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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,856.63+30.49

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
    1.36130.000.00%
    USDSGD=X
    1.5525-0.0005-0.04%
    EURSGD=X
    1.9644+0.00010.00%
    GBPSGD=X
    78.6785-0.0147-0.02%
    SGDJPY=X
    5.7011-0.0003-0.01%
    SGDHKD=X
    2.9380+0.0015+0.05%
    SGDMYR=X
    9,815.99020.000.00%
    SGDIDR=X
    4.7736-0.00010.00%
    SGDCNY=X
    1.0028-0.0001-0.01%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,289.70+17.40+1.37%
    GCM16.CMX
    17.50+0.18+1.03%
    SIN16.CMX
    88.53+3.38+3.97%
    ^XAU
    2.150.00-0.09%
    HGN16.CMX
    44.56+0.24+0.54%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24+0.03
    ^FVX
    1.78+0.03
    ^TNX
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    ^TYX

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    N21.SI
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    AFC.SI
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    E5H.SI
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    Z74.SI
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    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.075+20.27%
    BLR.SI
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    508.SI
    0.48+0.07+18.52%
    5DP.SI
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    BMA.SI
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    AVX.SI
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    F86.SI