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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
  • It was a big week for Gold bulls and Gold prices broke out to fresh two-month-highs, finally taking-out the 1800 level along the way. Get your market update from @JStanleyFX here: https://t.co/D222Ni37Dv https://t.co/KcMYyx3Ro4
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/PjywaPeUsl
  • 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/AjOSPzOFLb
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/eqklbOEJMa
Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Threatening Familiar Range Top Yet Again
  • S&P 500 Continues to Consolidate Near Record High
  • Gold Trying to Break Down Trend, Crude Oil Eyes $63

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to tread water having topped as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above the 11854-76 zone (14.6% Fib expansion, March 2009 high) clears the way for a test of the 23.6% expansion at 11963.

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

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 paused to digest gains after advancing to yet another record high. A daily close above the 14.6% Fibonacci expansion at 2121.80 exposes the 23.6% level at 2133.70. Near-term support is at 2102.60, the February 23 low, with a break below that targeting the 23.6% Fib retracement at 2086.40.

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to launch a recovery after dropping to the lowest level in two months. A daily close above the intersection of trend line support-turned-resistance and the 23.6% Fibonacci retracement at 1216.30 exposes the 38.2% level at 1233.73. Alternatively, a reversal below the 14.6% Fib at 1205.56 targets the February 23 low at 1188.13.

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now attempting to clear February’s swing high. A break above the 61.98-62.98 area (23.6% Fibonacci expansion, February 17 high) exposes the 38.2% level at 64.58. Alternatively, a reversal below the 14.6% Fib at 60.38 targets resistance-turned-support at 58.17.

Crude Oil Eyeing 63.00 Figure, SPX 500 Digesting Drive to Record High

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