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
Bearish
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
  • While the rise in longer-dated Treasury yields have been impressive as of late, March highs remain a key focus for resistance The medium-term uptrend remains intact, maintained by rising support from August Fading fiscal stimulus expectations (size) may sour yields ahead https://t.co/L3vBcF0ts7
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/vFJ8zmphMm
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here: https://t.co/p7gAztWuVG https://t.co/zB1pOS6U4D
  • The $VIX is now running 227 trading days above the 20 handle. It is also working its way quickly into a dead-end descending triangle. These don't really break lower... https://t.co/39Pr7YrQ08
  • WTI Crude amongst the many market participants taking a hit today, down almost 3% $WTI $USD https://t.co/eg2phm1wUO
  • The power of suggestion: even though the market recognized the mistake with mixing Tesla founder Musk's suggestion to use the Signal app with the stock SIGL, it is still trading >2,000% above pre-remark levels and maintains heavy volume. Us speculators are an interesting people
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.35% 🇪🇺EUR: -0.65% 🇨🇦CAD: -0.75% 🇦🇺AUD: -0.95% 🇳🇿NZD: -1.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6NZVebT00L
Crude Oil Prices Look to API Inventory Data to Break Deadlock

Crude Oil Prices Look to API Inventory Data to Break Deadlock

2017-01-24 11:01:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices muted as US Dollar, OPEC compete for influence
  • API inventories data may show swing producers to undo supply cut
  • Gold prices continue to find support in “Trump trade” unwinding

Crude oil are marking time in familiar territory, with traders seemingly uninspired to take firm directional bets amid a tug of war between supportive US Dollar weakness and skepticism about the lasting influence of OPEC’s supply cut deal. Weekly inventory flow data from API may get help break the deadlock in the coming hours.

Baker Hughes reported that the number of operating US oil rigs rose to the highest in 14 months last week. If this is followed by a pickup in stockpiles, that may bolster the recently emerging sense that OPEC’s price-boosting efforts might be self-defeating as swing producers ramp up production. Needless to say, the crude oil may come under pressure in this scenario.

Gold prices continue to find support in the unwinding of the so-called “Trump trade”. Lingering fiscal policy uncertainty is casting doubt on prior bets that the new US administration will stoke inflation and beckon a steeper Fed rate hike cycle. A relatively quiet economic data docket in the hours ahead doesn’t seem to offer meaningful roadblocks to this dynamic, hinting the yellow metal may remain supported.

Will gold and crude oil prices continue higher in the first quarter? See our forecasts to find out!

GOLD TECHNICAL ANALYSISGold prices seem to have overturned a bearish Dark Cloud Cover candlestick pattern put in last week. Still, negative RSI divergence warns of ebbing upside momentum and may be hinting at an on-coming downturn. A daily close below 1199.80 exposes the 23.6% Fibonacci retracement at 1182.36. Alternatively, a breach above the 38.2% level at 1219.20 sees the next upside barrier in the 1248.98-50.65 area (50% level, June 24 low).

Crude Oil Prices Look to API Inventory Data to Break Deadlock

CRUDE OIL TECHNICAL ANALYSISCrude oil price positioning has been little-changed in recent days, with a would-be Head and Shoulders top still in the works. Breaking back below 52.44 exposes the 50.25-69 area (38.2% Fibonacci retracement, January 10 low), with a subsequent daily close under that confirming the bearish chart pattern. Alternatively, a push above the 23.6% Fib expansion at 53.75 opens the door for a test of the 55.21-65 zone (January 3 high, 38.2% expansion).

Crude Oil Prices Look to API Inventory Data to Break Deadlock

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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.

DISCLOSURES