Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,946.89+24.05

THE TAKEAWAY:The US Dollar continued to grind through layers of technical resistance as an upside surge in the S&P 500 failed to produce meaningful follow-through.

US DOLLAR TECHNICAL ANALYSIS Prices are pulling back to retest resistance-turned-support at 9963, the 38.2% Fibonacci retracement. A break below this boundary exposes the 9874, a level marked by the intersection of a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Channel resistance is at 9998, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_5.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices failed to hold up after a break above the 1424.90-1425.10 area, reversing back downward toward the 1400 figure. This barrier is reinforced by the 38.2% Fibonacci retracement at 1394.30. A drop below the latter level targets the 50% retracement at 1369.40. Alternatively, a push back above the 1424.90-1425.10 region aims for rising channel support-turned-resistance at 1448.40.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_6.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices took out support at 1693.06, the 38.2% Fibonacci retracement, exposing the 50% level at 1661.32 as the next downside objective. A further push below that targets the 61.8% Fib at 1629.58. The 1693.06 level has been recast as near-term resistance. A break back above that eyes the 1732.33-35.65 area anew.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_7.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to stall above the 50%Fibonacci expansion at 83.76. Initial resistance lines up at 87.66, the 38.2% Fib, with a break above that targeting a falling trend line set from late September (now at 91.12). Alternatively, a break below 83.76 targets the 80.00 figure and 61.8% level at 79.84.

Forex_Analysis_US_Dollar_Breaks_Resistance_as_SP_500_Rally_Fizzles_body_Picture_8.png, Forex Analysis: US Dollar Breaks Resistance as S&P 500 Rally Fizzles

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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.136-0.001-0.73%
    N21.SI
    0.720.00-0.69%
    BS6.SI
    0.143+0.004+2.88%
    5DM.SI
    0.960.000.00%
    Y92.SI
    0.32+0.01+3.23%
    5OT.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.275+0.055+25.00%
    S46.SI
    0.375+0.045+13.64%
    AZT.SI
    0.27+0.03+10.20%
    5EC.SI
    0.33+0.02+6.45%
    1A1.SI
    1.0850.0000.00%
    AYN.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.235-0.055-18.97%
    PA3.SI
    0.136-0.029-17.58%
    5NF.SI
    0.17-0.03-15.00%
    AYD.SI
    0.09-0.01-14.29%
    BQI.SI
    0.35-0.05-11.39%
    BQF.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3579+0.0025+0.18%
    USDSGD=X
    1.5231+0.004+0.26%
    EURSGD=X
    1.7571-0.0144-0.81%
    GBPSGD=X
    74.1620-0.155-0.21%
    SGDJPY=X
    5.7027-0.0173-0.30%
    SGDHKD=X
    3.0268-0.0057-0.19%
    SGDMYR=X
    9,655.5332-31.46-0.32%
    SGDIDR=X
    4.9066-0.0088-0.18%
    SGDCNY=X
    1.0329-0.0028-0.27%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,341.10-3.60-0.27%
    GCZ16.CMX
    19.77-0.32-1.61%
    SIZ16.CMX
    95.76-3.02-3.05%
    ^XAU
    2.20+0.01+0.25%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15-0.02
    ^FVX
    1.62-0.02
    ^TNX
    2.34-0.01
    ^TYX