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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,758.51+49.95

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 (10194). Sellers are testing initial support near 10153, the 50% level, with a sustained push below that targeting the 38.2% Fib at 10124. Alternatively, a push above the channel top exposes the 76.4% expansion at 10216.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_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 broke resistance at 1459.90, the 100% Fibonacci expansion, exposing the 123.6% level at 1521.30. A further push above that eyes the 138.2% expansion at 1537.00. The 1459.90 level has been recast as support, with a reversal back blow that aiming for the 1470.40-74.90 area.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_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 completed a bullish Morning Star candlestick pattern above major rising trend line support dating back to mid-May (1653.31), hinting a rebound is ahead. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1701.65. Alternatively, a reversal below support aims for the January 4 low at 1625.69 and a falling channel bottom at 1603.70.

Forex_Analysis_US_Dollar_Reverses_Lower_as_SP_500_Tops_1500_Mark_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_Reverses_Lower_as_SP_500_Tops_1500_Mark_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 Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3511+0.0089+0.67%
    USDSGD=X
    1.5571+0.0101+0.65%
    EURSGD=X
    1.96830.000.00%
    GBPSGD=X
    78.6038-0.7169-0.90%
    SGDJPY=X
    5.7448-0.0367-0.64%
    SGDHKD=X
    2.9462+0.0266+0.91%
    SGDMYR=X
    9,812.5205+38.9971+0.40%
    SGDIDR=X
    4.8011-0.0225-0.47%
    SGDCNY=X
    1.0157-0.0127-1.23%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,292.50-3.30-0.25%
    GCM16.CMX
    17.49-0.20-1.11%
    SIN16.CMX
    87.70-3.02-3.33%
    ^XAU
    2.22-0.05-2.05%
    HGN16.CMX
    44.15-0.63-1.41%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24-0.08
    ^FVX
    1.79-0.08
    ^TNX
    2.65-0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.106-0.001-0.93%
    5I0.SI
    0.43-0.03-6.52%
    N21.SI
    1.295+0.010+0.78%
    N03.SI
    0.099-0.003-2.94%
    5DN.SI
    0.133+0.002+1.53%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.78+0.08+12.23%
    5ER.SI
    0.23+0.03+12.20%
    5UZ.SI
    0.187+0.017+10.00%
    A55.SI
    0.33+0.03+10.00%
    BOU.SI
    0.58+0.04+8.41%
    BEI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.166-0.054-24.55%
    O08.SI
    0.40-0.10-20.00%
    AWC.SI
    0.225-0.045-16.67%
    S46.SI
    0.175-0.024-12.06%
    D79.SI
    0.25-0.03-10.71%
    5PC.SI