FOREX Trading: US Dollar Support Probably at Slightly Lower Levels

Afternoon Technicals (all USD crosses, crude, gold)

Other TA (crosses, COT, etc.)

As focused in FX Technical Weekly on Friday, the confluence of technical levels across multiple markets suggests that recent moves may extend for one or two days before markets reverse yet again.

The mid 1420s should produce a top in the S&P. The 61.8% retracement of the decline from the top comes in at 1424.20. The 100% extension of the rally from the low (1342.10-1390.90 from 1379.10) is at 1427.80. More importantly, 1424.90 is the April high and within the vicinity of pivots since August (circled). Weakness below 1388.90 would suggest that top is in place.

I’m on the lookout for a low and opportunity to turn bullish again near 9945 in the USDOLLAR.

The EURUSD has responded to the 61.8% retracement of the decline from 13172, trading sideways to open the week. Near term pattern suggests slightly higher prices in stair step fashion (4th and 5th waves) before exhaustion. Resistance extends to 13070.

The AUDUSD is little changed to begin the week. Expect the current move to extend slightly higher. 10550, the 9/14 reversal day close and 161.8% extension of 10287-10424, is a level that may produce the next top. I remain long from last week (10340 entry) but am looking to reverse the position near 10550.

S&P 500 – Daily

Forex_Trading_US_Dollar_Support_Probably_at_Slightly_Lower_Levels_body_spx.png, FOREX Trading: US Dollar Support Probably at Slightly Lower Levels

Prepared by Jamie Saettele, CMT

USDOLLAR – Daily

Forex_Trading_US_Dollar_Support_Probably_at_Slightly_Lower_Levels_body_usdollar.png, FOREX Trading: US Dollar Support Probably at Slightly Lower Levels

Prepared by Jamie Saettele, CMT

EURUSD – Daily

Forex_Trading_US_Dollar_Support_Probably_at_Slightly_Lower_Levels_body_eurusd.png, FOREX Trading: US Dollar Support Probably at Slightly Lower Levels

Prepared by Jamie Saettele, CMT

AUDUSD – Daily

Forex_Trading_US_Dollar_Support_Probably_at_Slightly_Lower_Levels_body_audusd.png, FOREX Trading: US Dollar Support Probably at Slightly Lower Levels

Prepared by Jamie Saettele, CMT

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2525-0.0003-0.03%
    USDSGD=X
    1.7302-0.0004-0.02%
    EURSGD=X
    2.1027-0.0014-0.06%
    GBPSGD=X
    81.7724+0.0397+0.05%
    SGDJPY=X
    6.1914+0.002+0.03%
    SGDHKD=X
    2.5851+0.0006+0.02%
    SGDMYR=X
    9,117.4014-33.8174-0.37%
    SGDIDR=X
    4.9695+0.0053+0.11%
    SGDCNY=X
    1.1689+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.67+0.01+0.05%
    SIN14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI