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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
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
USD/JPY
Mixed
Gold
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
Bitcoin
Mixed
More View more
Real Time News
  • The Australian Dollar remains severely weighed down by #coronavirus worries and a lack of domestic data points will probably keep that story in the driving seat. Get you $AUDUSD market update from @DavidCottleFX here: https://t.co/qswUnnXVwR https://t.co/NyZ0iEpILm
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/uOLKRebXB1
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVzX6w https://t.co/GDTFHvUIf7
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
Crude Oil Awaits Guidance, Gold is Lower After Breaking Down

Crude Oil Awaits Guidance, Gold is Lower After Breaking Down

2010-07-06 03:29:00
Sumit Roy,
Share:

Commodities - Energy

Crude Oil Awaits Guidance

Crude Oil (WTI)        $71.44       -$0.70        -0.97%
Crude oil is starting the new week on a down note as economic worries continue to dictate near-term price direction. Last week oil lost an enormous 8.6% after double dip fears really started to gain traction amid dismal economic reports out of the U.S. Equally disappointing figures in Europe and China did not help matters and now traders are on pins and needles awaiting this week’s readings, as they try to gauge the health of the global economic recovery. Further evidence of a slowdown or worse will likely send crude oil plummeting further, while positive readings could lead to stabilization or even a rally. On Tuesday, the ISM will release their services index. A reading of 55 is expected for the month of June, down from 55.4 in the prior month. With regard to technicals, look for support near the key $69.50 level, while resistance lies at $75.50.

commodityupdate07062010oil
                                                                                                                                                                                                    

Commodities - Metals

Gold is Lower After Breaking Down

Gold      $1205.55       -$3.72        -0.31%
Gold lost $53 peak-to-trough in a single session last week, leading to a break of a steep upward trendline that had supported the commodity since March. Now that a near-term top has been put in so decisively, short-term traders will be looking to sell the rallies rather than buy the dips. Gold still remains elevated compared to other risk assets that have sold off much harder from their highs of the year. Look for a push toward $1166 horizontal support.

Silver      $17.74        -$0.08       -0.45%
Silver continues to drop following last week’s slaughter. Prices are now nearing a significant horizontal support area that has bolstered the metal since April. This support area extends from $17.06 to $17.75. A break of said support would likely lead to a steep fall toward the mid-$16’s.

commodityupdate07062010gold
                                                                                                                                                                                                        
Please send any questions/comments about this article to instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.