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
Mixed
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/POsnWwTmER
  • Speculative stubbornness continues to hold back emergent fears like inflation and central bank moderation, but no certain of progress on that battle this week. While $NDX, $BTCUSD and Pound are on my radar, #Dollar tops my watch list: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/15/Dollar-Outlook-Throttled-by-Both-Risk-Rebound-and-Curbed-Inflation-Concerns.html https://t.co/aYjyvQzhIA
  • AUD/USD remains range-bound but trend potential exists elsewhere in pairs such as AUD/JPY or AUD/CAD. Get your market update from @JStanleyFX here: https://t.co/bppORO1NEg https://t.co/6mXqAOrl9H
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: https://t.co/YQG1aaIT8C #DailyFXGuides https://t.co/oOyN7fUaC6
  • The Federal Open Market Committee (FOMC) Minutes may drag on the price of gold as the central bank appears to be in no rush to switch gears. Get your market update from @DavidJSong here: https://t.co/2EvNplObIk https://t.co/hhEAnqhAEu
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/gNiVpWrd1p
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/4zEwS7mFJE
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/nB2f5m56nq
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Technical Positioning Warns of a Pullback Ahead
  • S&P 500 Taps 7-Week Low as Prices Lose Grip on 2000 Mark
  • Gold Trying to Rise from 9-Month Low, Crude Oil at Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick, hinting a pullback may in the cards. Near-term support is at 11033, marked by the intersection of the 38.2% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the 23.6% level at 10983. Alternatively, a push above the 50% Fib at 11074 opens the door for a challenge of the 61.8% expansion at 11114.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

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 moved sharply lower, with sellers now aiming to challenge the intersection of the 76.4% Fibonacci expansion and a falling channel floor at 1941.80. A break below that on a daily closing basis exposes the 100% level at 1928.20. Alternatively, a reversal above the 61.8% Fib at 1950.20 aims for the 50% expansion at 1957.10.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1221.70, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1232.34. Alternatively, a reversal below the 23.6% Fib expansion at 1203.76 aims for the 38.2% threshold at 1186.80.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices edged past support at 95.11, the 23.6% Fibonacci expansion, to challenge falling channel floor support at 93.91. A break below that exposes the 38.2% level at 92.34. Alternatively, a turn back above the 95.11 eyes the 96.73-82 area, marked by the April 18 2013 low and the 14.6% Fib.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

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