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
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
  • USD strength has shown in September but that’s been a change-of-pace to the bigger-picture trend of weakness. Which will take over in Q4? Get your $USD market update from @JStanleyFX here:
  • Pelosi says stimulus talks with Mnuchin will continue - BBG
  • Update on #Cryptocurrencies #BITCOIN -0.55% #BITCOINCASH -0.35% #ETHEREUM -0.68% #RIPPLE -0.46% #LITECOIN +1.08%
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.28% Gold: -0.31% Silver: -3.01% View the performance of all markets via
  • US Dollar: Ready to Rumble with High-Impact Data - EURUSD, AUDUSD
  • Senator McConnell signals that a deal is still far off on stimulus $SPX $DJI $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.18%, while traders in Wall Street are at opposite extremes with 69.58%. See the summary chart below and full details and charts on DailyFX:
  • In the very short term, price action in USD/CAD is likely to be distorted by month-end flows. The general view is that month-end is expected to be USD supportive. Get your $USDCAD market update from @JMcQueenFX here:
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.89% US 500: 1.53% FTSE 100: 0.20% France 40: 0.07% Germany 30: 0.02% View the performance of all markets via
  • Fed's Bowman: - Continued monetary and targeted fiscal support may be needed - If virus worsens asset prices will be vulnerable to price drops - BBG
Crude Oil Price Chart Hints at Major Bearish Trend Reversal

Crude Oil Price Chart Hints at Major Bearish Trend Reversal

2018-10-29 00:30:00
Ilya Spivak, Head Strategist, APAC


  • Crude oil prices aim lower as chart setup hints at major top in place
  • Gold prices struggle for direction, technical cues hint at downswing
  • WTO to consider US vs China complaint, US PCE inflation data due

Crude oil prices recovered some lost ground as a pullback in the US Dollar offered de-facto support to assets priced in terms of the benchmark currency on global markets. Gold prices struggled to make good on the Greenback’s retracement however, retreating from intraday highs as recovering risk appetite in the last hours of the trading week buoyed Treasury bond yields alongside stocks.

Looking ahead, sentiment trends are likely to remain in focus. The WTO will consider whether to take up a US complaint against China, which it says has violated the international body’s intellectual property rules. If an investigation follows, that may be seen as aggravating the on-going trade war, souring risk appetite and pressuring on oil prices.

An upside surprise on the Fed’s favored US PCE inflation gauge may compound risk-off dynamics and punish gold amid worries about accelerated tightening. Core price growth is expected to print at 2 percent on-year in September, unchanged from the prior month. PMI survey data suggests a dramatic pickup in cost burdens linked to tariff hikes and higher borrowing costs however.

See our crude oil forecast to learn what is likely to drive price action through year-end!


Gold prices are still stuck below resistance in the 1235.24-41.64 area, with negative RSI divergence hinting a move lower may be brewing ahead. A breach below support in the 1211.05-14.30 zone exposes the September 28 low at 1180.86. Alternatively, a push through resistance targets the 1260.80-66.44 region.

Crude Oil Price Chart Hints at Major Bearish Trend Reversal


Crude oil prices rose to retest support-turned-resistance set from early February but the near-term down move remains intact. A push above 68.81 opens the door for a retest of the 70.05-26 area. Alternatively, a reversal back below the October 23 low at 65.77 targets the 64.26-45 region.

Crude Oil Price Chart Hints at Major Bearish Trend Reversal

Turning to longer-term positioning, a major top appears to be in place as expected. A double top marked by the appearance of two bearish Evening Star candlestick patterns on the weekly chart has been confirmed with a break of the uptrend set from June 2017. The next layer of substantive support is in the 63.62-64.45 zone.

Crude Oil Price Chart Hints at Major Bearish Trend Reversal


--- Written by Ilya Spivak, Currency Strategist for

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.