Forex Analysis: Dollar Hits One-Month High as S&P 500 Resumes Selloff

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,446.34-7.34

THE TAKEAWAY: The US Dollar hit a one-month high while the S&P 500 broke support guiding the upswing since mid-November, hinting the larger selloff as resumed.

US DOLLAR TECHNICAL ANALYSIS Prices are testing above resistance at 10044, the 32.8%Fibonacci expansion, after completing a bullish Flag chart pattern. A break higher exposes the 50% level at 10082. Near-term support is at 9995, the 23.6% Fib, with a drop below that aiming for trend line resistance-turned-support at 9967.

Forex_Analysis_Dollar_Hits_One-Month_High_as_SP_500_Resumes_Selloff_body_Picture_5.png, Forex Analysis: Dollar Hits One-Month High as S&P 500 Resumes Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke down as expected after putting in a bearish Dark Cloud Cover candlestick pattern below falling trend line resistance set from the September 14 high. Sellers have now overcome rising channel support and the 23.6% Fibonacci retracement at 1424.60, exposing the 38.2% level at 1408.80. The 1424.60 level and the channel bottom (now at 1427.80) have been recast as near-term resistance.

Forex_Analysis_Dollar_Hits_One-Month_High_as_SP_500_Resumes_Selloff_body_Picture_6.png, Forex Analysis: Dollar Hits One-Month High as S&P 500 Resumes Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices mounted a shallow recovery from support at 1630.97, marked by the 100% Fibonacci expansion and reinforced by the bottom of a falling channel set from mid-September.The 76.4% expansion at 1659.90 is acting as near-term resistance, with a move above that targeting the 61.8% mark at 1677.84. Alternatively, a reversal below 1630.97 aims for the 123.6% Fib at 1601.78.

Forex_Analysis_Dollar_Hits_One-Month_High_as_SP_500_Resumes_Selloff_body_Picture_7.png, Forex Analysis: Dollar Hits One-Month High as S&P 500 Resumes Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance at 91.23, the intersection of the 61.8% Fibonacci expansion and the top of a rising channel set from early November. A break higher targets the 76.4% level at 92.01. Support is at 90.59, the 50% Fib, with a drop below that exposing the 38.2% expansion at 89.98.

Forex_Analysis_Dollar_Hits_One-Month_High_as_SP_500_Resumes_Selloff_body_Picture_8.png, Forex Analysis: Dollar Hits One-Month High as S&P 500 Resumes Selloff

8hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2500-0.0009-0.07%
    USDSGD=X
    1.7309+0.0027+0.16%
    EURSGD=X
    2.1006-0.0007-0.03%
    GBPSGD=X
    81.7980+0.0617+0.08%
    SGDJPY=X
    6.2031+0.0042+0.07%
    SGDHKD=X
    2.5902-0.0015-0.06%
    SGDMYR=X
    9,138.5801-4.4375-0.05%
    SGDIDR=X
    4.9763+0.0033+0.07%
    SGDCNY=X
    1.1683-0.0037-0.31%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,302.70-0.80-0.06%
    GCM14.CMX
    19.65+0.01+0.06%
    SIK14.CMX
    90.83-1.04-1.14%
    ^XAU
    3.04+0.01+0.40%
    HGK14.CMX
    103.75-0.01-0.01%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65+0.04
    ^FVX
    2.64+0.01
    ^TNX
    3.45-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI