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
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/me8wMRpJjE
  • What is seasonal change in volatility. Are we going through one right now? Find out: https://t.co/G0qfpOmMl2 https://t.co/HXCQzUQgxA
  • The US Dollar will be bracing for a cascade of political risks including the first presidential debate, ongoing stimulus talks, the Supreme Court vacancy against the backdrop of key employment data. Get your #currencies update from @ZabelinDimitri here: https://t.co/quU4MmUjxA https://t.co/jF6ubwRz1P
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/PfIVibmqn1
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lKvEMf4QRe
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • 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/38gTDnpPbn https://t.co/Xtk5g4JQEB
Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

2014-10-14 03:54:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • US Dollar Selloff Resumes After a Brief Two-Day Pause
  • S&P 500 Races Downward, Slumps to Five-Month Low
  • Crude Oil Continues to Sink as Gold Meets Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned downward as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10942, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 10880. Alternatively, a reversal above the 23.6% Fib expansion at 11069 opens the door for a challenge of the 38.2% threshold at 11146.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month 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 ANALYSIS – Prices took out support at 1877.90, the 100% Fibonacci expansion, with sellers now poised to challenge the 123.6% level at 1855.00. A further push below that aims for the 138.2% Fib at 1840.80. Alternatively a daily close back above 1877.90 targets the 1899.10-1900.80 area marked by the April 2014 high and the 76.4% expansion.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A continued push higher through the 38.2% Fibonacci retracement at 1236.31 exposes the 50% level at 1252.80. Alternatively, a turn below the 23.6% level at 1215.91 targets the intersection of falling channel top resistance-turned-support and the 14.6% Fib at 1203.33.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support in the 87.73-88.47 area, marked by the 50% Fibonacci expansion and the June 2012 low. A break below that on a daily closing basis exposes the 61.8% level at 85.36. Alternatively, a reversal above the intersection of channel floor support-turned-resistance and the 38.2% Fib at 90.11 aims for the 23.6% expansion at 93.04.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month 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