Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,392.04+41.25

THE TAKEAWAY: US Dollar technical positioning hints a recovery may be ahead after a period of consolidation, while the S&P 500 recovery may be running out of steam.

US DOLLAR TECHNICAL ANALYSIS Prices are stalling at the bottom of a rising channel set from mid-September (now at 9965). An Inverted Hammer candlestick hints a rebound may be ahead. Near-term resistance is at 9993, the 23.6% Fibonacci retracement, with a push above that aiming to challenge the November 16 high at 10071. Alternatively, a break below support initially exposes the 38.2% level at 9945.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged above resistance at a falling trend line set from mid-October and overcame the 50% Fibonacci retracement at 1408.50. The bulls now aim to challenge the 1424.90-30.90 area, with a break above that exposing the 76.4% Fib at 1443.60. However, a Doji candlestick points to indecision and hints a pullback may be ahead. The 1408.50 level has been recast as near-term support, with a drop back below that exposing the trend line (now at 1398.70) and the 38.2% retracementat 1392.80.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned lower after putting in a Bearish Engulfing candlestick pattern below the 61.8% Fibonacci retracement (1748.70), dropping past the 38.2% level at 1719.60. Sellers now target the 23.6% Fib at 1701.60, a barrier reinforced by a rising trend line set from late June (now at 1700.18). A push below that initially targets the November 5 low at 1672.50. The 1719.60 level has been recast as initial resistance, with a reversal back above that aiming for the 50% retracement at 1734.15.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to consolidate below the 23.6% Fibonacci expansion at 89.48. Near-term support is at 84.104, the November 7 low, with a break below that exposing the 80-50-81.43 area. Alternatively, a push above resistance targets the 38.2% expansion at 92.87.

Forex_Analysis_US_Dollar_Chart_Setup_Hints_at_Rebound_Ahead_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

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
    0.171+0.006+3.64%
    N21.SI
    0.975-0.020-2.01%
    G13.SI
    0.425-0.015-3.41%
    E5H.SI
    0.860.00-0.58%
    Y92.SI
    0.380.00+1.33%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.07+30.43%
    BLZ.SI
    0.31+0.03+8.77%
    42C.SI
    0.385+0.025+6.94%
    BLR.SI
    0.485+0.025+5.43%
    AWV.SI
    0.40+0.02+5.26%
    BEH.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.44-0.04-8.33%
    573.SI
    0.149-0.011-6.87%
    M11.SI
    0.815-0.050-5.78%
    G41.SI
    0.595-0.025-4.03%
    BEV.SI
    1.015-0.035-3.33%
    5HJ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4243+0.0004+0.03%
    USDSGD=X
    1.5113+0.0004+0.03%
    EURSGD=X
    1.7926+0.0029+0.16%
    GBPSGD=X
    80.3040+0.181+0.23%
    SGDJPY=X
    5.4450+0.0023+0.04%
    SGDHKD=X
    3.1061+0.0006+0.02%
    SGDMYR=X
    9,357.2207+23.3691+0.25%
    SGDIDR=X
    4.8489+0.0192+0.40%
    SGDCNY=X
    1.0627+0.0016+0.15%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,167.30-2.50-0.21%
    GCZ16.CMX
    17.01-0.01-0.09%
    SIZ16.CMX
    82.57-0.01-0.01%
    ^XAU
    2.64+0.02+0.78%
    HGZ16.CMX
    51.22+0.38+0.75%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.82+0.02
    ^FVX
    2.39+0.04
    ^TNX
    3.09+0.06
    ^TYX