Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,018.44+20.82

THE TAKEAWAY: The US Dollar is probing cautiously higher but a well-supported rally will need matching follow-through on bearish cues emerging in S&P 500 technical positioning.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September (9980) reinforced by the 14.6% Fib (9986). A break above that targets the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes the 38.2% level at 9848.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_4.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume (although follow-through has yet to materialize). Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_3.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1711.06) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_2.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick. A bearish continuation Flag chart pattern now appears to be in the works, with a break of support at 85.76 confirming the setup and initially exposing the 38.2% Fibonacci expansion at 84.04. Near-term, resistance is at 89.19. A push above that aims for the Flag top at 90.76.

Forex_Analysis_Dollar_Probes_Higher_SP_500_Waits_for_Follow-Through_body_Picture_1.png, Forex Analysis: Dollar Probes Higher, S&P 500 Waits for Follow-Through

Daily 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.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
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
    1.40880.000.00%
    USDSGD=X
    1.57510.000.00%
    EURSGD=X
    2.16840.000.00%
    GBPSGD=X
    86.40380.000.00%
    SGDJPY=X
    5.5020+0.0011+0.02%
    SGDHKD=X
    2.96130.000.00%
    SGDMYR=X
    10,015.67580.000.00%
    SGDIDR=X
    4.5355-0.0031-0.07%
    SGDCNY=X
    1.00940.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,133.40+10.80+0.96%
    GCZ15.CMX
    14.57+0.14+0.96%
    SIZ15.CMX
    48.82+1.99+4.24%
    ^XAU
    2.35+0.02+0.94%
    HGZ15.CMX
    45.26+2.70+6.34%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.52+0.04
    ^FVX
    2.19+0.02
    ^TNX
    2.91+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.008+7.02%
    5DN.SI
    0.520.00+0.97%
    N21.SI
    0.310.000.00%
    5WA.SI
    0.310.00+1.64%
    E5H.SI
    3.80-0.05-1.30%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.152+0.041+36.94%
    5MD.SI
    0.25+0.05+21.95%
    5NF.SI
    0.205+0.036+21.30%
    NO4.SI
    0.42+0.07+20.00%
    AZT.SI
    0.25+0.03+16.28%
    A7S.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.095-31.67%
    Y06.SI
    0.77-0.23-23.00%
    AXL.SI
    0.098-0.022-18.33%
    5UA.SI
    0.11-0.02-15.38%
    40R.SI
    0.101-0.017-14.41%
    T08.SI