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
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/ytHqOoHnxQ
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/155l4SQU6P
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/vkLRsG8KEn
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:https://t.co/JoaUMTv80S https://t.co/Hl4I8Gl7Ez
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/6lPNDoWZAw
  • The gold price rebound keeps XAU/USD within the confines of the August downtrend. From a trading standpoint. Get your $XAUUSD market update from @MBForex here:https://t.co/B3Jct6mIBD https://t.co/gHAtO2jcrp
  • Gold recovered from a steep sell-off this morning to finish the day just lightly lower $XAU $USD https://t.co/lkcyL8gts9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.25% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.64% 🇨🇦CAD: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UVTYrLMwRS
Crude Oil Prices Slip As Doubts Grow Over Saudi, Russia Truce

Crude Oil Prices Slip As Doubts Grow Over Saudi, Russia Truce

David Cottle, Analyst

Crude Oil and Gold Talking Points:

Crude oil prices retreated a little in Friday’s Asia Pacific session, coming off a massive one-day gain in the US the previous day.

The rise was prompted by hopes that the Saudi/Russian price war, which last month further crushed prices already hit by coronavirus fears, might be within sight of its end. US President Donald Trump said he had brokered a deal between the two which might lead to production cuts.

However, the situation remains fluid and it appears that the US itself has not offered to reduce its own output. Many investors reportedly doubt that the situation will move on meaningfully while that is the case and those doubts saw prices slip again.

Moreover, while a truce would certainly raise prices, gloomy economic data such as this week’s huge increase in US unemployment benefit claimants only underline the world’s dangerous economic torpor and the likely lasting weakness in energy demand. Crude oil prices have dropped by well over 50% this year, and by no means all of that fall can be accounted for by discord among producers.

For the rest of the day market attention will be divided between headlines on this subject and the approach of official US labor market figures for last month.

Oil - US Crude BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% -13% -10%
Weekly 3% -4% -1%
What does it mean for price action?
Get My Guide

Gold prices edged lower with a firmer US Dollar limiting the metal’s appeal. However, the fundamental haven bid into the market remains strong and, while investors have to cope with data such as those jobless claims, it’s likely to remain so.

Worldwide coronavirus cases passed a million on Thursday, with the overall death toll over 52,000 according to Reuters.

Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -2% -18% -5%
Weekly -12% 22% -7%
What does it mean for price action?
Get My Guide

Crude Oil Technical Analysis

Crude Oil Prices, Daily Chart

Prices spikes up above a band of resistance from mid-March in Thursday’s US session but the daily close was just about exactly at the band’s lower bound, a point which coincided with March 24’s intraday peak of $25.54/barrel. The bulls are still flirting with that level and a close above it on a weekly basis could be quite bullish technically even if this market is still clearly driven by the fundamentals.

Retracements will eye the top of the previous downward channel which currently comes in at $21.75.

Gold Technical Analysis

Gold Prices, Daily Chart

Gold prices clearly remain quite well supported close to the peaks of early March but the still-dominant uptrend channel from much later that month looks to be surrendering to a broad trading band between $1564.20/ounce and $1642.15.

A channel break need not be very serious for the bulls however for as long as that lower level still holds, but this looks like a market that’s going to need some new fundamental driver to ignite a further rally.

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