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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • 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/vg7w10CKUR https://t.co/9JVh6BsWa2
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
Crude Oil Prices Target Resistance Ahead of OPEC

Crude Oil Prices Target Resistance Ahead of OPEC

Michael Boutros, Strategist

Talking Points

  • Crude Oil prices rally vulnerable as prices approach near-term resistance ahead of OPEC
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

Crude Daily

Crude Oil Daily Chart

Technical Outlook:Crude prices are approaching a key resistance range we’ve been tracking at 51.40/64- this region is defined by the June 2016 swing high and the October high-day close and converges on the upper median-line of the descending pitchfork extending off the yearly high.

The focus is on this resistance range with the immediate topside bias vulnerable near-term while below this threshold. Interim support rests at 50.70 with broader bullish invalidation set to the monthly opening-range highs at 49.17 (note the 200-day moving average also rests here). A breach higher targets initial objectives at basic trendline resistance extending off the yearly highs (currently around 52.60s) and the April highs.

Check out our Crude Oil 2Q projections in our Free DailyFX Trading Forecasts.

Crude 240min

Crude Oil 240min Chart

Notes: A closer look at price action further highlights this near-term resistance zone with the weekly opening range taking shape just below- look for the break for further validation of our near-term directional bias. Interim support rests at 50.70 with a near-term bullish invalidation set to 49.60/86.

A topside breach of this region targets the April high at 53.74 backed by the 76.4% retracement at 54.29. Keep in mind that the OPEC meeting is slated for Thursday and is likely to fuel added volatility in crude prices.

Crude Sentiment
  • A summary of IG Client Sentiment shows traders are net-long crude- the ratio stands at +1.2 (54.6% of traders are long)- bearish reading
  • Traders have remained net-long since April 19 when Crude traded near 53.12; price has moved 3.4% lower since then
  • Long positions are 8.1% lower than yesterday and 34.0% lower from last week
  • Short positions are 7.2% higher than yesterday and 37.1% higher from last week
  • Although sentiment continues to point lower, the recent dramatic pullback from extremes in long positioning does warn of a possible shift in retail here and gives a further mixed near-term signal on crude prices. From a trading standpoint, we’ll be looking for either a dip into structural support near 49.60/86 or a topside breach through 51.64.

See how shifts in Crude Oil retail positioning are effecting market trend- Click here to learn more about IG Client Sentiment indicators!

---

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES