Forex Analysis: Dollar Pulls Back from 3-Month High on S&P 500 Bounce

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,807.12+21.78

THE TAKEAWAY: The US Dollar pulled back after touching a 3-month as the S&P 500 launched a recovery, denting demand for the go-to safe haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices pulled back toward support at 9993, the 23.6% Fibonacci retracement reinforced by a rising trend line set from the October 17 low. A break below this barrier targets the 38.2% Fib at 9945. Near-term resistance is at 10071, the November 16 high, with a reversal above that targeting the 38.2% Fib expansion at 10123.

Forex_Analysis_Dollar_Pulls_Back_from_3-Month_High_on_SP_500_Bounce_body_Picture_4.png, Forex Analysis: Dollar Pulls Back from 3-Month High on S&P 500 Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded as expected after completing Bullish Engulfing candlestick pattern. The bulls now aim to challenge the 38.2% Fibonacci retracement at 1392.80, with a break above that exposing the 1400 figure and the 50% level at 1408.50. Near-term support is at 1373.40, the 23.6% retracement. A reversal back below that aims to challenge 1342.10, the November 16 low.

Forex_Analysis_Dollar_Pulls_Back_from_3-Month_High_on_SP_500_Bounce_body_Picture_3.png, Forex Analysis: Dollar Pulls Back from 3-Month High on S&P 500 Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing resistance at 1737.28, the 23.6% Fibonacci retracement. A break above that targets the 1790.55-1802.80 area. Near-term support lines up at 1701.09, the 38.2% Fib. This is reinforced by the 1700 figure and a rising trend line at 1687.69. A push below the latter level exposes the 50% retracement at 1642.57.

Forex_Analysis_Dollar_Pulls_Back_from_3-Month_High_on_SP_500_Bounce_body_Picture_2.png, Forex Analysis: Dollar Pulls Back from 3-Month High on S&P 500 Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices pushed above resistance at 87.70, the 38.2% Fibonacci expansion, exposing the 90.00 figure and the 23.6% level at 92.53. A further break above the latter level aims for a longer-term trend line resistance now at 95.75. The 87.70 level has been recast as support, with a reversal below that exposing the 50% barrier at 83.79.

Forex_Analysis_Dollar_Pulls_Back_from_3-Month_High_on_SP_500_Bounce_body_Picture_1.png, Forex Analysis: Dollar Pulls Back from 3-Month High on S&P 500 Bounce

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
    1.3568-0.001-0.08%
    USDSGD=X
    1.5592-0.0004-0.03%
    EURSGD=X
    1.9681-0.0006-0.03%
    GBPSGD=X
    78.8193+0.0188+0.02%
    SGDJPY=X
    5.7211+0.0041+0.07%
    SGDHKD=X
    2.9668+0.0022+0.08%
    SGDMYR=X
    9,859.7793+7.4102+0.08%
    SGDIDR=X
    4.7878+0.0039+0.08%
    SGDCNY=X
    1.0129+0.0002+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,283.40+9.00+0.71%
    GCM16.CMX
    17.44+0.14+0.80%
    SIN16.CMX
    83.27-3.96-4.54%
    ^XAU
    2.180.00-0.16%
    HGN16.CMX
    44.37+0.59+1.35%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24-0.02
    ^FVX
    1.78-0.02
    ^TNX
    2.64-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.425-0.005-1.16%
    N21.SI
    0.785-0.020-2.48%
    G13.SI
    3.76-0.07-1.83%
    Z74.SI
    0.385-0.005-1.28%
    E5H.SI
    0.730.000.00%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.48+0.08+20.00%
    BFK.SI
    0.194+0.019+10.86%
    D79.SI
    0.28+0.03+9.80%
    BHO.SI
    0.185+0.015+8.82%
    AYL.SI
    0.50+0.04+8.70%
    BQP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.088-0.082-48.24%
    P74.SI
    0.30-0.09-23.08%
    Y06.SI
    0.125-0.027-17.76%
    5MQ.SI
    0.21-0.05-17.65%
    Y35.SI
    0.31-0.04-11.43%
    AWK.SI