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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,021.96+3.52

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.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
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
    1.4102+0.0009+0.06%
    USDSGD=X
    1.5838+0.009+0.57%
    EURSGD=X
    2.1649-0.0061-0.28%
    GBPSGD=X
    85.9319-0.3485-0.40%
    SGDJPY=X
    5.4959-0.0034-0.06%
    SGDHKD=X
    2.9751+0.0148+0.50%
    SGDMYR=X
    10,001.8213-10.6289-0.11%
    SGDIDR=X
    4.5230-0.0111-0.24%
    SGDCNY=X
    1.0040-0.005-0.50%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,133.90-0.10-0.01%
    GCZ15.CMX
    14.60+0.05+0.35%
    SIZ15.CMX
    48.31-0.51-1.05%
    ^XAU
    2.34-0.01-0.38%
    HGZ15.CMX
    48.68+3.46+7.65%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54+0.02
    ^FVX
    2.20+0.01
    ^TNX
    2.93+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.13+0.01+6.56%
    5DN.SI
    0.545+0.025+4.81%
    N21.SI
    0.310.000.00%
    5WA.SI
    3.74-0.06-1.58%
    Z74.SI
    0.770.00+0.65%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.10+46.34%
    Y06.SI
    1.05+0.28+36.36%
    AXL.SI
    0.22+0.03+18.28%
    5RE.SI
    0.198+0.028+16.47%
    C10.SI
    0.24+0.03+14.29%
    N08.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.057-0.095-62.50%
    5MD.SI
    0.35-0.07-16.67%
    AZT.SI
    0.335-0.065-16.25%
    BAZ.SI
    0.26-0.03-10.34%
    I06.SI
    0.45-0.05-10.00%
    AWV.SI