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
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
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • US Treasury Yields Update: 2-Year: 1.592% 3-Year: 1.593% 5-Year: 1.625% 7-Year: 1.723% 10-Year: 1.805% 30-Year: 2.288% $TNX
  • Trump says meeting with Chair Powell included topics including interest rates, negative rates, USD strength and the impact the USD has on manufacturing and trade with China and EU $EUR $DXY $SPX
  • @CVecchioFX aaaaand right on cue: https://t.co/lqJAm1W5lS
  • Right on cue. https://t.co/ZjBcg7W6wB
  • This is the line that sticks in my craw: "will make those decisions based solely on careful, objective and non-political analysis." It sounds like the Fed is pushing back on further rate cuts for the sake of cushioning the economy from the US-China trade war pre-2020 election.
  • RT @realDonaldTrump: Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve. Everything was…
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.39% 🇪🇺EUR: 0.18% 🇨🇭CHF: 0.14% 🇨🇦CAD: 0.06% 🇳🇿NZD: -0.08% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/YMeo92xv6Z
  • POTUS calling Powell to the White House to make sure the Fed has his back with US-China trade relations on the brink of their next breakdown? $USDCNH $XAUUSD $ES_F https://t.co/mWa1rdGMRA
  • Can't help but feel this meeting was intended to re-orient everyone's bearings in the event that Phase 1 of the US-China trade deal falls apart in a more public manner. cc @RichDvorakFX
  • "Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis."
US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

2014-05-27 05:02:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • US Dollar Expected to Renew Advance After Correction
  • S&P 500 Eyeing Upside Chart Barriers Above 1900.00
  • Crude Oil Rally Held up at Resistance, Gold Flat-Lining

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

US DOLLAR TECHNICAL ANALYSIS – Prices are aiming upward after setting a double bottom at 10375 and breaking through the top of a falling channel guiding the down trend since January. Buyers have overcome resistance in the 10474-95 area, opening the door for a challenge of the next key threshold in the 10589-619 region. A further break beyond that exposes year-to-date highs above 10700. Alternatively, a reversal back below 10474 targets channel top support-turned-resistance at 10439.

US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

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 broke resistance in the 1897.40-1899.10 area, marked by the 38.2% Fibonacci expansion and the April 4 high, exposing the 50% level at 1908.40. A further push beyond that targets the 61.8% Fib at 1919.40. Alternatively, a reversal back below 1897.40 clears the way for a move back to the 1883.80-88.60 region, bracketed by the March 7 high and the 23.6% expansion.

US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1302.18-15.60 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.

US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.24-38 area, marked by a falling trend line set from early March and the 76.4% Fibonacci expansion. A break above this barrier initially exposes the 100% level at 105.16. Near-term support is at 103.67, the 61.8% Fib, with a move back below that eyeing the 50% expansion at 103.20.

US Dollar Rally Seen Resuming, SPX 500 Building Foothold Above 1900

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.