Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,252.66
    +4.17 (+0.08%)
     
  • Dow

    39,773.05
    +12.97 (+0.03%)
     
  • Nasdaq

    16,394.15
    -5.37 (-0.03%)
     
  • Bitcoin USD

    71,123.29
    +1,824.00 (+2.63%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,967.69
    +35.71 (+0.45%)
     
  • Gold

    2,234.70
    +22.00 (+0.99%)
     
  • Crude Oil

    82.52
    +1.17 (+1.44%)
     
  • 10-Yr Bond

    4.1910
    -0.0050 (-0.12%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

THE TAKEAWAY: The US Dollar found support and is resuming a push higher, yielding the highest close in three months, while the S&P 500 has stalled at chart resistance.

US DOLLAR TECHNICAL ANALYSIS Prices recovered from support above support near the 23.6% Fibonacci retracement (9993), a barrier reinforced by a rising trend line set from the October 17 low (10002). Initial resistance is at 10071, the November 16 high, with a push above that targeting the 38.2% Fib expansion at 10123. Alternatively, a drop below 9993 exposes the 38.2% Fib at 9945.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_4.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance
Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_4.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded as expected after completing Bullish Engulfing candlestick pattern. The prices have now produced a Hanging Man candle below the 38.2% Fibonacci retracement at 1392.80, hinting at ebbing momentum and warning that a pullback may be ahead. Near-term support is at 1373.40, the 23.6% retracement, with a drop below that aiming to challenge the November 16 low at 1342.10. Alternatively, a break above 1392.80 exposes the 1400 figure and the 50% level at 1408.50.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_3.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance
Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_3.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

ADVERTISEMENT

GOLD TECHNICAL ANALYSIS Prices may be carving a bullish Inverse Head and Shoulders chart pattern. Confirmation requires a close above neckline resistance at 1737.28, 23.6% Fibonacci retracement. This would imply a measured upside target at 1802.06. Near-term support lines up at 1688.65, the 38.2% Fib. This is reinforced by the 1700 figure and a rising trend line at 1690.27. A push below the latter level exposes the 50% retracement at 1642.57.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_2.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance
Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_2.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices pulled back from resistance at 89.48, the 23.6% Fibonacci expansion, after breaking above a falling trend line set from the September 14 high (now at 85.66). A drop below that exposes the November 7 low at 84.04. Alternatively, a push above resistance targets the 38.2% level at 92.88.

Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_1.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance
Forex_Analysis_Dollar_Resumes_Advance_SP_500_Stalls_at_Resistance_body_Picture_1.png, Forex Analysis: Dollar Resumes Advance, S&P 500 Stalls at Resistance

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.