Forex Analysis: US Dollar Chart Setup Hints at Rebound Ahead

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,912.17-49.76

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.

--

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
    1.3323-0.0002-0.02%
    USDSGD=X
    1.4480+0.0005+0.03%
    EURSGD=X
    2.0219-0.001-0.05%
    GBPSGD=X
    89.2691+0.0496+0.06%
    SGDJPY=X
    5.8166+0.0004+0.01%
    SGDHKD=X
    2.6796-0.0026-0.10%
    SGDMYR=X
    9,706.7744-11.8018-0.12%
    SGDIDR=X
    4.6534+0.0043+0.09%
    SGDCNY=X
    1.0431+0.0011+0.10%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,176.00-14.50-1.21%
    GCQ15.CMX
    15.64-0.11-0.72%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.75+0.04+1.56%
    HGK15.CMX
    57.15-0.32-0.55%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.85+0.01+1.19%
    N21.SI
    0.2850.0000.00%
    5TP.SI
    1.275+0.005+0.39%
    5ME.SI
    0.470.00-1.05%
    5DN.SI
    4.40+0.03+0.69%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.335+0.010+3.08%
    41C.SI
    0.545+0.015+2.83%
    SK3.SI
    0.215+0.015+7.50%
    D38.SI
    0.405+0.020+5.19%
    TI6.SI
    0.755+0.045+6.34%
    5DD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.105-0.016-13.22%
    5PO.SI
    0.091-0.002-2.15%
    A6F.SI
    0.145-0.010-6.45%
    K14.SI
    0.199-0.006-2.93%
    D6U.SI
    0.220.00+0.92%
    5TR.SI