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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/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
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
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/TwrOBFgIwj
  • Gold prices were crushed this week as yields continued to climb. But with a big spot of support coming in, can buyers bring a bounce ahead of NFP? Get your market update from @JStanleyFX here: https://t.co/E1TTXVJGUm https://t.co/pD4TeAY3ZP
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/PiLYJDVvtY
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/453MLny2lu
  • The haven-linked US Dollar may be in a position to benefit in the short-run as economic recovery bets support longer-dated Treasury yields, making them more competitive with stocks. Get your market update from @ddubrovskyFX here: https://t.co/BickxlcuZi https://t.co/OdARp4Z1mh
Crude Weekly Price Outlook: Oil Price Crushed into Support

Crude Weekly Price Outlook: Oil Price Crushed into Support

Michael Boutros, Strategist

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend.Crude oil prices have collapsed nearly 40% from the October high with the decline now testing a critical long-term technical support confluence. Here are the key targets & invalidation levels that matter on the WTI weekly chart heading into the close of the year. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Oil Trading? Get started with this Free How to Trade Crude Oil Beginners Guide

Crude Oil Weekly Price Chart (WTI)

Crude Oil Weekly Price Chart - WTI

Notes: In last month’s Crude Oil Weekly Technical Outlook we noted that the risk remained lower in price while below 55.21 with our focus on a, “more significant support zone at the median-line of the 2015/2016 slope / 61.8% retracementat 45.45-46.24.” Oil registered a low at 45.77 this week and the focus heading into the close of the year is on whether price can stabilize above this key confluence support threshold.

Interim resistance stands at 49.48 backed by the median-line, currently around ~52- a breach / close above this level would be needed to alleviate further pressure with such a scenario targeting 55.21 and key yearly open resistance at 60.06. A break lower from here would risk substantial losses for crude with subsequent support objectives eyed at the 2017 low-week close at 43.09 and the highlighted slope confluence near the 40-handle.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: Crude is testing a Big level here at confluence Fibonacci support and leaves the broader short-bias vulnerable near-term while above 45.45. From a trading standpoint, a good spot to reduce short-exposure / lower protective stops. Look for some back-and-fill here but we’ll want to see weekly momentum recover from the oversold extremes before looking for opportunities on long-side. For now, keep an eye out for downside exhaustion while above this key zone.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Crude Oil Trader Sentiment

Crude Oil Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long Crude Oil - the ratio stands at +7.15 (87.7% of traders are long) –bearish reading
  • Traders have remained net-long since October 11th; price has moved 38.0% lower since then
  • Long positions are 11.2% higher than yesterday and 31.1% higher from last week
  • Short positions are 5.7% higher than yesterday and 1.2% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Crude Oil retail positioning are impacting trend- Learn more about sentiment!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical 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