Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,918.38-5.81

THE TAKEAWAY: The US Dollar turned lower from a six-month high as expected while the S&P 500 finally punched through the closely-watched 1500 figure.

US DOLLAR TECHNICAL ANALYSIS Prices turned lower as expected after putting in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10196). Sellers have now cleared the 50% level at 10153, exposing the 38.2% Fib at 10124. A further push beneath that aims for a rising trend line 10106. The 10153 mark has been recast as near-term resistance.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_Picture_4.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is in the 1470.80-74.90 area, marked by the September 14 high and the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 1446.20. Near-term resistance is at 1510.60, the January 30 high.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_Picture_3.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices pushed higher as expected after completing a bullish Morning Star candlestick pattern above major rising trend line support dating back to mid-May (1653.31). Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1700.68. Alternatively, a reversal below support targets the January 4 low at 1625.69 and the falling channel bottom at 1602.09.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_Picture_2.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices are testing through resistance at 97.41, a former range top, with a break above that exposing the September 14 high at 100.40. Near-term support is at 96.54, the 76.4% Fibonacci retracement, and a rising trend line set from mid-December (96.32). A break below that targets the 94.15-61 area.

Forex_Analysis_US_Dollar_Selling_Pauses_as_SP_500_Warns_of_Weakness_body_Picture_1.png, Forex Analysis: US Dollar Reverses Lower as S&P 500 Tops 1500 Mark

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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.141+0.003+2.17%
    N21.SI
    3.99+0.03+0.76%
    Z74.SI
    0.155+0.003+1.97%
    AFC.SI
    0.740.000.00%
    BS6.SI
    0.275+0.010+3.77%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.133+0.020+17.70%
    5PF.SI
    0.19+0.03+15.85%
    AWI.SI
    1.48+0.16+12.12%
    S91.SI
    0.198+0.020+11.24%
    M14.SI
    0.60+0.05+9.09%
    AZA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.110-30.14%
    AZT.SI
    0.56-0.18-24.32%
    5VJ.SI
    0.395-0.070-15.05%
    K1Q.SI
    0.162-0.028-14.74%
    BGO.SI
    0.122-0.020-14.08%
    569.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3597-0.0005-0.04%
    USDSGD=X
    1.5257-0.0046-0.30%
    EURSGD=X
    1.7695+0.0067+0.38%
    GBPSGD=X
    73.8070+0.083+0.11%
    SGDJPY=X
    5.7018+0.0025+0.04%
    SGDHKD=X
    3.0391+0.0049+0.16%
    SGDMYR=X
    9,528.7822-50.04-0.52%
    SGDIDR=X
    4.9048+0.003+0.06%
    SGDCNY=X
    1.0417+0.0031+0.30%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,330.60-13.50-1.00%
    GCZ16.CMX
    19.17-0.43-2.17%
    SIZ16.CMX
    93.10-1.35-1.43%
    ^XAU
    2.17-0.03-1.16%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.01
    ^FVX
    1.56-0.03
    ^TNX
    2.29-0.04
    ^TYX