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. See our updated Privacy Policy here.

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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • China asks banks and alipay not to involve in Crypto operations
  • Swedish PM Lofven loses vote of no confidence $SEK
  • $SEK https://t.co/wsDlD7ontr
  • Cryptos a sea of red in early turnover. #btc #eth #bch #ltc #cryptocurrencies @DailyFX Prices via @IGcom https://t.co/hJZM88iBhu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.06%, while traders in France 40 are at opposite extremes with 71.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kDXB7uMLTc
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.59% Silver: 0.38% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TYEA5HjCDW
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/cneT301DZA
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.28% 🇳🇿NZD: 0.27% 🇦🇺AUD: 0.08% 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8m662qPO5F
  • Crude Oil Prices Rise as Iran Nuclear Talks Yield No Progress https://www.dailyfx.com/forex/market_alert/2021/06/21/Crude-Oil-Prices-Rise-as-Iran-Nuclear-Talks-Yield-No-Progress.html https://t.co/0SqVDFbEV7
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: -0.18% Wall Street: -0.24% Germany 30: -0.40% FTSE 100: -0.45% France 40: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ogVOurA7J6
Gold and Crude Oil Treading Water, US Dollar Pressuring May High

Gold and Crude Oil Treading Water, US Dollar Pressuring May High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Continues to Stall Below the May Swing High
  • S&P 500 Sets Another Record as Upward March Resumes
  • Gold, Crude Oil Treading Water at Familiar Chart Levels

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

US DOLLAR TECHNICAL ANALYSIS – Prices recovered following a brief correction lower from two-month highs. Positioning has favored the upside after prices set a double bottom and broke the down trend from January. Near-term resistance is at 10531, the May 28 high. A move above that aims for the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of the channel top at 10414.

Gold and Crude Oil Treading Water, US Dollar Pressuring May High

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 broke resistance at 1919.40, the 61.8%Fibonacci expansion, exposing the 76.4% level at 1933.00. A further push beyond that targets the 100% Fib at 1954.90.Alternatively, a reversal back below1919.40 clears the way for a descent to 1908.40, marked by the 50% expansion.

Gold and Crude Oil Treading Water, US Dollar Pressuring May High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Sellers are testing support at 1243.24, the 76.4% Fibonacci expansion. A break below this boundary exposes the 100% level at 1216.11. Resistance is at 1260.03, the 61.8% Fib, with a reversal back above that clearing the way for an advance into the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom.

Gold and Crude Oil Treading Water, US Dollar Pressuring May High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at a rising trend line support set from the May 1 low to challenge the 38.2% Fibonacci expansion at 102.11. A break below this barrier on a daily closing basis exposes the 50% level at 101.38. Alternatively, a reversal back above the trend line (now recast as resistance at 103.33) targets a downward-sloping barrier connecting major swing highs since early March, currency at 104.28.

Gold and Crude Oil Treading Water, US Dollar Pressuring May High

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