Forex Analysis: US Dollar, Benchmark Assets Stall in Quiet Holiday Trade

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,889.12+6.70

THE TAKEAWAY: The US Dollar and benchmark assets tracking commodities and equities have stalled near familiar technical levels in quiet trade forced by the US Thanksgiving holiday.

US DOLLAR TECHNICAL ANALYSIS Prices are consolidating above support at the 23.6% Fibonacci retracement (9993), a barrier reinforced by a rising trend line set from the October 17 low (10009). 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_US_Dollar_Benchmark_Assets_Stall_in_Quiet_Holiday_Trade_body_Picture_5.png, Forex Analysis: US Dollar, Benchmark Assets Stall in Quiet Holiday Trade

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 edged past the 38.2% Fibonacci retracement at 1392.80, exposing the 1400 figure and the 50% level at 1408.50. 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.

Forex_Analysis_US_Dollar_Benchmark_Assets_Stall_in_Quiet_Holiday_Trade_body_Picture_6.png, Forex Analysis: US Dollar, Benchmark Assets Stall in Quiet Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

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 1691.82. A push below the latter level exposes the 50% retracement at 1642.57.

Forex_Analysis_US_Dollar_Benchmark_Assets_Stall_in_Quiet_Holiday_Trade_body_Picture_7.png, Forex Analysis: US Dollar, Benchmark Assets Stall in Quiet Holiday Trade

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 85.31). 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_US_Dollar_Benchmark_Assets_Stall_in_Quiet_Holiday_Trade_body_Picture_8.png, Forex Analysis: US Dollar, Benchmark Assets Stall in Quiet Holiday Trade

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...
  • U.S. banking regulators focused on cyber security after SWIFT attacks
    U.S. banking regulators focused on cyber security after SWIFT attacks Reuters - 8 minutes ago

    U.S. banking regulators said on Wednesday they are focused on cyber security risks and controls for U.S. financial institutions after attacks earlier this year involving the global financial network known as SWIFT. In a letter responding to … More »

  • Dismal time for Gulf oil = record low lease bidding
    Dismal time for Gulf oil = record low lease bidding Associated Press - 21 minutes ago

    The federal government's annual sale of oil and gas leases in the Gulf of Mexico attracted hardly any interest on Wednesday, reflecting a dismal outlook for offshore drilling. Only three oil companies ... … More »

  • HP Inc forecasts weak profit on low demand for printers
    HP Inc forecasts weak profit on low demand for printers Reuters - 25 minutes ago

    (Reuters) - HP Inc (HPQ.N) forecast fourth-quarter profit below analysts' estimates as the company, which was split off from the former Hewlett-Packard Co, struggles with weak demand for its printers. ... … More »

  • The Latest: Quake rescue work suspended at Italian hotel
    The Latest: Quake rescue work suspended at Italian hotel Associated Press - 30 minutes ago

    The Latest on the earthquake in central Italy (all times local): 10:45 p.m. A rescue official says Italian rescue workers have been forced to suspend their search at the site of a hotel that was badly ... … More »

  • Australia's Luxury-Car Binge Belies Its Drop in Living Standards Bloomberg - 31 minutes ago

    "A lot has been made of softer economic conditions over the first half of 2016, however the same cannot be said for the luxury car market,'' said Savanth Sebastian, an economist at CommSec. "Higher home prices are boosting wealth levels and … More »

  • Canada takes tough line with China over canola export dispute Reuters - 32 minutes ago

    OTTAWA (Reuters) - Canada notably hardened its line with China on Wednesday in a dispute over Canadian canola exports, saying bilateral relations could not improve until Beijing took action to settle the ... … More »

  • How the Dow Jones industrial average fared on Wednesday Associated Press - 41 minutes ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. On Wednesday: The Dow Jones industrial average fell ... … More »

  • Stocks end lower as health-care companies decline
    Stocks end lower as health-care companies decline Associated Press - 42 minutes ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. Trading remains quiet overall with many investors still ... … More »

  • Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing U.S.
    Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing U.S. Reuters - 43 minutes ago

    The former chief executive officer of Comverse Technology Inc pleaded guilty to securities fraud on Wednesday, a decade after fleeing the United States for Namibia to avoid prosecution. Jacob "Kobi" Alexander, the Woodbury, New York-based software … More »

  • Pharma shares under fire as US stocks fall AFP - 45 minutes ago

    US stocks fell Wednesday with pharmaceutical shares tumbling as controversy over the sky-high price of Mylan's EpiPen prompted rebukes from the White House and Democratic presidential candidate Hillary ... … More »

  • Williams-Sonoma meets 2Q profit forecasts Associated Press - 1 hour 7 minutes ago

    On a per-share basis, the San Francisco-based company said it had net income of 58 cents. The results matched Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment ... … More »

  • Wall St. falls as healthcare, materials stumble
    Wall St. falls as healthcare, materials stumble Reuters - 1 hour 10 minutes ago

    Wall Street retreated on Wednesday, pulled lower by weakness in the materials and healthcare sectors as investors continued to weigh the possibility of an interest rate hike in the coming months. The market is awaiting Federal Reserve Chair Janet … More »

  • Markets Right Now: US stocks close lower Associated Press - 1 hour 18 minutes ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks are closing lower, led by drops in health care companies, more than erasing a modest gain from the day before. ... … More »

  • Stocks Drop as Political Risk Haunts Emerging Markets; Oil Sinks Bloomberg - 1 hour 28 minutes ago

    Developing-nation shares dropped the most in seven weeks after Turkey launched a military operation in Syria and North Korea conducted a missile test. South Africa’s rand led losses among its global peers as the nation’s finance minister refused to … More »

  • The Tiny Ski Town Defying Japan’s Scary Population Collapse Bloomberg - 1 hour 31 minutes ago

    The area’s booming economy has spurred investment in luxury hotels, restaurants, and shops--and attracted local and expat workers who’ve become full-time residents. Niseko’s population grew 2.9 percent last year to 4,952 compared with 2010 levels, … More »

  • Grain lower, livestock lower Associated Press - 1 hour 33 minutes ago

    Grain futures were lower Wednesday on the Chicago Board of Trade. Wheat for Sept. declined 3.75 cents at $4.04 a bushel; Sept. corn fell 1 cent to 3.2750 a bushel; Sept. oats was off 2.25 cents at $1.6925 ... … More »

  • Oil pipeline: The legal challenges and protests Associated Press - 1 hour 36 minutes ago

    A federal judge has heard testimony in the Standing Rock Sioux Tribe's request to temporarily block the construction of a four-state oil pipeline near their reservation, which straddles the North Dakota-South ... … More »

  • Oil slides on surprise jump in US crude stockpiles AFP - 1 hour 45 minutes ago

    Oil prices slumped Wednesday as a surprise jump in US crude stockpiles added to lingering concerns over a global supply glut. The US Department of Energy said commercial inventories of crude grew by 2.5 ... … More »

  • North Korea test-fires sub-launched missile close to Japan
    North Korea test-fires sub-launched missile close to Japan AFP News - 1 hour 48 minutes ago

    North Korea on Wednesday test-fired a submarine-launched missile 500 kilometres (around 300 miles) towards Japan, marking what weapons analysts called a clear step forward for its nuclear strike ambitions. The flight distance, which was tracked by … More »

  • U.S. crude down 3 percent after big stockpile build
    U.S. crude down 3 percent after big stockpile build Reuters - 2 hours 12 minutes ago

    The U.S. Energy Information Administration (EIA) said crude inventories rose 2.5 million barrels last week, versus analysts' forecasts for a draw of 500,000 barrels. U.S. West Texas Intermediate (WTI) futures settled down $1.33, or 2.8 percent, at … More »

  • European stocks rebound as euro slips; oil tumbles
    European stocks rebound as euro slips; oil tumbles Reuters - 2 hours 20 minutes ago

    European stocks scored consecutive daily gains for the first time in three weeks on Wednesday, drawing support from a weak euro, but U.S. and Canadian stocks drifted down as lower metal and oil prices weighed on the materials sector. Emerging … More »

  • EU, Portugal agree on 5 billion euro recapitalisation for ailing bank CGD
    EU, Portugal agree on 5 billion euro recapitalisation for ailing bank CGD Reuters - 2 hours 24 minutes ago

    LISBON/BRUSSELS (Reuters) - The European Commission and Portugal have agreed in principle on the recapitalisation, on market terms, of ailing state-owned bank CGD, envisaging an injection of up to 2.7 billion euros (£2.3 billion) in state funds and … More »

  • Ecuador, Iran officials meet on need to stabilise oil prices Reuters - 2 hours 47 minutes ago

    QUITO (Reuters) - Ecuador's Foreign Minister Guillaume Long said on Wednesday that the South American country's authorities spoke with a visiting Iranian delegation about the need to stabilise oil prices. ... … More »

  • Syria rebels backed by Turkey tanks 'seize' IS-held town
    Syria rebels backed by Turkey tanks 'seize' IS-held town AFP News - 2 hours 48 minutes ago

    Turkish tanks and hundreds of opposition fighters thrust deep inside Syrian territory Wednesday in a lightning operation that within hours ousted Islamic State jihadists from a key Syrian border town. The air and ground offensive -- the most … More »

  • Copper Drops to Erase Year’s Gains on LME as China Imports Slide Bloomberg - 3 hours ago

    Glencore Plc, the top copper supplier, fell after reporting profit declined by two-thirds. Copper for delivery in three months declined 1.7 percent to settle at $4,632 a metric ton ($2.10 a pound) at 5:50 p.m. on the LME, capping the longest … More »

 
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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.1290.0000.00%
    N21.SI
    0.250.00-1.96%
    5ME.SI
    0.60+0.04+6.57%
    5TP.SI
    0.99-0.02-1.98%
    Y92.SI
    0.156+0.007+4.70%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.06+22.45%
    T18.SI
    0.15+0.02+15.38%
    5TI.SI
    0.225+0.025+12.50%
    Y35.SI
    0.51+0.05+12.09%
    BHU.SI
    0.162+0.017+11.72%
    QS9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.011-0.115-91.27%
    QF6.SI
    0.23-0.17-42.50%
    AWI.SI
    0.205-0.055-21.15%
    I06.SI
    0.45-0.10-18.18%
    BFK.SI
    0.385-0.085-18.09%
    E8Z.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3536+0.0024+0.18%
    USDSGD=X
    1.5248-0.0022-0.14%
    EURSGD=X
    1.7908+0.0081+0.45%
    GBPSGD=X
    74.0780-0.031-0.04%
    SGDJPY=X
    5.7221-0.0134-0.23%
    SGDHKD=X
    2.9771+0.0013+0.04%
    SGDMYR=X
    9,783.8555-32.8486-0.33%
    SGDIDR=X
    4.9136+0.00020.00%
    SGDCNY=X
    1.0311+0.0022+0.21%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,327.30-18.80-1.40%
    GCZ16.CMX
    18.50-0.42-2.20%
    SIU16.CMX
    95.34-8.55-8.23%
    ^XAU
    2.08-0.03-1.63%
    HGU16.CMX
    46.80-1.30-2.70%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.56+0.01
    ^TNX
    2.24+0.01
    ^TYX