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
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
Bullish
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
Bullish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • $CL_F #OOTT #CrudeOil https://t.co/dj3O9w3eKa
  • Heads Up:🇳🇿 Building Permits MoM (MAR) due at 22:45 GMT (15min) Previous: -18.2% https://www.dailyfx.com/economic-calendar#2021-05-05
  • Crude Oil Price Outlook: WTI Peels Back from Year-to-Date Highs -via @DailyFX "Crude oil is struggling to take out technical resistance near $66.25 as India, the world's third largest oil importer, grapples with a worsening covid-19 outbreak." Read More: https://www.dailyfx.com/forex/market_alert/2021/05/05/crude-oil-price-outlook-wti-peels-back-from-year-to-date-highs.html https://t.co/Xhk2ZqSdgG
  • The S&P 500, DAX 30 and FTSE 100 fell on Tuesday and retail traders were quick to act. Rising long bets warn that their decline could have more room to find momentum. Get your S&P500 market update from @ddubrovskyFX here:https://t.co/khrWcL9fTr https://t.co/JmCSD912kx
  • RT @BrendanFaganFx: USD/BRL Points Lower as Brazil's Central Bank Raises Selic Rate to 3.5% $USDBRL Link: https://www.dailyfx.com/forex/market_alert/2021/05/05/USDBRL-Points-Lower-as-Brazils-Central-Bank-Raises-Selic-Rate-to-35.html
  • Heads Up:🇨🇦 BoC Gov Macklem Speech due at 22:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-05
  • 🇧🇷 Interest Rate Decision Actual: 3.5% Expected: 3.5% Previous: 2.75% https://www.dailyfx.com/economic-calendar#2021-05-05
  • $USDBRL extending its slide following a 75 basis point rate hike from the Brazilian central bank to 3.5% Another 75-bps move was hinted at for the June meeting The pair is trading at its lowest since late April #BRL #Brazil #BCB https://t.co/IyAp9DYCBG https://t.co/9ZSpXRV0g5
  • More from the Central Bank of Brazil: -Rate decision considers activity, employment -Activity has been more positive than expected -Economy should return to normal little by little -Higher energy prices to pressure short-term CPI
  • Brazil central bank decision to raise benchmark rate was unanimous $USDBRL
Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Challenges Monthly Range Resistance Anew
  • S&P 500 Breaks Range Bottom, Drops to 2-Week Low
  • Gold Consolidating, Crude Oil Stalls at Chart Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices have returned to test the top of a now-familiar range top capping gains since late January. Near-term resistance is in the 11854-76 area (14.6% Fibonacci expansion, March 2009 high), with a break above that on a daily closing basis exposing the 23.6% level at 11963. Alternatively, a below the 14.6% Fib retracementat 11740 opens the door for a challenge of the 23.6% threshold at 11653.

Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

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 took out range support at 2101.40, with sellers now aiming to challenge the 23.6% Fibonacci retracement at 2086.40. A break below this barrier exposes the 38.2% level at 2066.00. Alternatively, a reversal back above 2101.40 aims for the February 25 high at 2119.40.

Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after descending to a two-month low below the $1200/oz figure. A break below the 23.6% Fibonacci expansion at 1194.94 exposes the 38.2% level at 1177.51. Alternatively, a rebound above the 1216.30-20.72 area marked by trend line support-turned-resistance and the 23.6% Fib retracement targets the 38.2% threshold at 1233.73.

Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now consolidating below February’s swing high. From here, a break below channel support at 60.52 exposes resistance-turned-support at 58.17. Alternatively, a close above the February 17 high at 62.98 exposes the 38.2% Fibonacci expansion at 66.69.

Crude Oil Threatens Chart Support, SPX 500 Drops to 2-Week Low

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