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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bullish
Gold
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
GBP/USD
Mixed
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
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 5.06% Gold: 1.39% Oil - US Crude: 0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FcWjbqvgkX
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-06
  • After hitting a new two-year high of 1.1916, EUR/USD is now trading in the middle of today’s range at 1.1865 and needs a new driver to make or break the recent rally. Get your $EURUSD market update from @nickcawley1 here:https://t.co/EetZRs55q9 https://t.co/jxymBCa8rl
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.14% US 500: -0.19% Germany 30: -0.30% France 40: -0.77% FTSE 100: -1.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/suRP72SApO
  • Heads Up:🇷🇺 Inflation Rate YoY (JUL) due at 13:00 GMT (15min) Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • 🇺🇸 Initial Jobless Claims (01/AUG) Actual: 1,186K Expected: 1415K Previous: 1434K https://www.dailyfx.com/economic-calendar#2020-08-06
  • 🇺🇸 Jobless Claims 4-Week Average (01/AUG) Actual: 1,337.75K Previous: 1368.5K https://www.dailyfx.com/economic-calendar#2020-08-06
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.82%, while traders in US 500 are at opposite extremes with 76.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8lwdCO7f8U
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.08% 🇨🇭CHF: 0.00% 🇦🇺AUD: -0.15% 🇪🇺EUR: -0.18% 🇨🇦CAD: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gpL0CBYyXO
  • Heads Up:🇺🇸 Continuing Jobless Claims (25/JUL) due at 12:30 GMT (15min) Expected: 16720K Previous: 17018K https://www.dailyfx.com/economic-calendar#2020-08-06
WTI Crude Oil Price Declines Ahead of CPI Data

WTI Crude Oil Price Declines Ahead of CPI Data

2016-08-19 12:09:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • Crude Oil Declines Ahead of Canadian CPI Data
  • Critical Daily Resistance Found at $48.72
  • Sentiment Flips Negative Pointing Toward Price Advances ; 55% of Positioning is Short

Access Our Free Q3 Oil Outlook HERE

The price of WTI Crude Oil (CFD:USOil) has continued to trade higher, after breaking out from critical resistance earlier in the week. Now going into this weeks close, Crude Oil Prices are trading off of their highs ($48.72) and may close lower on the day. With its tight correlation to the USD/CAD, Oil traders should also be watching this morning’s CAD CPI release. Expectations are set at 1.4% (MoM) (Jul), and any deviations from these values may cause an increase in volatility in Crude Oil Prices. If prices rise, traders should look for Crude Oil to press on weekly highs above $48.72. Alternatively if prices decline, Crude Oil may trade back below today’s swing low at $47.91.

WTI Crude Oil Price (UsOil), Daily Chart

WTI Crude Oil Price Declines Ahead of CPI Data

Chart prepared by Walker England

Short term price action for the price of Crude Oil may be seen in the 5 minute graph below. Currently, price action can be seen advancing off of their current daily lows The Grid Sight Index (GSI) is also highlighting a short term uptrend, with a series of higher highs put in place over the last 2 hours of trading. After reviewing 3,405,653 pricing points, GSI has indicated that price action has continued to advance $0.18 or more in 60% of the 15 matching historical events. This places today’s first bullish distribution at a price of $48.51.

Alternatively, GSI has indicated that prices have declined by $0.53 or more in 20% of the identified historical matches. Today’s first bearish distribution is found at $47.80. If prices trade through this point, it would suggest that a broader retracement is developing for Crude Oil prices. In this scenario traders may look for prices to test historical values of support, including $47.51.

WTI Crude Oil (UsOil) 5Minute GSI Chart

WTI Crude Oil Price Declines Ahead of CPI Data

Sentiment for WTI Crude Oil (Ticker: USOil) has grown to a negative extreme, with SSI (speculative sentiment index) reading at -3.17. With 76% of positioning now net short, this may indicate further gains for Crude Oil prices. In the event that Crude Oil prices continue to breakout higher, traders may look for SSI to remain at negative extremes. Alternatively if Crude Oil prices continue to retrace lower, SSI would be expected to retract towards more neutral readings.

Are traders long or short the market? Find out here!

WTI Crude Oil Price Declines Ahead of CPI Data

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

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.