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.

Free Trading Guides
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
DXY, SP500, Silver Prices Look Heavy; EURUSD Seeks Bullish Footing

DXY, SP500, Silver Prices Look Heavy; EURUSD Seeks Bullish Footing

2019-09-09 22:05:00
Jeremy Wagner, CEWA-M, Senior Strategist

Using Elliott Wave Theory as a guide, the price charts for EUR/USD, Silver prices, and S&P 500 point towards reversals from nearby levels.

The video above is a recording of a US Opening Bell webinar from September 9, 2019. We focused on the Elliott wave patterns for key markets such as DXY, EURUSD, S&P 500, silver, and gold.

US Dollar Index Elliott Wave Pattern Suggests Limited Upside

DXY reversed hard off the September 3 high which is also arriving near an important trend line. Back in February 2018, our Elliott wave model called for the largest rally since the January 2017 high. Now, that this rally has unfolded, it appears we are closing the end than the beginning of this up trend.

The high registered on September 3, can be counted as the high and US Dollar Index may be in the early stages of a multi-month down trend. We can also see another rise to a new brief high before falling to multi-month lows. Bottom line, any rise or break higher is likely to be short term as several wave relationships exist around 100. A correction back to 94 in the medium term is higher probability. The wave models diverge from there with some pointing back to 100 while others point immediately lower into the 80’s.

The longer-term Elliott wave forecast for a bearish move in DXY down to the mid and lower 80’s is alive so long as US Dollar Index holds below 104.

Read more:

How to Trade US Dollar Index

US Dollar Index price chart forecasting a longer term bearish trend using Elliott wave labels.

EURUSD Searches for that bottom

EUR/USD continues to grind lower without much vigor behind the move. The EURUSD Elliott wave forecast is that we are in a terminal wave of a larger bearish wave that began February 2018. It is possible to count this wave as complete. However, the sluggish nature of the pattern may allow it to dig a little deeper.

From not much further lower, a rally back to 1.18 and possibly higher levels (like 1.20 or 1.25) are not out of the question. In markets like this, I find it is best to employ breakout strategies where you identify a level of resistance and allow the market to break through the resistance to initiate the trade. That way, if the market does not break higher, then your bullish trade idea wasn’t triggered.

EURUSD price chart with elliott wave forecast a bullish reversal.

S&p 500 rally stalling just above pivot zone

In our previous webinar, we highlighted the 2932-2974 price zone as a potential pivot area. SP500 has pushed slightly above this range earlier today only to drop back near the topside of 2974. The previous forecast from August 19 is still plausible in that SP500 pivots lower and eventually retests the December 2018 lows near 2324.

Another scenario we are keeping an eye on is that SPX500 climbing to new all-time highs in a continuation of the 2019 trend. What we do know is that if the first scenario identified above is accurate, SP500 should fall immediately without rising much beyond today’s high.

Read more…

Difference between Dow, Nasdaq and S&P 500

A guide to S&P 500 VIX Index

Silver prices hit a wave relationship near 19.73

We have been bullish silver for several months and the best days for silver in the short term appear behind them after hitting the $19.65 high on September 4.

On April 29, 2019, we forecasted a bullish reversal zone of 14.40-14.80 and that once silver gathered itself, a rally to $17 and possibly $19 may ensue.

Once the bull trend started, it moved really quick to the upside. I am counting this wave higher with an extended fifth wave as the $19.65 high is near the wave relationship of $19.73. Therefore, it appears silver will be in correction mode for the next several weeks under two higher probability scenarios we are following.

First, if the trend higher still have significant juice left in it, then we will see evidence of support emerging near current levels while prices grind sideways for a few weeks. If silver prices continue falling, then another level of support may emerge near $16.60-$16.80.

If either of these prices levels fail to contain silver, then it is indicative of a 3 wave rally from the 2018 low (a corrective bounce) and that new lows are likely just down the road.

Read more…

Top silver trading strategies

Silver price forecast using elliott wave labels suggest consolidation and correction.

Learn more on Elliott wave including the rules and guidelines by grabbing these beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

S&P 500 Patterns Point to an Eventual December Low Retest

8 scenarios after an Elliott wave impulse pattern completes

provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.