Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,339.66-55.87

THE TAKEAWAY: US Dollar technical positioning warns a turn lower may be ahead after the currency hit a five-month high against its top counterparts last week.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 10122, the 61.8%Fibonacci expansion, with a Shooting Star candlestick warning that a turn lower may be ahead. Near term support is at 10082, the 50% level. A reversal back below that exposes the 32.8%expansion at 10044. Alternatively, a break above resistance aims for the 76.4% Fib at 10170.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices launched sharply higher in the aftermath of a deal to avert the fiscal cliff, taking out a falling trend line set from mid-September and exposing resistance at 1466.10. A break above that targets the 1471.60-1474.90 area marked by the October 5 and September 14 swing highs. Initial support is at 1450.10, the December 19 top, with a break below that eyeing the trend line at 1440.40 and a horizontal pivot at 1432.90.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

l Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices reversed lower from resistance at a falling trend line set from late November to test support at the 38.2% Fibonacci expansion (1649.37). A break below this boundary exposes the 50% level at 1635.24. Near-term resistance is at 1666.86, the 23.6% Fib, with turn back above that eyeing the trend line (now at 1685.77) anew.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Hanging Man candlestick below resistance at 93.25, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. This barrier is reinforced by the formerly broken top of a rising channel top set from early November.A drop below 91.23 exposes the 90.00 figure. Alternatively, a reversal above 93.25 aims for the 123.6% expansion at 94.51.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_Pullback_Ahead_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Warns of Pullback 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
    0.1720.0000.00%
    N21.SI
    0.850.00-0.58%
    Y92.SI
    0.4150.0000.00%
    5ME.SI
    0.180.00-1.10%
    40E.SI
    2.62-0.01-0.38%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.27+0.04+17.39%
    PH0.SI
    0.275+0.035+14.58%
    BLZ.SI
    0.162+0.012+8.00%
    5MQ.SI
    0.225+0.015+7.14%
    S46.SI
    0.25+0.02+6.38%
    BTM.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.34-0.10-22.73%
    AWC.SI
    0.375-0.095-20.21%
    BLL.SI
    0.09-0.01-11.76%
    BRR.SI
    0.585-0.065-10.00%
    BKB.SI
    0.63-0.07-10.00%
    AWZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4189-0.0057-0.40%
    USDSGD=X
    1.5244+0.0024+0.16%
    EURSGD=X
    1.7736+0.0145+0.82%
    GBPSGD=X
    79.7160-0.451-0.56%
    SGDJPY=X
    5.4649+0.0259+0.48%
    SGDHKD=X
    3.1275+0.0096+0.31%
    SGDMYR=X
    9,415.1973-21.5479-0.23%
    SGDIDR=X
    4.8282+0.0073+0.15%
    SGDCNY=X
    1.0744-0.0015-0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,214.90+10.00+0.83%
    GCG17.CMX
    17.19+0.16+0.93%
    SIH17.CMX
    91.17+2.49+2.81%
    ^XAU
    2.64+0.02+0.74%
    HGH17.CMX
    52.33+0.96+1.87%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.87-0.07
    ^FVX
    2.40-0.06
    ^TNX
    2.99-0.06
    ^TYX