Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,746.85-45.09

THE TAKEAWAY: The US Dollar and S&P 500 are drifting near familiar technical levels as risk sentiment trends struggle to find a clear-cut directional bias.

US DOLLAR TECHNICAL ANALYSIS Prices after turning lower from resistance at the top of a rising channel set from mid-September, taking out near-term support at smaller channel bottom to expose the 50% Fibonacci retracement at 10038. A further push below that aims for the 61.8% level at 10009. Near-term resistance is at 10066, the 38.2% retracement, followed by the channel bottom at 10101.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_4.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices continue to stall below resistance at 1474.90, the September 14 high. A break upward targets the 100% Fibonacci expansion at 1459.70. Near-term support is at 1470.40, the 76.4% expansion, with a turn back below that targeting the 61.8% level at 1454.50.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_3.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices took out resistance at 1674.78, the 38.2% Fibonacci retracement, a barrier reinforced by a falling trend line set from the November 23 high. Buyers now aim to challenge the 50% Fib at 1689.95, with a push above that targeting the 61.8% level at 1705.11. The 1674.78 level has been recast as support. A turn back below that eyes the November trend line (now at 1669.05) anew.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_2.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

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 Bearish Engulfing candlestick pattern below support-turned-resistance at 94.61, hinting a move lower is ahead. Support is clustered in the 92.06-93.15 area, with a break below that broadly targeting the 90.00 figure. Alternatively, a break above 94.61 targets a rising channel top at 96.35.

Forex_Analysis_US_Dollar_SP_500_Stuck_as_Risk_Trends_Lack_Direction_body_Picture_1.png, Forex Analysis: US Dollar, S&P 500 Stuck as Risk Trends Lack Direction

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 Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.34430.000.00%
    USDSGD=X
    1.53880.000.00%
    EURSGD=X
    1.96400.000.00%
    GBPSGD=X
    79.11550.000.00%
    SGDJPY=X
    5.77030.000.00%
    SGDHKD=X
    2.9112-0.0029-0.10%
    SGDMYR=X
    9,817.37990.000.00%
    SGDIDR=X
    4.81570.000.00%
    SGDCNY=X
    1.02260.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.90+28.50+2.25%
    GCM16.CMX
    17.89+0.30+1.72%
    SIN16.CMX
    92.85+5.95+6.85%
    ^XAU
    2.28+0.05+2.26%
    HGN16.CMX
    45.99-0.04-0.09%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.28-0.02
    ^FVX
    1.82-0.02
    ^TNX
    2.67-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.745-0.015-1.97%
    Y92.SI
    0.096-0.007-6.80%
    5WH.SI
    0.460.00+1.10%
    N21.SI
    0.815-0.015-1.81%
    G13.SI
    0.131-0.001-0.76%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.151+0.025+19.84%
    574.SI
    0.345+0.055+18.97%
    BDF.SI
    0.35+0.06+18.64%
    AWK.SI
    0.245+0.030+13.95%
    K22.SI
    0.125+0.015+13.64%
    AZG.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.48-0.13-21.31%
    BQP.SI
    0.103-0.017-14.17%
    C04.SI
    0.285-0.045-13.64%
    B49.SI
    0.535-0.055-9.32%
    BEI.SI
    0.25-0.02-7.41%
    PA3.SI