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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,942.26-112.19

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3388-0.0142-1.05%
    USDSGD=X
    1.4946-0.0041-0.27%
    EURSGD=X
    1.7679-0.0127-0.71%
    GBPSGD=X
    75.9420-1.817-2.34%
    SGDJPY=X
    5.7885+0.0592+1.03%
    SGDHKD=X
    3.0067+0.0161+0.54%
    SGDMYR=X
    9,779.4102+98.335+1.02%
    SGDIDR=X
    4.9538+0.0358+0.73%
    SGDCNY=X
    1.0165+0.0012+0.12%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,357.90+16.70+1.25%
    GCZ16.CMX
    20.39+0.19+0.96%
    SIU16.CMX
    110.28+2.54+2.35%
    ^XAU
    2.23+0.02+0.88%
    HGU16.CMX
    41.38+0.24+0.58%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.03-0.06
    ^FVX
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    ^TNX
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    ^TYX

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    Most Actives
    NamePriceChange% Chg
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    N21.SI
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    E5H.SI
    4.18-0.11-2.56%
    Z74.SI
    0.7850.0000.00%
    G13.SI
    0.30-0.01-4.76%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.179+0.023+14.74%
    AYL.SI
    0.36+0.04+12.50%
    BPF.SI
    0.315+0.035+12.50%
    AWK.SI
    0.58+0.06+11.54%
    BDR.SI
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    AYD.SI
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    42E.SI
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    RF7.SI
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    T13.SI