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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/rHDy0XNZjQ
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/06/12/Australian-Dollar-Outlook-AUDUSD-Divergence-With-Wall-Street-Risks-Continuing.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ryxG0fHmzd
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:https://t.co/bpr5ZlKIcE https://t.co/0pskmzXZHi
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:https://t.co/fAZijmQVqh https://t.co/pXICvFE007
  • The Japanese Yen may rise as retail investors increase their long exposure in pairs like USD/JPY and EUR/JPY. Will these pairs turn lower? What are key levels to watch for? Find out from @ddubrovskyFX here:https://t.co/PqNahX71oF https://t.co/xZzmwrVQcr
Crude Oil Pares Gains As Nervous Market Looks To US Jobless Claims

Crude Oil Pares Gains As Nervous Market Looks To US Jobless Claims

David Cottle, Analyst

Crude Oil and Gold Talking Points:

  • Crude oil markets are like all others fixated on US jobless claim numbers
  • A multi-million rise in claimant numbers is now widely feared
  • Gold prices retreated, with investors again reportedly preferring cash

Crude oil prices were back close to where they began Thursday’s Asia Pacific session as it began to wind down. Early gains were pared into the afternoon’s proceedings as investors nervously awaited key US labour market data.

In US hours markets will learn how many Americans signed on for unemployment benefits for the first time in the week to March 21, with millions of new claimants now expected to be added to the roster thanks to the coronavirus’ economic ravages.

This prospect has loomed over the passage of a $2 trillion stimulus and assistance bill through the US Senate, powering it towards a vote in the House or Representatives on Friday. Energy marked participants will be particularly aware that such government action huge as it may be can only help once recovery starts. It can’t of itself bring about the crucial lowering of infection rates.

The price war between major exporters Saudi Arabia and Russia threatens crude oil markets with a massive supply glut at a time when demand is collapsing. Sure enough US crude inventories rose by 1.6 million barrels last week, a ninth consecutive week of gains.

Gold prices fell back, reportedly as investors again rushed into cash to cover losses incurred elsewhere. This pattern has been much seen in the precious metal market this year, with prices falling despite the clear economic uncertainty against which the likes of gold and silver supposedly hedge.

This market can still expect plenty of support should those US labor market numbers come in anything like as weakly as investors now fear.

Crude Oil Technical Analysis

Crude Oil Prices, Daily Chart

That price clash may be one fundamental reason why US crude oil prices have made so little headway even as the hope or reality of various large stimulus programs worldwide has lifted other markets. For now prices remain very close to the seventeen-year lows plumbed earlier this month, with the bulls unable to gird themselves for a serious attempt at even near-term resistance in the $27.22/barrel area.

Multi-million claimant rises in the US labor data could well make another test of those lows unstoppable. A moribund jobs market will clearly destroy near-term energy demand as supply is about to ramp up.

Gold Technical Analysis

Gold Prices, Daily Chart

Gold prices have similarly faltered ahead of key resistance, in this case the psychological $1650 level. It must be likely that another upside test will come shortly, but for the moment downside focus is on a broad band of support between the lows of early March and those of February.

In the current environment slips back toward this level may well represent little more than a better opportunity to go long, but those who do so will need to be aware that this market will remain vulnerable to slippage whenever investors need cash to cover losses elsewhere.

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