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
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar plummeted on the heels of NFP with an outside-weekly reversal risking further May losses. Here are the levels that matter on the $DXY charts. Get your market update from @MBForex here: https://t.co/62p4Gd5E2c https://t.co/S6FwI8x3uK
  • 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/ttuTdWFDD5
  • Long $USDCNH was one of my favorite setups for the 2nd quarter btw. I maintain, I like the fundamentals; but the greenback's recent battering needs to relent before this can perform
  • The Dollar's tumble this past week was an abrupt one. We'll see if inflation pressures trigger a shift in risk and rate expectations in the US which could turn the USD's bearings. Meanwhile, a pair I haven't highlighted ... https://t.co/yXl1aoOlIy https://t.co/TWV7tqv2y8
  • $DOGEUSD's daily range post Elon SNL spot is 0.2900. That may not sound like a lot but the current spot rate is ~ 0.5600. The lower wick (reversal from Sunday's low) is a 35% recovery from the low. A speculator's market, not an investor's. https://t.co/hAjg8YO7xA
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/ZhVyZvw5Ii
  • Last week ended well for $EURUSD, with Friday’s shockingly poor US jobs data giving it a lift, and this week could well see its advance extend if it can break conclusively above resistance at 1.2150. Get your market update from @MartinSEssex here: https://t.co/EFPGUI8Uxc https://t.co/LZA6oXsmJO
  • $GBPUSD broke higher from a Symmetrical Triangle pattern late last week. Meanwhile, $EURGBP remains largely rangebound. Get your market update from @FxWestwater here: https://t.co/hnjGCww0ET https://t.co/0LcIv5Yudg
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/0gwSneZjOL
  • Another week of record breaking gains in the alt-coin space, while Ethereum (ETH) continues to print fresh highs and eats into Bitcoin’s (BTC) market dominance. Get your market update from @nickcawley1 here: https://t.co/robpKfDf8U https://t.co/3sOzL01rcI
Crude Oil Prices Gain as WHO Stops Short Of Advising Travel Ban

Crude Oil Prices Gain as WHO Stops Short Of Advising Travel Ban

David Cottle, Analyst

Crude Oil and Gold Talking Points:

  • Crude oil prices edged higher, but remain under broad pressure
  • The coronavirus story remains in charge, however and risk appetite is capped
  • Gold prices rose too, but seem to lack the conviction needed for more strong gains

Crude oil prices rose in Asia on Friday after the World Health Organization came out against travel and trade restrictions despite declaring the coronavirus a global emergency in the previous session, having declined to do so earlier this month.

The coronavirus story is very much in charge of this and all markets, however. Oil prices remain down quite substantially for the week, partly as investors fret the effects of this contagion on global growth prospects which were arguably patchy even before the story broke.

These worries are unlikely to unwind anytime soon, and many airlines have halted flights to Chinese cities in any case.

Away from this main story, news of surprise US oil inventory builds have also weighed on the market in the past week, but reports that Saudi Arabia would like to bring the next Organization of Petroleum Exporting Countries meeting ahead to February rather than leaving it in March as scheduled, may be adding some support.

Gold prices initially eased on Friday but soon erased those losses and were up on the day as the Asia Pacific session wound down.

The metal is enjoying a predictable haven bid and has risen nearly 4% this month, but the relative strength of the US Dollar against its major traded rivals has probably capped its gains.

Virus-headlines permitting the market will look to US Personal Income and Spending numbers due for release later in the session.

Crude Oil Technical Analysis

Crude Oil Prices, Monthly Chart

Barring a miracle prices look set for their first monthly close below the previously dominant uptrend line for the first time in a little over a year. This market is clearly being driven primarily by fundamentals, with the spread of coronavirus likely to see further falls, assuming major producers don’t respond with sweeping production cuts.

Technically the monthly chart would appear to have reasonably strong support in the $50.69/barrel region where the bears have been stymied three times since June 2019. A break below that in the coming month, however, would see the psychologically important $50 mark threatened and 2018’s low of $46.03 back in play.

It is highly likely that producers would indeed take action to move prices higher if this point were threatened and investors need to stay mindful of this even if the coronavirus story worsens.

Gold Technical Analysis

Gold Prices, Daily Chart

Gold prices seem to have settled into a higher trading range above their previous band but well below this month’s notable highs.

However, while the market clearly remains extremely well supported and comfortable at altitude, recent daily ranges have with obvious exceptions tended to be narrow and there may not be a huge amount of conviction about this new range.

The trade of a new month may be instructive on this point but, even if the market returns to its former trading band there seems little reason to fear any dramatic near-term correction lower.

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES