Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,749.17-42.77

THE TAKEAWAY: US Dollar technical positioning warns the currency may be readying to reverse lower after hitting the highest level in six months.

US DOLLAR TECHNICAL ANALYSIS Prices are put in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10191), hinting a move lower is ahead. Initial support is at 10153, the 50% level, with a break below that targeting the 38.2% Fib at 10124. Alternatively, a push above resistance aims for the 76.4% expansion at 10216.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing resistance at 1503.50, the 76.4% Fibonacci retracement, with a break higher targeting the 100% level at 1553.00. Near-term support is in the 1472.50-74.90 region, marked by the 61.8% Fib and the September 14 high.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing major rising trend line support dating back to mid-May (1652.69). A break below that aims for the January 4 low at 1625.69 and a falling channel bottom at 1605.29. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices have completed a Bearish Engulfing candlestick pattern, hinting a move lower may be ahead. Near-term rising trend line support is at 95.96. A break below that exposes 94.61. Resistance is at 97.41, with a push above this barrier aiming for 98.99.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3446-0.0002-0.02%
    USDSGD=X
    1.5394+0.0127+0.83%
    EURSGD=X
    1.9651+0.0011+0.06%
    GBPSGD=X
    79.1945-1.1862-1.48%
    SGDJPY=X
    5.7689+0.0005+0.01%
    SGDHKD=X
    2.9114+0.0234+0.81%
    SGDMYR=X
    9,815.2305+3.7227+0.04%
    SGDIDR=X
    4.8155+0.0004+0.01%
    SGDCNY=X
    1.0230-0.0032-0.31%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,295.40+29.00+2.29%
    GCM16.CMX
    17.89+0.30+1.72%
    SIN16.CMX
    92.66+5.77+6.63%
    ^XAU
    2.28+0.05+2.20%
    HGN16.CMX
    46.01-0.02-0.04%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.28-0.02
    ^FVX
    1.82-0.02
    ^TNX
    2.67-0.03
    ^TYX

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    Y92.SI
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    5WH.SI
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    N21.SI
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    G13.SI
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    40E.SI
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    574.SI
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    BDF.SI
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    AWK.SI
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    PA3.SI