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. See our updated Privacy Policy here.

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
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
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 continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/POsnWwTmER
  • Speculative stubbornness continues to hold back emergent fears like inflation and central bank moderation, but no certain of progress on that battle this week. While $NDX, $BTCUSD and Pound are on my radar, #Dollar tops my watch list: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/15/Dollar-Outlook-Throttled-by-Both-Risk-Rebound-and-Curbed-Inflation-Concerns.html https://t.co/aYjyvQzhIA
  • AUD/USD remains range-bound but trend potential exists elsewhere in pairs such as AUD/JPY or AUD/CAD. Get your market update from @JStanleyFX here: https://t.co/bppORO1NEg https://t.co/6mXqAOrl9H
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: https://t.co/YQG1aaIT8C #DailyFXGuides https://t.co/oOyN7fUaC6
  • The Federal Open Market Committee (FOMC) Minutes may drag on the price of gold as the central bank appears to be in no rush to switch gears. Get your market update from @DavidJSong here: https://t.co/2EvNplObIk https://t.co/hhEAnqhAEu
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/gNiVpWrd1p
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/4zEwS7mFJE
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/nB2f5m56nq
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
Crude Oil Prices Rebound on a Weakend US Dollar

Crude Oil Prices Rebound on a Weakend US Dollar

Walker England, Forex Trading Instructor

Talking Points:

Crude oil prices remain volatile this afternoon, after initially trading towards weekly lows as the U.S. Energy Information Administration reported that crude inventories increased by 4.1 million barrels. Now prices are trading off of their daily highs at 52.65 despite this news. Much of this afternoons rebound directly correlates to a late day selloff in the US Dollar, and depending on how the US Dollar closes intraday it may continue to impact crude oil prices.

Technically crude oil prices remain bullish in the short term above previous resistance found at $51.66. The next key value of resistance for the commodity has been identified near $52.91. This value is represented in the graph below as a 61.8% Fibonacci retracement measured from the January 6th high of $54.92 to the January 10th swing low at $50.69. If prices retrace under this point, it opens crude oil to retest today’s daily lows. However if prices continue to trade higher, crude oil may then target the next retracement value found at $53.52.

Crude Oil Prices Rebound on a Weakend US Dollar

(Created Using TradingView Charts)

Intraday, the US Dollar (Ticker: DXY) is currently testing new daily low at 101.29. This afternoons sharp move lower has completely negated any bullish momentum that the Index was building earlier in the session. Initially the US Dollar broke higher, above today’s R4 pivot found at 102.36. This move was been completely invalidated with the US Dollar trading back below today’s R3 pivot at 102.21. From this point, a complete reversal has been established with the US Dollar now trading downward below the S4 pivot found at 101.72.

For traders looking at a further bearish extension in the US Dollar, next support is found at 101.30. This point of support has been established graphically by extending the January 5th low. It should be noted that at that the US Dollar has already tested this point, but has failed to mount a significant breakthrough here. If the US Dollar continues to fall, we may continue to see an extended rally in commodities such as crude oil. However if the US Dollar remains supported near present values, it may mean that this afternoons crude rally may be short lived.

Crude Oil Prices Rebound on a Weakend US Dollar

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

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

See Walker’s most recent articles at hisBio 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