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
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • #ASEAN FX appear in trouble vs #USD in the near-term amid rising Treasury yields (see link) My ASEAN-based USD index confirmed a break under key falling resistance from April Prices face the 200-day SMA, a break higher may open the door to more gains https://www.dailyfx.com/forex/fundamental/article/special_report/2021/03/08/US-Dollar-Outlook-Treasury-Yields-May-Continue-Pressuring-ASEAN-Emerging-Market-FX.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/JtYW6TfeZO
  • 🇯🇵 GDP Growth Rate QoQ Final (Q4) Actual: 2.8% Expected: 3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 GDP Growth Annualized Final (Q4) Actual: 11.7% Expected: 12.8% Previous: 22.9% https://www.dailyfx.com/economic-calendar#2021-03-08
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-09
  • Heads Up:🇯🇵 GDP Growth Rate QoQ Final (Q4) due at 23:50 GMT (15min) Expected: 3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2021-03-08
  • Heads Up:🇯🇵 GDP Growth Annualized Final (Q4) due at 23:50 GMT (15min) Expected: 12.8% Previous: 22.9% https://www.dailyfx.com/economic-calendar#2021-03-08
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/oRpRpLo55M
  • Heads Up:🇯🇵 Household Spending YoY (JAN) due at 23:30 GMT (15min) Expected: -2.1% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 8 out of 9 Dow Jones sectors ended higher, with 83.3% of the index’s constituents closing in the green. Communication services (+5.17%), financials (+1.95%) and consumer discretionary (+1.42%) were among the best performers, while information technology (-0.51%) was a clear drag https://t.co/ov5ns7SZsl
  • (ASEAN Fundy) US Dollar Outlook: Treasury Yields May Continue Pressuring ASEAN, Emerging Market FX #USD #treasuries #bonds #ASEAN #EmergingMarkets https://www.dailyfx.com/forex/fundamental/article/special_report/2021/03/08/US-Dollar-Outlook-Treasury-Yields-May-Continue-Pressuring-ASEAN-Emerging-Market-FX.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Yh4iwDPsUI
Crude Oil Prices Break Down Intraday

Crude Oil Prices Break Down Intraday

Walker England, Forex Trading Instructor

Talking Points:

Crude oil prices are turning lower this afternoon, putting last week’s bullish price trend in jeopardy. Currently the commodity is trading back below its 10 day EMA (exponential moving average) at $53.70. This move suggests that short term momentum for the commodity is technically turning bearish. If prices continue to decline, traders will next look for crude oil to challenge the January 31st swing low found at $52.52.

Alternatively, if prices find support intraday, traders will look for prices to close back above the previously mentioned moving average. A bullish bounce would label today’s price action as a higher low in a developing uptrend. In this scenario, traders may look for crude oil to rally and challenge last week’s high of $54.64.

Crude Oil Price Daily Chart with Averages

Crude Oil Prices Break Down Intraday

(Created Using IG Charts)

Intraday analysis has crude oil prices breaking out below support of a multi-day range. The range, as displayed below, has been developing since Thursday. It has been comprised by using $54.64 as a point of resistance and 53.67 as support. Traders looking for initial bearish pricing targets may consider use a 1x extension of this $0.97 range, placing targets near $52.70.

In the event of a late day bullish reversal, traders should look for crude oil to re-enter the previously described trading range. A move of this nature would label this afternoon’s price action as a false breakout, and potentially place the commodity back above its 10 day EMA. Traders should note, that a continued rally may see prices break back above $54.64. Again traders may extrapolate a 1x extension of the range to place bullish breakout targets near $55.61.

Crude Oil Price 30 Minute Chart with Range

Crude Oil Prices Break Down Intraday

(Created Using IG 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