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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • The Dow Jones will look to earnings from Apple, which was once the largest component of the index. Get your #Dowjones market update from @PeterHanksFX here:
  • The Indian Rupee may weaken following a breakout higher in USD/INR. Despite rising global stock market volatility, the Nifty 50 has been holding its ground. Could it capitulate lower? Find out from @ddubrovskyFX here:
  • Relief rally ahead for $AUDNZD? Bullish RSI divergence at key psychological support (1.0600) suggests a rebound back towards the 21-MA (1.0626) and 50-MA (1.0659) could be on the cards Conversely, a break below 1.0590 probably opens the door for further losses. $AUD $NZD
  • WTI Crude Oil fell to a fresh four-month-low this morning. This fresh low broke through range support that’s held for the better part of two months. Get your #crudeoil technical analysis from @JStanleyFX here:
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.16% 🇦🇺AUD: -0.25% 🇬🇧GBP: -0.42% 🇨🇭CHF: -0.59% 🇪🇺EUR: -0.62% View the performance of all markets via
  • Nasdaq futures pivot sharply lower in the wake of earnings from $AMZN, $GOOGL, $FB and $AAPL, which comprise over 35% of the tech-heavy index collectively. $NQ_F $NDX still trading positive on the day.
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.13% Silver: -0.55% Gold: -0.57% View the performance of all markets via
  • Apple earnings: EPS $0.73 vs $0.71 est Revenue $64.70B vs est $63.47B $AAPL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in NZD/USD are at opposite extremes with 66.78%. See the summary chart below and full details and charts on DailyFX:
  • ECB Pre-Commits to More Stimulus: ECB’s Lagarde had stated that the GC were in agreement that given the current backdrop, risks were clearly tilted to the downside. Get your market update from @JMcQueenFX here:
Crude Oil Prices at Risk on Souring Sentiment, Inventories Data

Crude Oil Prices at Risk on Souring Sentiment, Inventories Data

2016-07-13 08:25:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil, gold prices retrace after yesterday’s risk-on momentum
  • Optimism following emergence of new UK PM may prove fleeting
  • EIA inventory data may amplify selling pressure on WTI contract

Commodity prices have been pulled into a market-wide correction after yesterday’s broad-based surge in risk appetite. Gold prices are rebounding following a steep decline while crude oil prices are edging lower having reclaimed a connection with sentiment trends to rally alongside share prices.

Optimism appeared to follow from an early end to contest for the UK Premiership as Theresa May moved to succeed the outgoing David Cameron in the aftermath of the Brexit referendum. Markets were preparing for a three-month contest but ended after just three weeks when Ms May’s last opponent dropped out.

Risk-off dynamics may carry forward in the hours ahead (see article). The appointment of a new PM does nothing in and of itself to lighten the load of Brexit’s implementation, undermining follow-through on yesterday’s momentum. The upcoming BOE rate decision may also discourage chasing risky assets higher.

A sentiment-inspired slump in the WTI contract may be compounded by weekly EIA inventories data. API data released yesterday showed US stocks added 2.2 million barrels last week. If this proves more accurate than forecasts calling for a 2.25 million drawdown in the EIA report, it may embolden sellers.

Will crude oil continue to recover in the third quarter? See our forecast here!

GOLD TECHNICAL ANALYSISGold prices turned sharply lower, suffering the largest drawdown in two months. A move below support at 1333.62, the 23.6% Fibonacci retracement, sees the next downside barrier marked by the 38.2% level at 1308.00. Alternatively, a push back above the 14.6% Fib at 1349.42 sets the stage for a retest of the July 11 high at 1375.04.

Crude Oil Prices at Risk on Souring Sentiment, Inventories Data

CRUDE OIL TECHNICAL ANALYSISCrude oil prices produced the largest daily advance in three months after finding support above the $44/bbl figure. From here, a daily close above the intersection of trend line resistance and the 14.6% Fibonacci expansion at 48.14 targets the 50.45-51.64 area (23.6% Fib, June 9 high). Alternatively, a reversal below the July 11 low at 44.40 exposes the 38.2% Fib retracement at 41.86.

Crude Oil Prices at Risk on Souring Sentiment, Inventories Data

--- Written by Ilya Spivak, Currency Strategist for

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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