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
Mixed
Oil - US Crude
Bearish
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
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/xkNb1VIrEN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
  • Heads Up:🇳🇱 Inflation Rate YoY (APR) due at 04:30 GMT (15min) Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.25% US 500: -0.52% France 40: -1.12% Germany 30: -1.24% FTSE 100: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sAj0aetO3t
  • Retail FX traders (at IG) have pushed up their long $USDCAD position to levels not seen in years which has nudged the net long to approximately 85% of open interest. They are fighting that trend https://t.co/eIOcdLiPik
  • Risk trends is the focus to start this week with the Nasdaq 100 dragging sentiment down through the close of the NY session. My attention is on the Dollar as pairs like $GBPUSD stare down major resistance or reversal: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/11/EURUSD-GBPUSD-and-Nasdaq-Outlook-Key-Levels-and-Events-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/72GGBPMNcw
  • White House monitoring supply shortages in parts of the southeast -BBG
  • 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/RAtsYwpmXl
Crude Oil Price Analysis: Multi-month Consolidation Break Imminent

Crude Oil Price Analysis: Multi-month Consolidation Break Imminent

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

Crude Oil Weekly

Crude Oil Price Chart - Weekly Timeframe

Technical Outlook: Crude prices rallied though the yearly range highs & confluence resistance at the 55-handle in late-October, shifting the broader focus higher heading into the close of the year. The advance is struggling a bit here with a near-term consolidation break to offer guidance over the next few days. Note that we’ve broken above the upper median-line parallel of the broad ascending pitchfork formation dating back to 2015- a weekly close above this threshold would be needed if this rally has still has legs.

Crude Oil Daily Chart

Crude Oil Price Chart - Daily Timeframe

The daily chart highlights a near-term median-line formation extending off the yearly lows with price continuing to hold just above the lower parallel. Keep in mind that the December opening range remains intact between 55.79-59.02 – look for the break.

New to Forex? Get started with this Free Beginners Guide

Crude Oil 240min Chart

Crude Oil Price Chart - 240min Timeframe

Notes: A closer look at price action sees crude prices continuing to consolidate into the apex of a multi-month triangle formation. A topside breach targets initial objectives at 59.12 with more significant resistance eyed at 59.94-60.06- a close above this region would be needed fuel the next leg higher in oil with such a scenario targeting the 2015 highs at 62.56 backed by measured consolidation target at 63.23.

A downside break would put us neutral on crude with a break below the 55-handle needed to put the bears back in control and would risk a drop towards the yearly open at 53.80 and 52.52/79 (levels of interest for exhaustion / long-entries IF reached). Bottom line: the immediate focus is on a break of this multi-month consolidation range. While a topside breach is favored, we’ll respect a break sub-55 with the decline likely to offer more favorable long-entries lower down in price.

Why does the average trader lose? Avoid these Mistakes in your trading

USOil IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short Crude- the ratio stands at -1.07 (48.3% of traders are long) – weak bullishreading
  • Long positions are 0.7% higher than yesterday and 1.1% higher from last week
  • Short positions are 7.5% higher than yesterday and 9.4% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US Crude prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bullish contrarian trading bias.

See how shifts in Crude Oil retail positioning are impacting trend- Click here to learn more about sentiment!

---

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES