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
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
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
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • 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/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
Crude Oil Prices Stand at Attention as Saudi, Russia Leaders Meet

Crude Oil Prices Stand at Attention as Saudi, Russia Leaders Meet

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

Crude oil prices shot higher after EIA inventory flow data showed US stockpiles shed 4.14 million barrels last week. That topped forecasts calling for a more modest 1.09 million barrel outflow and an API projection signaling a slight build.

Goldprices prose despite a clear hawkish shift in forward guidance from the Federal Reserve. The metal initially fell as the US Dollar rallied, but an about-face reversal soon followed as pre-positioning for the ECB rate decision pushed the bellwether EUR/USD exchange rate upward.

Comments from ECB officials ahead of today’s meeting – particularly those from chief economist Peter Praet – suggested a substantive discussion of the strategy on QE asset purchases would be had. The markets seemed to interpret that to mean that they will soon be phased out.

OIL EYES SAUDI, RUSSIAN LEADERS’ MEETING

From here, soundbites from a meeting between Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putinare in focus. They will discuss joint plans to push for scaling back the OPEC+ output cut scheme on the sidelines of a World Cup match between their countries’ teams.

The two leaders want to boost output to offset delivery disruptions from Iran and Venezuela, which the IEA has said could derail as much as 30 percent of supply. They face opposition from other top producers however, which might make for a contentious meeting when OPEC+ officials gather in Vienna next week.

DOVISH ECB MIGHT ECHO AS GOLD WEAKNESS

As for gold, the knock-on effects of the ECB policy call might remain the driving catalyst. Mario Draghi and company may sink EUR/USD if slowing growth and the disinflationary effects of a stronger Euro inspire a delay in stimulus withdrawal. Follow-on US Dollar strength might weigh on the yellow metal.

See our guide to learn about the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices remain stuck at support guiding them higher since December 2016. Its lower bound is now at 1295.45, with a break below that initially exposing the May 21 low at 1282.27. Alternatively, a move above the 1302.97-07.32 area the upper bound of trend support (1313.28), followed by an inflection point at 1323.60.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are attempting a recovery from trend support set from June 2017, entering the 66.22-67.36 congestion area again. A daily close above its upper extremity exposes the 68.64-69.53 region next. Alternatively, a breach of trend support at 65.21 initially targets the April 6 low 61.84.

Crude oil price chart - daily

COMMODITY TRADING RESOURCES

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

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES