Forex Analysis: US Dollar Bounces as S&P 500 Chart Points to Reversal

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,912.17-49.76

THE TAKEAWAY: The US Dollar staged a recovery from support as the S&P 500 chart produced signs of coming bearish reversal, hinting the haven currency may continue higher.

US DOLLAR TECHNICAL ANALYSIS Prices staged a mild recovery from neckline support established from late October (now at 9927) to retest trend line support-turned-resistance at 9956. A break above that aims for the 23.6% Fibonacci expansion at 9995. Alternatively, a drop below neckline support eyes the channel bottom at 9866.

orex_Analysis_US_Dollar_Bounces_as_SP_500_Chart_Points_to_Reversal_body_Picture_4.png, Forex Analysis: US Dollar Bounces as S&P 500 Chart Points to Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Dark Cloud Cover candlestick below falling trend line resistance set from the September 14 high (1445.50), hinting a move lower is ahead. Initial rising channel support at 1419.80, with a break below that targeting 1398.10. Alternatively, a reversal above the trend line aims for the channel top at 1452.00.

orex_Analysis_US_Dollar_Bounces_as_SP_500_Chart_Points_to_Reversal_body_Picture_3.png, Forex Analysis: US Dollar Bounces as S&P 500 Chart Points to Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices plunged through supports at 1692.41 and 1677.84, the 50% and 61.8% Fibonacci expansions respectively. Sellers now aim to challenge the 76.4% level at 1659.90, with a push below that targeting the 100% mark at 1630.97. The 1677.84 level has been recast as near-term resistance, with a push back above that aiming for 1692.41 anew.

orex_Analysis_US_Dollar_Bounces_as_SP_500_Chart_Points_to_Reversal_body_Picture_2.png, Forex Analysis: US Dollar Bounces as S&P 500 Chart Points to Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices completed an Ascending Triangle chart pattern with a break above resistance at 89.19, exposing initial resistance at the December 3 high (90.31). Overall, the Triangle pattern implies a measured upside target at 94.04, which line up closely with a falling trend line capping prices since late-February. Alternatively, a drop back below 89.19 aims eyes support at 85.96.

orex_Analysis_US_Dollar_Bounces_as_SP_500_Chart_Points_to_Reversal_body_Picture_1.png, Forex Analysis: US Dollar Bounces as S&P 500 Chart Points to Reversal

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
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
    1.33300.000.00%
    USDSGD=X
    1.4496+0.0003+0.02%
    EURSGD=X
    2.0244-0.00010.00%
    GBPSGD=X
    89.17480.000.00%
    SGDJPY=X
    5.81400.000.00%
    SGDHKD=X
    2.68120.000.00%
    SGDMYR=X
    9,712.69240.000.00%
    SGDIDR=X
    4.64740.000.00%
    SGDCNY=X
    1.0429+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,175.00-14.40-1.21%
    GCM15.CMX
    15.64-0.11-0.72%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.75+0.04+1.56%
    HGK15.CMX
    57.15-0.32-0.55%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.005-2.17%
    5GB.SI
    0.84-0.02-2.33%
    N21.SI
    0.2950.0000.00%
    5WA.SI
    0.093-0.014-13.08%
    A6F.SI
    4.37+0.02+0.46%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.025+11.36%
    MR8.SI
    0.198+0.018+10.00%
    40N.SI
    0.505+0.040+8.60%
    L5I.SI
    0.635+0.050+8.55%
    MS7.SI
    0.285+0.020+7.55%
    5TP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.093-0.014-13.08%
    A6F.SI
    0.23-0.02-9.80%
    5WR.SI
    0.23-0.02-9.80%
    B1N.SI
    0.117-0.012-9.30%
    V69.SI
    0.235-0.020-7.84%
    41A.SI