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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,065.34-26.54

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

Want to learn more about RSI? Watch this Video.

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
    1.3574-0.0009-0.07%
    USDSGD=X
    1.4927+0.0005+0.03%
    EURSGD=X
    1.7817+0.0006+0.03%
    GBPSGD=X
    77.6370+0.574+0.74%
    SGDJPY=X
    5.7128+0.0036+0.06%
    SGDHKD=X
    2.9980+0.0078+0.26%
    SGDMYR=X
    9,673.6357-21.5439-0.22%
    SGDIDR=X
    4.9144+0.0051+0.10%
    SGDCNY=X
    1.0161-0.0036-0.35%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,318.90-1.90-0.14%
    GCQ16.CMX
    19.62-0.06-0.29%
    SIU16.CMX
    103.00+3.11+3.11%
    ^XAU
    2.22-0.01-0.38%
    HGU16.CMX
    42.83-0.09-0.21%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX

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    5TP.SI
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    N21.SI
    0.17+0.02+9.68%
    O9E.SI
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    43E.SI
    0.140.00+2.19%
    B73.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.198+0.035+21.47%
    AZG.SI
    0.19+0.02+9.20%
    AXH.SI
    0.17+0.02+9.68%
    O9E.SI
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    E8Z.SI
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    T19.SI