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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,883.77+80.91

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

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
    1.3454+0.0039+0.29%
    USDSGD=X
    1.4709-0.0023-0.15%
    EURSGD=X
    2.0768+0.0015+0.07%
    GBPSGD=X
    90.5212-0.0826-0.09%
    SGDJPY=X
    5.7618-0.0169-0.29%
    SGDHKD=X
    2.6853-0.0088-0.33%
    SGDMYR=X
    9,811.3623-17.1973-0.17%
    SGDIDR=X
    4.6115-0.0121-0.26%
    SGDCNY=X
    1.0515+0.0018+0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,204.00+1.30+0.11%
    GCM15.CMX
    17.03-0.04-0.21%
    SIM15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.81-0.04-1.39%
    HGN15.CMX
    61.30-0.70-1.13%
    CLZ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.166-0.002-1.19%
    F13.SI
    0.191+0.010+5.52%
    5OU.SI
    0.345+0.010+2.99%
    AFC.SI
    0.440.000.00%
    E5H.SI
    0.147-0.007-4.55%
    NT1.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.345+0.010+2.99%
    AFC.SI
    1.54+0.19+14.07%
    AYN.SI
    0.255-0.005-1.92%
    B0Z.SI
    0.166-0.002-1.19%
    F13.SI
    1.55+0.03+1.97%
    AIY.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.192-0.005-2.54%
    5I0.SI
    0.4850.0000.00%
    Z59.SI
    0.147-0.007-4.55%
    NT1.SI
    0.245-0.010-3.92%
    41F.SI
    0.62-0.02-3.88%
    ATL.SI