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
More View more
Real Time News
  • I don't think you could make a chart more technically provocative for me than what the $SPY S&P 500 ETF is offering up. That said, doesn't have to break and follow through has been notoriously scarce on the downside https://t.co/vqrlhu7AwC
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm a Double Top Pattern #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm Double Top Patter #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • I'm all for the diversify, but we are missing some steps between A and Z here...
  • Seeing articles show up in my search results that are obvious plants from traditional investment firms trying to get the new generation to open the traditional and passive account types they operate https://t.co/xGoaGqHpyg
  • The options market can be an excellent place to express trading ideas, as it presents numerous ways to structure trades with various risk profiles. Learn to trade the Options market with DailyFX. Download your free guide here! https://t.co/B78Mn99fU0 https://t.co/EpUMWMSGWO
  • On this week's Macro Setup @HathornSabin discusses with @GuyAdami & @RiskReversal the September stock swoon, rate rampage, and dollar dominance. Check it out! https://t.co/k68k2UP7rr https://t.co/0kGvdXWrDK
  • Fed's Bostic: - Any decision on a central bank digital currency is a long way off - Taper is warranted if current trends continue
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Canadian #Dollar Outlook: $USDCAD Snaps Five-Days Down- Reversal Risk - https://t.co/O2MYTxe7bE https://t.co/tqIZUjE7pZ
Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Threatens Critical Rising Trend Line Support
  • S&P 500 Coiling Up for a Breakout Below 2100 Figure
  • Gold Awaits Direction Cues, Crude Oil at 5-Week High

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be readying to turn lower after producing a bearish Evening Star candlestick pattern. Negative RSI divergence reinforces the case for a downside scenario. A daily close below the intersection of the 14.6% Fibonacci retracement and a rising trend line at 11734 exposes the 23.6% level at 11648. Alternatively, a reversal above the 11854-88 area marked by the March 2009 high and the 38.2% level opens the door for a challenge of the 50% Fib at 11983.

Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 2028.00 exposes the 1980.60-88.00 area marked by the 38.2% level and a Triangle pattern floor. Alternatively, a push above Triangle top resistance at 2058.30 targets the January 23 high at 2068.10.

Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are consolidating above resistance-turned-support at October’s swing highs. A daily close above the 23.6% Fibonacci expansion at 1285.20 exposes the 38.2% level at 1305.73. Alternatively, a reversal below the 38.2% Fib retracement at 1253.77 targets the 50% threshold at 1237.18.

Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher following a prolonged period of consolidation after bottoming as expected above the $45.00/barrel figure. A daily close above the 38.2% Fibonacci retracement at 59.08 exposes the 50% level at 63.38. Alternatively, a reversal below the 23.6% Fib at 53.77 targets the 14.6% retracement at 50.49.

Crude Oil Hits 5-Week High, SPX 500 Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

--- 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