Forex Analysis: US Dollar Rebounds as S&P 500 Chart Warns of Reversal

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,469.44-3.40

THE TAKEAWAY: The US Dollar is staging an impressive recovery while S&P 500 positioning warns of a turn lower ahead, promising added support for the haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices are rebounding toward resistance at the top of a rising channel set from mid-September (10154), a barrier reinforced by the 76.4% Fibonacci expansion at 10170. A break above the latter barrier aims for the 100% level at 10248. Near-term trend line support is at 10081.

Forex_Analysis_US_Dollar_Rebounds_as_SP_500_Chart_Warns_of_Reversal_body_Picture_4.png, Forex Analysis: US Dollar Rebounds as S&P 500 Chart Warns of Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1495.70, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is in the 1470.40-74.90 area marked by the September 14 2012 high and the 76.4% Fib. A reversal below that targets the 61.8% expansion at 1454.50. Alternatively, a break above 1495.70 aims for the 123.6% level at 1531.30.

Forex_Analysis_US_Dollar_Rebounds_as_SP_500_Chart_Warns_of_Reversal_body_Picture_3.png, Forex Analysis: US Dollar Rebounds as S&P 500 Chart Warns of Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are turning lower resistance at 1690.39, the 38.2% Fibonacci retracement. Trend line resistance-turned-support is in the 1650.88-55.40 area, with a break below that aiming for a falling channel bottom at 1608.39. Alternatively, a move above 1690.39 targets the channel top at 1706.92.

Forex_Analysis_US_Dollar_Rebounds_as_SP_500_Chart_Warns_of_Reversal_body_Picture_2.png, Forex Analysis: US Dollar Rebounds as S&P 500 Chart Warns of Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower may be ahead. Near-term support is now in the 94.61-94 area. A break below that targeting a formerly broken falling trend line at 92.28. Resistance is at 97.41, with a push above that aiming for 94.61.

Forex_Analysis_US_Dollar_Rebounds_as_SP_500_Chart_Warns_of_Reversal_body_Picture_1.png, Forex Analysis: US Dollar Rebounds as S&P 500 Chart Warns of Reversal

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
    1.2581+0.0027+0.21%
    USDSGD=X
    1.7403+0.0056+0.32%
    EURSGD=X
    2.1139+0.0073+0.34%
    GBPSGD=X
    81.3211-0.3528-0.43%
    SGDJPY=X
    6.1625-0.0131-0.21%
    SGDHKD=X
    2.5984-0.0028-0.11%
    SGDMYR=X
    9,248.0771-51.6074-0.55%
    SGDIDR=X
    4.9676-0.0011-0.02%
    SGDCNY=X
    1.1655-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.70+9.10+0.71%
    GCM14.CMX
    19.64+0.20+1.04%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.12+0.06+1.96%
    HGK14.CMX
    101.88+0.44+0.43%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
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    5TF.SI
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    N02.SI
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    E94.SI
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    567.SI
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    508.SI