News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The US Dollar is continuing to strength today. The $DXY has risen above the 90.80 level to its highest point since last Wednesday. $USD https://t.co/OFWBlH3loM
  • quite the reversal in commod currencies over the past two days. $USDCAD from falling wedge support to resistance. this tl held a number of inflections earlier this month, now being tested through https://t.co/O2zqFkYz9Y https://t.co/Rljf0c6JE3
  • $USDCHF rose to trading above the 0.9100 level for the first time since November. $USD $CHF https://t.co/afJSa3Ap5h
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.86%, while traders in GBP/JPY are at opposite extremes with 67.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7CenEe3hcL
  • Hey traders! Wrap up your week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/9Sfqv1U0TJ
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -2.02% Gold: -2.70% Silver: -4.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pOc7rwbN4x
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.41% 🇬🇧GBP: -0.45% 🇨🇭CHF: -0.51% 🇨🇦CAD: -0.76% 🇳🇿NZD: -1.57% 🇦🇺AUD: -1.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wtEBvYAAG2
  • A pullback off confluence uptrend support threatens a larger pullback here but keeps the broader trade constructive while within this formation. Get your $btc market update from @MBForex here:https://t.co/ScHuboiZRB https://t.co/gNiGelWKTM
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.49% France 40: 0.47% Germany 30: 0.45% US 500: 0.28% Wall Street: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4LwfSsKX6u
  • ECB's Visco: - Extreme prudence must be used before exiting support measures - Must wait for a substantial recovery before getting out of easy money conditions #ECB $EUR
Crude Oil Prices Decline For 2nd Session

Crude Oil Prices Decline For 2nd Session

Walker England, Forex Trading Instructor

Talking Points

  • Crude Oil Declines For a Second Consecutive
  • Critical Daily Support Found at $46.95
  • Sentiment Remains Extreme ; 77% of Positioning is Short

Access Our Free Q3 Oil Outlook HERE

The price of WTI Crude Oil (CFD:USOil) is trading lower for the second consecutive day this week, after failing to breakout above critical resistance at $48.97. This value is found as a 78.6% Fibonacci retracement level, measured from the June 2016 high ($51.64) to the August 2016 low ($39.17). Crude Oil prices are now testing support at $46.87. This value is represented in the graph below as the previous 61.8% retracement value, and is also the July 12th swing high.

WTI Crude Oil Price (UsOil), Daily Chart

Crude Oil Prices Decline For 2nd Session

(Created by Walker England)

Short term price action for the price of Crude Oil may be seen in the 10 minute graph below. Currently, the Grid Sight Index (GSI) is also highlighting a short term uptrend, with a series of higher highs as the price of Crude advances from its daily low at $46.60. After reviewing 3,476,459 pricing points, GSI has indicated that price action has continued to advance $0.23 or more in 54% of the 35 matching historical events. This places today’s first bullish distribution at a price of $47.26, and a move to this price may suggest that Crude Oil may at least find temporary support for the session.

Alternatively, GSI has indicated that prices have declined by $0.48 or more in 20% of the identified historical matches. This places today’s first bearish distribution at $46.55. If prices trade through this point, Crude Oil prices would be trading at fresh daily lows. In this scenario traders may look for bearish momentum to increase with prices potentially trading towards next support at $45.81.

WTI Crude Oil (UsOil) 10Minute GSI Chart

Crude Oil Prices Decline For 2nd Session

Sentiment for WTI Crude Oil (Ticker: USOil) remains at a negative extreme, with SSI (speculative sentiment index) reading at -3.26. With 77% of positioning now net short, this may indicate further gains for Crude Oil prices. In the event that Crude Oil prices continue to trade lower, traders may look for SSI to move off of its current negative extreme back towards more neutral values.

Crude Oil Prices Decline For 2nd Session

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES