Forex Analysis: US Dollar Follow-Through Lacking as S&P 500 Tumbles

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,917.87-6.32

THE TAKEAWAY: US Dollar price action is curiously muted despite a sharp drop in the S&P 500 that might have been expected to buoy the standby safe-haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices continue to flirt with 9963, the 38.2% Fibonacci retracement. Support is reinforced by a rising trend line set from the October 17 low (9933). A drop below this barrier aims for a support cluster in the 9861-85 area. Channel resistance is at 10006, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Follow-Through_Lacking_as_SP_500_Tumbles_body_Picture_5.png, Forex Analysis: US Dollar Follow-Through Lacking as S&P 500 Tumbles

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices took out support at 1394.30, the 38.2% Fibonacci retracement, with sellers now eyeing the 50% level at 1369.40. A push beneath that exposes the 61.8% Fib at 1344.50. The 1394.30 level has been recast as resistance, with a reversal back above that targeting the 1424.90-30.90 area.

Forex_Analysis_US_Dollar_Follow-Through_Lacking_as_SP_500_Tumbles_body_Picture_6.png, Forex Analysis: US Dollar Follow-Through Lacking as S&P 500 Tumbles

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing above resistance at 1732.33, the 23.6% Fibonacci retracement. A push above that targets the 1790.55-1802.80 area. Near-term support is at 1693.06, the 38.2% Fib, with a reversal back beneath that aiming for a rising trend line at 1681.23 followed by the 50% level at 1661.32.

Forex_Analysis_US_Dollar_Follow-Through_Lacking_as_SP_500_Tumbles_body_Picture_7.png, Forex Analysis: US Dollar Follow-Through Lacking as S&P 500 Tumbles

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices failed to hold up after poking above the 38.2%Fibonacci expansion at 87.66, revering lower to challenge the 50% expansion at 83.76 once again. A break below that exposes 80.00 figure and the 61.8% level at 7978. Alternatively, a push back above the 87.66 aims for falling trend line resistance at 90.94.

Forex_Analysis_US_Dollar_Follow-Through_Lacking_as_SP_500_Tumbles_body_Picture_8.png, Forex Analysis: US Dollar Follow-Through Lacking as S&P 500 Tumbles

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
    0.141+0.003+2.17%
    N21.SI
    3.99+0.03+0.76%
    Z74.SI
    0.155+0.003+1.97%
    AFC.SI
    0.740.000.00%
    BS6.SI
    0.275+0.010+3.77%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.133+0.020+17.70%
    5PF.SI
    0.19+0.03+15.85%
    AWI.SI
    1.48+0.16+12.12%
    S91.SI
    0.198+0.020+11.24%
    M14.SI
    0.60+0.05+9.09%
    AZA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.110-30.14%
    AZT.SI
    0.56-0.18-24.32%
    5VJ.SI
    0.395-0.070-15.05%
    K1Q.SI
    0.162-0.028-14.74%
    BGO.SI
    0.122-0.020-14.08%
    569.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3596-0.0006-0.04%
    USDSGD=X
    1.5255-0.0048-0.31%
    EURSGD=X
    1.7697+0.0069+0.39%
    GBPSGD=X
    73.8240+0.10+0.14%
    SGDJPY=X
    5.7020+0.0027+0.05%
    SGDHKD=X
    3.0391+0.0049+0.16%
    SGDMYR=X
    9,528.7822-50.04-0.52%
    SGDIDR=X
    4.9048+0.003+0.06%
    SGDCNY=X
    1.0420+0.0034+0.33%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,330.70-13.40-1.00%
    GCZ16.CMX
    19.17-0.43-2.20%
    SIZ16.CMX
    93.22-1.23-1.31%
    ^XAU
    2.17-0.02-1.14%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.01
    ^FVX
    1.56-0.03
    ^TNX
    2.28-0.04
    ^TYX