Forex: US Dollar Chart Setup Shows Reversal Warning Signs

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,891.29-20.88

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
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
    1.3277-0.0048-0.36%
    USDSGD=X
    1.4460-0.0015-0.11%
    EURSGD=X
    2.0229+0.00010.00%
    GBPSGD=X
    89.6454+0.4259+0.48%
    SGDJPY=X
    5.8369+0.0206+0.35%
    SGDHKD=X
    2.6693-0.0129-0.48%
    SGDMYR=X
    9,767.4824+48.9062+0.50%
    SGDIDR=X
    4.6837+0.0346+0.74%
    SGDCNY=X
    1.0438+0.0018+0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,203.90+28.90+2.46%
    GCM15.CMX
    16.36+0.73+4.66%
    SIK15.CMX
    72.43+2.48+3.54%
    ^XAU
    2.78+0.03+1.02%
    HGK15.CMX
    56.74-0.41-0.72%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.01
    ^FVX
    1.920.00
    ^TNX
    2.61-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.23+0.01+2.22%
    5GB.SI
    0.85+0.01+1.19%
    N21.SI
    0.2950.0000.00%
    5WA.SI
    0.425-0.005-1.16%
    E5H.SI
    0.41+0.02+5.13%
    5EN.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.184+0.031+20.26%
    W12.SI
    0.225+0.025+12.50%
    D38.SI
    0.12+0.01+11.11%
    E6R.SI
    0.26+0.02+10.64%
    D79.SI
    0.425+0.040+10.39%
    TI6.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.113-0.046-28.93%
    5IF.SI
    0.105-0.020-16.00%
    5DL.SI
    0.50-0.07-12.28%
    D11.SI
    0.197-0.023-10.45%
    AFC.SI
    0.146-0.016-9.88%
    T19.SI