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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: 0.29% Oil - US Crude: 0.20% Silver: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LMrQaQ7B2w
  • USD/JPY IG Client Sentiment: Our data shows traders are now net-short USD/JPY for the first time since Feb 09, 2021 when USD/JPY traded near 104.58. A contrarian view of crowd sentiment points to USD/JPY strength. https://www.dailyfx.com/sentiment https://t.co/DPKYqyxoxs
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇳🇿NZD: -0.00% 🇨🇦CAD: -0.02% 🇬🇧GBP: -0.15% 🇪🇺EUR: -0.18% 🇨🇭CHF: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3l4wXOECwe
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.71% Germany 30: 0.36% France 40: 0.27% Wall Street: -0.20% US 500: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dBKsn9756w
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/D6pqxwS0eY
  • Coming up at half past the hour... my free webinar on market sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars #sentiment
  • 💶 Inflation Rate MoM Flash (FEB) Actual: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 💶 Inflation Rate YoY Flash (FEB) Actual: 0.9% Expected: 0.9% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 💶 Core Inflation Rate YoY Flash (FEB) Actual: 1.1% Expected: 1.1% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Italy will likely seek more stimulus as the outlook for coronavirus worsens $EUR
Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices moved upward as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci expansion at 11985 exposes the 76.4% level at 12044. Alternatively, a turn below the 50% Fib at 11937 clears the way for a test of the 38.2% level at 11888.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

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

S&P 500 TECHNICAL ANALYSIS – Prices recovered to close the weekly opening gap that emerged in the wake of the outcome of Greece’s EU debt deal referendum over the weekend. From here, a break above the 38.2% Fibonacci retracement at 2076.00 exposes the 50% level at 2086.30. Alternatively, a move below the 23.6% Fib at 2063.40 targets the 14.6% expansion at 2055.60.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate in familiar territory after probing the lowest level in four months. A daily close below the 61.8% Fibonacci expansion at 1162.64 exposes the 76.4% level at 1152.47. Alternatively, a move above the 50% Fib at 1170.86 targets the 38.2% expansion at 1179.07.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

CRUDE OIL TECHNICAL ANALYSIS – Prices accelerated downward, issuing the largest daily decline in over seven months. From here, a break below the 61.8% Fibonacci retracement at 54.50 exposes the 76.4% level at 50.94. Alternatively, a move back above the 50% Fib at 57.39 targets the 38.2% retracement at 60.27.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

--- 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