triangle bottom, followed by the April 24 low at 1268.40.

US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices paused after shooting higher through resistance at 101.85 marked by the 50% Fibonacci retracement. Buyers are now testing the 61.8% level at 102.58, with a push above that eyeing the underside of a previously broken rising trend line at 103.01. Alternatively, a reversal back below 101.85 eyes the 38.2% Fib at 101.11.

US Dollar at Make-or-Break Resistance, SPX 500 Rejected at 1900 Again

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