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
Oil - US Crude
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
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
DXY Drops on Trump Threat, Crude Oil Price Rises On US Stock Decline

DXY Drops on Trump Threat, Crude Oil Price Rises On US Stock Decline

Tyler Yell, CMT, Currency Strategist

Highlights:

  • Dollar defensiveness resumes on data weakness ahead of Jackson Hole
  • Crude Oil price rises on eight straight draw of US stockpiles
  • British Pound set for lowest close against the Euro since 2009
  • Sentiment HighlightNZD bets on a rebound jump per IGCS, favoring further downside

The US Dollar Index (DXY) dipped again on Wednesday thanks, in part, on renewed fear of internal political risk and weak data. The two themes have consistently plagued the USD over 2017 and remains a reason why traders consistently discount the probability of a Fed rate hike in the coming meetings. The December meeting is expected to pass without a Fed hike, and the market is close to pricing out a hike in the March 21, 2018, FOMC meeting when the Fed may have a new chairperson.

Be confident with your strategy and your market outlook by consulting our top FREE trading guides.

The other two currencies that took many trader’s attention today was the British Pound and the New Zealand Dollar. The Pound ended the day at the lowest close vs. the Euro since 2009 after a report came out showing business feel less confident about the UK economy amid Brexit concerns and recent reports of the UK Government backing away from a hard stance of Brexit negotiations have failed to lead to GBP traders bidding the currency.

Down under, reports that the New Zealand government was less confident about future growth had a particularly negative effect on NZD/JPY (chart below), which is testing a Trendline drawn up from the Brexit low in June.

Lastly, the envy in global markets remains commodities. On Wednesday, WTI Crude Oil rose for the second day on the eighth straight decline in US stockpiles, which took the over stockpiles in the US to the lowest levels since January 2017. The downside in the report is that US production remains on the rise, and if the seasonal effects of summer demand wane or hurricanes reduce demand from refiners, a supply glut could resume.

For technical guidance on Crude Oil, you may find this article helpful.

Are you looking for trading ideas? Our Q3 forecasts are fresh and ready to light your path. Click here to access for FREE.

JoinTylerin hisDaily Closing Bell webinars at 3 pm ETto discusstradeable market developments.

FX Closing Bell Top Chart: NZD/JPY testing Trendline support from the Brexit low

DXY Drops on Trump Threat, Crude Oil Price Rises On US Stock Decline

Chart Created by Tyler Yell, CMT

Tomorrow's Main Event:GBP Gross Domestic Product (YoY) (2Q P)

IG Client Sentiment Highlight:NZD bets on a rebound jump per IGCS, favoring further downside

The sentiment highlight section is designed to help you see how DailyFX utilizes the insights derived from IG Client Sentiment, and how client positioning can lead to trade ideas. If you have any questions on this indicator, you are welcome to reach out to the author of this article with questions at tyell@dailyfx.com.

DXY Drops on Trump Threat, Crude Oil Price Rises On US Stock Decline

NZDUSD: Retail trader data shows 44.0% of traders are net-long with the ratio of traders short to long at 1.27 to 1. In fact, traders have remained net-short since May 24 when NZDUSD traded near 0.68301; price has moved 5.8% higher since then. The number of traders net-long is 19.6% higher than yesterday and 41.7% higher from last week, while the number of traders net-short is 4.4% lower than yesterday and 13.2% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZDUSD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current NZDUSD price trend may soon reverse lower despite the fact traders remain net-short. (emphasis added).

---

Written by Tyler Yell, CMT, Currency Analyst & Trading Instructor for DailyFX.com

To receive Tyler's analysis directly via email, please SIGN UP HERE

Contact and discuss markets with Tyler on Twitter: @ForexYell

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

DISCLOSURES