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.



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
Please try again
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
Wall Street
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:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • 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:
  • 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:
  • 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:
  • 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:
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks
  • 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:
  • 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:
  • 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:
Crude Oil Price Trend May Reverse, API Data and FOMC Minutes Eyed

Crude Oil Price Trend May Reverse, API Data and FOMC Minutes Eyed

Ilya Spivak, Head Strategist, APAC


  • Crude oil prices up with gold, inflation bets on brighter demand outlook
  • FOMC minutes key as markets weigh Fed threshold for stimulus unwind
  • WTI may be forming bearish Double Top reversal in the $66-68/bbl zone

Crude oil prices rose in a move that the newswires tied to a brighter demand outlook. That’s after reports that passenger traffic at US airports jumped to the highest since March 2020, according to the Transportation Security Administration.

Interestingly, the 5-year Treasury breakeven rate – a measure of medium-term inflation expectations priced into the bond market – rose alongside the WTI contract. Gold prices also tracked higher in tandem, while the US Dollar wilted.

On balance, this speaks to a scenario where swelling demand stokes price growth while the Federal Reserve remains gun-shy about stimulus withdrawal. Whether this narrative finds follow-through this week will probably depend on the contents of April’s FOMC meeting minutes, due Wednesday.

Traders will be eager to glean where policymakers draw the line between a “transitory” inflationpickup, a temporary blip owing to base effects (i.e. comparing prices now to the Covid-driven depths of H1, 2020), and something more lasting. This may hint at their willingness to speed up the tightening timeline.

In the meantime, API weekly inventory flow data is in the spotlight. The report will be weighed against forecasts calling for a 1.37-million-barrel build to be reported in official EIA figures mid-week. A lower API print may boost crude prices, while a higher one applies downward pressure.


Crude oil prices continue to flirt with the formation of a bearish Double Top chart pattern at resistance in the $66-68/bbl area. Confirming the setup calls for a push through minor support levels in the 60.61-63.53 area to pierce the setup’s neckline at 57.25. A daily close below this boundary would imply a measured move down below the $47/bbl figure thereafter.

Neutralizing near-term selling pressure probably calls for buyers to re-establish a foothold above the $68/bbl handle. From there, the next layers of resistance on the way upward are approximated by the 38.2% Fibonacci expansionat 70.37 and the 50% level at 74.42.

Crude Oil Price Trend May Reverse, API Data and FOMC Minutes Eyed

Crude oil price chart created using TradingView


--- Written by Ilya Spivak, Head Strategist, APAC for DailyFX

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.