Forex Analysis: S&P 500 Reversal May Cut Short US Dollar Selloff

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,994.31+93.45

THE TAKEAWAY: Technical positioning hints the S&P 500 may be on the cusp of a reversal lower, hinting a pick-up in haven demand may cut short recent US Dollar weakness.

US DOLLAR TECHNICAL ANALYSIS Prices broke through support at the bottom of a rising channel set from mid-September, exposing the 23.6% Fibonacci expansion at 9933. A sustained push below that targets the 38.2% level at 9849. Channel bottom support-turned-resistance is now at 9978.

Forex_Analysis_SP_500_Reversal_May_Cut_Short_US_Dollar_Selloff_body_Picture_4.png, Forex Analysis: S&P 500 Reversal May Cut Short US Dollar Selloff

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. Initial support lines up at 1394.30, the 23.6% Fibonacci expansion. A break below that targets the 38.2% level at 1374.90. Alternatively, a push above 1430.90 exposes the familiar triple top at 1466.10.

Forex_Analysis_SP_500_Reversal_May_Cut_Short_US_Dollar_Selloff_body_Picture_3.png, Forex Analysis: S&P 500 Reversal May Cut Short US Dollar Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower as expected 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 1708.59) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_SP_500_Reversal_May_Cut_Short_US_Dollar_Selloff_body_Picture_2.png, Forex Analysis: S&P 500 Reversal May Cut Short US Dollar Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Shooting Star candlestick below resistance at the 23.6% Fibonacci expansion (89.48), a barrier reinforced by a minor rising channel top at 90.60, hinting a move lower is ahead. Near-term support is at 87.42, the 14.6% Fib, with a break below that exposing the channel bottom at 85.61 as well as the November 7 low at 84.04. Alternatively a break above 90.60 exposes the 38.2% expansion at 92.87.

Forex_Analysis_SP_500_Reversal_May_Cut_Short_US_Dollar_Selloff_body_Picture_1.png, Forex Analysis: S&P 500 Reversal May Cut Short US Dollar Selloff

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
    1.37810.000.00%
    USDSGD=X
    1.49430.000.00%
    EURSGD=X
    2.07220.000.00%
    GBPSGD=X
    87.67880.000.00%
    SGDJPY=X
    5.62870.000.00%
    SGDHKD=X
    2.67450.000.00%
    SGDMYR=X
    9,489.91210.000.00%
    SGDIDR=X
    4.54580.000.00%
    SGDCNY=X
    1.06340.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,168.20-28.00-2.34%
    GCJ15.CMX
    15.93-0.23-1.44%
    SIK15.CMX
    67.60-4.93-6.80%
    ^XAU
    2.61-0.04-1.64%
    HGK15.CMX
    49.78-0.98-1.93%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.70+0.12
    ^FVX
    2.24+0.13
    ^TNX
    2.84+0.12
    ^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
    0.925-0.025-2.63%
    G13.SI
    0.280.000.00%
    5WA.SI
    4.18+0.07+1.70%
    Z74.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