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
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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
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
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
Bitcoin
Mixed
More View more
Real Time News
  • The price of oil preserves the advance following the OPEC meeting as the US and China, the two largest consumers of crude, reach a trade deal. Get your crude #oil market update from @DavidJSong here: https://t.co/g5lxDaRvWL #oott https://t.co/yeelVJU5OK
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/rEVhCnC0vY
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/I1AA0UEyWq
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/o4zt4pmSzc
  • The $USDINR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage. Get your market update from @ddubrovskyFX here:https://t.co/iXLf98geXL https://t.co/uVwbkkkl09
  • My weekend trading video: 'A #Dow and Yuan Retreat Could Break 2019's Bullish Complacency' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/14/A-Dow-and-Yuan-Retreat-Could-Break-Break-2019s-Bullish-Complacency.html?CHID=9&QPID=917719
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
  • The #Euro jumped higher to challenge range resistance capping upside progress since mid-October. Signs of ebbing momentum warn it may be back on defense soon. Get your market update from @IlyaSpivak here: https://t.co/MGqVDEWhUD https://t.co/rQRxJAmLWi
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
Oil , Copper Jump to Production Control and China New Stimulus

Oil , Copper Jump to Production Control and China New Stimulus

2016-02-22 12:45:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold sank with safe haven currencies as risk-on returns with a vengeance
  • Oil jumped on news of output curtail: IEA’s forecast of US production slowdown, rig count, March 1 output freeze pact
  • Copper surged with Chinese stocks upon new stimulus

Gold price lost today, concurrent to large gains in commodities and a rebound in stock markets upon new of stimulus from China. The upcoming G20 meeting with an agenda to tackle China slowdown and growth has also provided market with expectation of concerted efforts. moderation

Meanwhile, China commenced its transformation of the financial market, as widely anticipated. On Saturday, Chairman of the China Securities Regulatory Commission Xiao Gang was replaced by central bank veteran Liu Shiyu. Gang was held accountable for the stock collapse last year. This move is undoubtedly encouraging to investors and signaled the government’s determination to tackle market instability.

Oil price bounced back strongly to $32 region after a slide to close below $30 on Friday. Oil-positive news over the weekend included another drop in US drilling rigs (recorded by Baker Hughes), IEA’s forecast of falling US shale oil production, and March 1 target date for an output freeze pact. Initially discussed by Russia and Saudi Arabia, it may extend to include Venezuela, Iran, Mexico and Norway. However this remains a work-in-progress with no formal OPEC affirmation, keeping oil price in a range.

Copper price rose together with Chinese stocks today. Shanghai Composite jumped 2 percent, led by property and resources shares. Investors welcomed Beijing's decision to overhaul the regulatory body and to limit land supply to residential development projects to stem the property glut. More stimulus steps are anticipated in the next few days which the market hopes may address copper and steel industry.

Need a hand to start trading:Free Guides

Want to read market’s momentum: Speculative Sentiment Index

GOLD TECHNICAL ANALYSIS – Gold’s consolidation persists in 1200 area and above the support trend line. With momentum signals still within the range albeit slightly biased to topside, this situation may go on for some time. Traders should prepare for downside volatility that may lead gold to test support.

Oil , Copper Jump to Production Control and China New Stimulus

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price remained below previous support trend line, which may hold throughout this week as we expected. Firm support at 2.0020 is at a safe distance away. Upward momentum hints at further topside development along the trend line.

Oil , Copper Jump to Production Control and China New Stimulus

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Today’s WTI oil price surge brought it to the middle of January range within 27.55-34.25. More choppy trading is possible given a slight downward tendency in momentum signals. This range is expected to hold firmly.

Oil , Copper Jump to Production Control and China New Stimulus

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for DailyFX.com

Losing Money Trading Forex? This Might Be Why.

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES

News & Analysis at your fingertips.