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
Bearish
Oil - US Crude
Mixed
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
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
Mixed
USD/JPY
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
More View more
Real Time News
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
Crude Oil Prices Drop as Market-Wide Sentiment Sours

Crude Oil Prices Drop as Market-Wide Sentiment Sours

2017-01-30 09:16:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Crude oil prices weighed down by risk trends as sentiment sours
  • Head and Shoulders pattern continues to hint that WTI is topping
  • Gold prices bounce from 2-week low, have scope to extend gains

Crude oil prices fell alongside shares and the US Dollar on Friday while gold prices edged up, rebounding from a two-week low. The news-wires chalked up the move to a disappointing US GDP report that showed the annualized growth rate slipped to 1.9 percent in the fourth quarter. This undershot forecasts calling for a print at 2.2 percent and marked a significant slowdown from the 3.5 percent recorded in the three months through September.

In fact, the move started well before the data crossed the wires, although it does seem to have amplified momentum. The typically cycle-sensitive WTI and Brent crude oil benchmarks followed European stocks downward and US Treasury bonds – the standby safe haven asset market-wide – dutifully advanced, pressuring yields lower. That this did not prove to be supportive for the greenback, another go-to beneficiary of risk aversion, may hint that traders see eroding sentiment as roadblock for Fed rate hikes.

The risk-off dynamic carried over into Asian trade as the new week began. S&P 500 index futures are pointing decidedly lower as Europe comes online, pointing to more of the same ahead. On the data front, the Fed’s favored PCE inflation gauge takes top billing, with an uptick to 1.7 percent expected. While that might have been supportive for rate hike bets under normal circumstances, lingering uncertainty about on-coming fiscal policy may leave investors unconvinced.

Are retail traders buying or selling gold, and what does that hint about the trend? Find out here!

GOLD TECHNICAL ANALYSISGold prices found interim support below the $1200/oz figure after turning downward as expected. From here, a daily close below the 14.6% Fibonacci expansion at 1183.28 opens the door for a test of the 23.6% level at 1160.57. Alternatively, a reversal back above the 1200.00 threshold sees the next upside barrier at 1219.20, the 38.2% Fib retracement.

Crude Oil Prices Drop as Market-Wide Sentiment Sours

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to build the outlines of a bearish Head and Shoulders (H&S) chart pattern.A break below near-term support at 52.44 exposes the 50.25-69 area (38.2% Fibonacci retracement, January 10 low), with a subsequent close below that confirming the topping setup. Alternatively, a move above the 23.6% Fib expansionat 53.75 targets the 55.21-65 region (January 3 high, 38.2% expansion).

Crude Oil Prices Drop as Market-Wide Sentiment Sours

--- 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

News & Analysis at your fingertips.