Forex Analysis: Dollar Shows Signs of Pullback at Key Resistance Level

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,900.86+28.25

THE TAKEAWAY: The US Dollar has stalled at key chart resistance, with candlestick positioning now showing early signs of a possible turn lower in the days ahead.

US DOLLAR TECHNICAL ANALYSIS Prices put in a Shooting Star candlestick below resistance at 10044, the 32.8%Fibonacci expansion, hinting a move lower may be ahead. Resistance is reinforced rising trend line support-turned-resistance set from the September 14 low (10055). Initial support marked by the 23.6% expansion at 9995. Alternatively, a reversal above resistance targets the 50% level at 10082.

Forex_Analysis_Dollar_Shows_Signs_of_Pullback_at_Key_Resistance_Level_body_Picture_4.png, Forex Analysis: Dollar Shows Signs of Pullback at Key Resistance Level

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 the 50%Fibonacci retracementat 1396.10, exposing the 61.8% level at 1383.40. A break below that aims for the 76.4% Fib at 1367.60. The 1396.10 has been recast as near-term resistance, with a reversal back above that targeting the 38.2% retracement at 1408.80.

Forex_Analysis_Dollar_Shows_Signs_of_Pullback_at_Key_Resistance_Level_body_Picture_3.png, Forex Analysis: Dollar Shows Signs of Pullback at Key Resistance Level

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are consolidating between the 14.6% and 23.6% Fibonacci retracements at 1652.77 and 1663.46, respectively. A break higher initially exposes the 38.2% level at 1680.80. Alternatively, a drop below support targets the December 21 low at 1635.43.

Forex_Analysis_Dollar_Shows_Signs_of_Pullback_at_Key_Resistance_Level_body_Picture_2.png, Forex Analysis: Dollar Shows Signs of Pullback at Key Resistance Level

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower as expected after putting in a Doji candlestick below resistance marked by the 61.8% Fibonacci expansion (91.23) and the top of a rising channel set from early November (now at 91.47). Sellers are now testing initial support is at 90.60, the 50% Fib, with a drop below that exposing the 38.2% expansion at 89.97. Alternatively, a turn above the channel top targets the 76.4% level squarely at the 92.00 figure.

Forex_Analysis_Dollar_Shows_Signs_of_Pullback_at_Key_Resistance_Level_body_Picture_1.png, Forex Analysis: Dollar Shows Signs of Pullback at Key Resistance Level

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.

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
    1.3693-0.0017-0.13%
    USDSGD=X
    1.5101-0.0024-0.16%
    EURSGD=X
    2.0880-0.0032-0.15%
    GBPSGD=X
    87.6421+0.0414+0.05%
    SGDJPY=X
    5.6641+0.0076+0.13%
    SGDHKD=X
    2.6696+0.0057+0.21%
    SGDMYR=X
    9,474.1680-29.8701-0.31%
    SGDIDR=X
    4.5752+0.0041+0.09%
    SGDCNY=X
    1.0697+0.0027+0.26%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.30+3.10+0.26%
    GCJ15.CMX
    16.21+0.05+0.32%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.650.00+0.09%
    HGK15.CMX
    51.07+0.31+0.61%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.005-0.010-0.01%
    41H.SI
    1.245+0.015+1.22%
    41I.SI
    1.045+0.040+3.98%
    N21.SI
    0.93-0.02-2.11%
    G13.SI
    0.280.000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.119+0.014+13.33%
    5CH.SI
    0.245+0.020+8.89%
    MR8.SI
    0.113+0.007+6.60%
    40E.SI
    0.169+0.010+6.29%
    S69.SI
    0.105+0.003+2.94%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.12-0.02-11.11%
    P07.SI
    0.33-0.02-7.04%
    D03.SI
    0.123-0.005-3.91%
    5G2.SI
    0.655-0.040-5.76%
    TI6.SI
    0.099-0.006-5.71%
    A18.SI