Forex: US Dollar Chart Setup Shows Reversal Warning Signs

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,469.44-3.40

THE TAKEAWAY: US Dollar technical positioning is now showing signs of a possible reversal lower as prices test resistance marked by the 2012 yearly high.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high. The setup hints a move lower is ahead, with negative RSI divergence reinforcing the case for a downside scenario. Near-term support is at 10248, the 100% Fib, with a break below that exposing rising channel resistance-turned-support at 10221.

Forex_US_Dollar_Chart_Setup_Shows_Reversal_Warning_Signs_body_Picture_5.png, Forex: US Dollar Chart Setup Shows Reversal Warning Signs

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1513.20, the 114.6% Fibonacci expansion. Buyers now aim to challenge the 123.6% level at 1523.00, with a break above that targeting the 138.2% mark at 1538.70 (now shown). The 1513.20 level has been recast as near-term support. A reversal back below that initially exposes the 100% Fib at 1497.50.

Forex_US_Dollar_Chart_Setup_Shows_Reversal_Warning_Signs_body_Picture_6.png, Forex: US Dollar Chart Setup Shows Reversal Warning Signs

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke critical rising trend line support set from mid-May 2012. Sellers are now testing the 38.2% Fibonacci expansion (1648.20), with a confirmed break exposing the 50% mark at 1633.06. The trend line – now at 1660.27 – has been recast as near-term resistance.

Forex_US_Dollar_Chart_Setup_Shows_Reversal_Warning_Signs_body_Picture_7.png, Forex: US Dollar Chart Setup Shows Reversal Warning Signs

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are rebounding from support at 95.14, the 23.6% Fibonacci retracement. Near-term resistance is in the 98.02-21 area, marked by the 23.6% Fib expansion and the January 30 swing high. A break above that targets the 38.2% expansion at 99.91. Alternatively, a reversal below 95.14 initially eyes 93.24.

Forex_US_Dollar_Chart_Setup_Shows_Reversal_Warning_Signs_body_Picture_8.png, Forex: US Dollar Chart Setup Shows Reversal Warning Signs

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.

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
    1.2567-0.0014-0.11%
    USDSGD=X
    1.7388-0.0013-0.08%
    EURSGD=X
    2.1126-0.0012-0.06%
    GBPSGD=X
    81.3370+0.0449+0.06%
    SGDJPY=X
    6.1695+0.0068+0.11%
    SGDHKD=X
    2.6019+0.0035+0.13%
    SGDMYR=X
    9,236.2295-19.7969-0.21%
    SGDIDR=X
    4.9768+0.0098+0.20%
    SGDCNY=X
    1.1655+0.0003+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.80+3.20+0.25%
    GCM14.CMX
    19.57-0.12-0.62%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.11-0.01-0.24%
    HGK14.CMX
    101.57-0.37-0.36%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.16+0.010+0.87%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.255+0.040+3.29%
    S53.SI
    1.335-0.020-1.48%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.020+10.53%
    F86.SI
    0.167+0.015+9.87%
    5HH.SI
    0.116+0.010+9.43%
    O2I.SI
    0.715+0.045+6.72%
    5DP.SI
    1.315+0.084+6.82%
    O9A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.145-0.009-5.84%
    5GD.SI
    0.15-0.009-5.66%
    5EL.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.010-3.23%
    5IG.SI
    0.30-0.015-4.76%
    K29.SI