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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,871.61+68.75

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
    1.33630.000.00%
    USDSGD=X
    1.47170.000.00%
    EURSGD=X
    2.07010.000.00%
    GBPSGD=X
    90.94560.000.00%
    SGDJPY=X
    5.80070.000.00%
    SGDHKD=X
    2.69540.000.00%
    SGDMYR=X
    9,841.76950.000.00%
    SGDIDR=X
    4.63810.000.00%
    SGDCNY=X
    1.04540.000.00%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,205.40+1.30+0.11%
    GCM15.CMX
    17.10-0.03-0.16%
    SIN15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.81-0.04-1.39%
    HGN15.CMX
    59.99-0.73-1.20%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.295+0.070+31.11%
    AFC.SI
    0.290.000.00%
    5WA.SI
    0.180.00+2.27%
    5OU.SI
    0.215+0.005+2.38%
    5GB.SI
    0.830.000.00%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.35+0.35+35.00%
    AYN.SI
    0.295+0.070+31.11%
    AFC.SI
    0.27+0.06+28.57%
    AVX.SI
    0.135+0.016+13.45%
    5IF.SI
    0.62+0.06+11.71%
    AWV.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.18-0.02-10.00%
    PH0.SI
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    5IA.SI
    0.21-0.02-8.70%
    5G1.SI
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    B1N.SI
    0.765-0.055-6.71%
    533.SI