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
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
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
  • Time-cycle analysis suggests that the Japanese Yen could slide significantly lower against its major counterparts. Key levels for AUD/JPY, EUR/JPY and GBP/JPY. Get your market update from @DanielGMoss here:https://t.co/WPq4Z9zzEw https://t.co/gz1bAgz2o4
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.23% Silver: -0.22% Oil - US Crude: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vrAQivFu5K
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇨🇦CAD: 0.10% 🇨🇭CHF: 0.04% 🇪🇺EUR: 0.00% 🇳🇿NZD: 0.00% 🇦🇺AUD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UULUuhLCoC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.92%, while traders in GBP/JPY are at opposite extremes with 70.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qibVCKVjbh
  • The US Dollar gained against most ASEAN currencies this past week, such as the Indonesian Rupiah and Philippine Peso. Will this continue? Eyes are on Fed Chair Jerome Powell.Get your market update from @DanielGMoss here:https://t.co/fdgq31NEQ2 https://t.co/1NasBP7l2A
  • Bank of Indonesia says to remain present in market to guard Rupiah -BBG
  • House Financial Services Committee schedules second GameStop hearing for March 17 - BBG $GME
  • Speaker Pelosi says minimum wage increase will not be removed from House Covid bill - BBG
  • Asia-Pacific equities opened broadly lower amid a 'risk off' sentiment following a sour lead from Wall Street overnight. Rising yields and a stronger US Dollar exerted downward pressure over risk assets. https://www.dailyfx.com/forex/market_alert/2021/02/26/Dow-Jones-Falls-on-Rising-Yields-ASX-200-Nikkei-225-Tumble-.html https://t.co/3p7prANkLA
  • The Australian Dollar looks poised to outperform the haven-associated US Dollar and Japanese Yen. However, it may lose ground to the New Zealand Dollar. Key levels for AUD/USD, AUD/JPY and AUD/NZD.Get your $AUD market update from @DanielGMoss here:https://t.co/cuxRxl5WaF https://t.co/MD0ppnO7t6
Crude Oil May Be Overextended, But Watch Out For Trade Headlines

Crude Oil May Be Overextended, But Watch Out For Trade Headlines

David Cottle, Analyst
Crude Oil Chart

Fundamental Crude Oil Forecast: Neutral

  • Crude oil’s uptrend looks solid enough
  • However, it also looks overbought at a time of deep fundamental uncertainty
  • A consolidation could be coming, assuming no left-field trade news

Looking for a technical perspective on Crude Oil? Check out the Weekly Crude Oil Technical Forecast.

Find out what retail foreign exchange traders make of the Australian Dollar’s prospects right now, in real time, at the DailyFX Sentiment Page

Crude oil prices head into a new week still very much within the uptrend on their daily chart which has endured since the lows of last December.

To be sure clear uncertainties still glower over likely global economic growth. Data from all key regions has disappointed of late, with last week’s softer US growth numbers only adding to the sense of deepening malaise.

Of course, a feeble global economy will lead inevitably to reduced oil demand, so it’s reasonable to assume that the current up-move remains rooted in expectations of reduced supply. After all, oil prices are now about 30% above their 2018 lows supported by output cuts from the Organization of Petroleum Exporting Countries and other major players, along with US sanctions on Venezuela and Iran.

US President Donald Trump last week called on OPEC to ‘increase the flow of oil.’ He seems to have done so in less bellicose terms than those in which he has previously couched similar entreaties, this time noting fragile global markets.

This week will bring news of Chinese economic performance in the form of official and private Purchasing Managers Index surveys, with the country’s manufacturing sectors expected to keep contracting, as it has for three straight months already. The markets will also get a look at Japanese business confidence in the bellwether Tankan survey due for release on Monday. Official US labor statistics will round out the week’s numbers.

Given recent data disappointments there would seem to potential risks for oil prices in all this data. Moreover, the crude oil spot market is also edging up toward overbought levels judging by momentum indicators such as its Relative Strength Index. It could be due a rest.

The main risk to current, bearish fundamentals is potential good news on the trade front from talks between China and the US. News of any settlement will probably see all growth-linked markets get a substantial fillip, probably including that for crude. There’ve been encouraging noises from both parties on this score of late, but the coming week may be too early for definitive progress.

With that in mind it’s a neutral call.

US Crude Oil

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch

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

DISCLOSURES