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
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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
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
Mixed
More View more
Real Time News
  • 🇺🇸 Industrial Production YoY (MAR) Actual: 1% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇺🇸 Industrial Production MoM (MAR) Actual: 1.4% Expected: 2.8% Previous: -2.6% https://www.dailyfx.com/economic-calendar#2021-04-15
  • #Bitcoin breakout has pulled back, trying to set support around the prior ATH $BTCUSD https://t.co/xwjAFzu6ot https://t.co/NagHvd9qvT
  • Heads Up:🇺🇸 Industrial Production MoM (MAR) due at 13:15 GMT (15min) Expected: 2.8% Previous: -2.2% https://www.dailyfx.com/economic-calendar#2021-04-15
  • Heads Up:🇺🇸 Industrial Production YoY (MAR) due at 13:15 GMT (15min) Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-04-15
  • $NDX has really come back to life in the first two weeks of Q2. impressive run, fresh highs after what was about a six-week grind from mid-feb to late-march that six-week grind now looks to be a quarter-end theme. US rates easing, stocks flying $QQQ https://t.co/IzqUMEmjSj https://t.co/LrWXQwBkbV
  • US 30yr Treasury yields have fallen to their lowest level in over a month, dropping to trade around the 2.27% level. $USD https://t.co/XjshJ46n96
  • US yields continuing its slide with a breach of 1.6%, EM FX have been among the main beneficiaries with both $USDZAR & $USDMXN also tripping through key support at 14.40 and 20.00 respectively ($RUB dampened by US sanctions) https://t.co/xPHv3GyJUK
  • $EURUSD return to resistance can almost feel it looking at that 1.2000 level thinking 'should I?' https://t.co/JhqDskiNqv
  • US 10yr Treasury yields have fallen to a fresh three week low around the 1.60% level after strong retail sales and jobless claims prints. Markets are continuing to price in outperformance US economic outperformance, leading to muted reactions to strong numbers. $USD https://t.co/lb4eDTzLX7
Oil Price Chart: Crude Rally Rips into Key Resistance - Trade Levels

Oil Price Chart: Crude Rally Rips into Key Resistance - Trade Levels

Michael Boutros, Strategist

Crude Oil prices are poised to mark a seventh consecutive daily advance today if price closes at these levels with the rally now targeting confluence resistance just higher. These are the updated targets and invalidation levels that matter on the crude oil price charts (WTI). Review this week's Strategy Webinar for an in-depth breakdown of this oil price setup and more.

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

Oil Price Chart - WTI Daily

Oil Price Chart - WTI Daily - Crude Technical Outlook

Technical Outlook: In my latest Oil Price Weekly Outlook we noted that the recent reversal price shifted the, “near-term focus higher but keeps the broader advance within the confines of the descending price pattern we’ve been tracking for weeks now… The risk remains for a stretch higher in oil prices with more significant resistance eyed at the 2018 open / 61.8% retracement of the April decline at 60.06/45 – look for a bigger reaction there IF reached.” Crude is now within striking distance with price attempting to mount the 50% retracement / 100-day moving average at 58.56/96.

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

Oil Price Chart – WTI 120min

Oil Price Chart - WTI 120min - Crude Technical Outlook

Notes: A closer look at price action shows oil trading within the confines of a near-term ascending pitchfork formationExtending off the June lows with crude defending the median-line early in the week. Initial resistance stands with the 61.8% parallel backed by 60.06/45 – a topside breach / close above this threshold is needed to keep the immediate long-bias viable with such a scenario targeting the upper parallel / 62.44. Weekly open support rests at 57.58 with broader bullish invalidation now raised to 54.80.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: The oil price rally is approaching a critical resistance pivot we’ve been tracking for months now at 60.06/45 and we’re looking for a reaction here. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. We’ll be on the lookout for possible topside exhaustion on a stretch higher into resistance. Ultimately, we’ll favor fading a deeper pullback while within the confines of this formation.

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

Oil Trader Sentiment

Oil Trader Sentiment - Crude Positioning - WTI Price Chart
  • A summary of IG Client Sentiment shows traders are net-long Crude Oil - the ratio stands at +1.54 (60.6% of traders are long) – bearish reading
  • Traders have remained net-long since May 22nd; price has moved 7.8% lower since then
  • Long positions are 1.8% lower than yesterday and 19.6% lower from last week
  • Short positions are 3.9% higher than yesterday and 19.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Crude Oil prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Crude Oil price trend may soon reverse higher despite the fact traders remain net-long.

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

---

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES