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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,900.86

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
    1.3758+0.0048+0.35%
    USDSGD=X
    1.4980-0.0145-0.96%
    EURSGD=X
    2.0806-0.0106-0.51%
    GBPSGD=X
    87.7932+0.1924+0.22%
    SGDJPY=X
    5.6390-0.0175-0.31%
    SGDHKD=X
    2.6467-0.0173-0.65%
    SGDMYR=X
    9,481.5498-22.4883-0.24%
    SGDIDR=X
    4.5493-0.0217-0.47%
    SGDCNY=X
    1.0701+0.0031+0.29%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,181.50-14.70-1.23%
    GCJ15.CMX
    15.87-0.29-1.78%
    SIK15.CMX
    72.53
    ^XAU
    2.63-0.02-0.90%
    HGK15.CMX
    50.37-0.39-0.77%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.66
    ^FVX
    2.19
    ^TNX
    2.78
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.007-0.008-0.01%
    41H.SI
    1.055+0.050+4.98%
    N21.SI
    1.237+0.007+0.57%
    41I.SI
    0.925-0.025-2.63%
    G13.SI
    0.280.000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.147+0.041+38.68%
    40E.SI
    0.119+0.014+13.33%
    5CH.SI
    0.194+0.019+10.86%
    5OQ.SI
    0.59+0.05+9.26%
    L5I.SI
    0.25+0.02+8.70%
    41C.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.185-0.040-17.78%
    MR8.SI
    0.26-0.05-14.75%
    T4B.SI
    0.13-0.02-12.75%
    5TW.SI
    0.12-0.02-11.11%
    P07.SI
    0.325-0.030-8.45%
    D03.SI