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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,992.04+53.89

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

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
    1.3811+0.0009+0.07%
    USDSGD=X
    1.5381+0.0039+0.25%
    EURSGD=X
    2.0172+0.0011+0.05%
    GBPSGD=X
    80.4612+0.4764+0.60%
    SGDJPY=X
    5.6251-0.0021-0.04%
    SGDHKD=X
    2.9808+0.0164+0.55%
    SGDMYR=X
    9,876.1865+36.668+0.37%
    SGDIDR=X
    4.7649+0.0078+0.16%
    SGDCNY=X
    0.9918+0.0011+0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,210.80-11.90-0.97%
    GCQ16.CMX
    15.99-0.35-2.13%
    SIN16.CMX
    79.41-2.71-3.31%
    ^XAU
    2.10-0.01-0.26%
    HGN16.CMX
    49.17-0.31-0.63%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.04
    ^FVX
    1.85+0.03
    ^TNX
    2.65+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.28-0.03-8.20%
    N21.SI
    0.76+0.02+3.40%
    G13.SI
    0.143+0.005+3.62%
    5DM.SI
    0.79+0.05+6.76%
    5HJ.SI
    3.90-0.03-0.76%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.04+16.00%
    5VI.SI
    0.275+0.030+12.24%
    BAZ.SI
    0.375+0.040+11.94%
    F03.SI
    0.505+0.050+10.99%
    BJE.SI
    1.30+0.12+10.64%
    BDV.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.19-0.06-24.00%
    580.SI
    0.14-0.02-11.39%
    5WJ.SI
    0.28-0.03-8.20%
    N21.SI
    0.10-0.01-7.41%
    AWO.SI
    0.335-0.025-6.94%
    BFU.SI