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.

Free Trading Guides
EUR/USD
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
GBP/USD
Mixed
USD/JPY
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
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • 🇪🇺 EUR German IFO Expectations (FEB), Actual: 93.4 Expected: 92.1 Previous: 92.9 https://www.dailyfx.com/economic-calendar#2020-02-24
  • 🇪🇺 EUR German IFO Current Assessment (FEB), Actual: 98.9 Expected: 98.6 Previous: 99.2 https://www.dailyfx.com/economic-calendar#2020-02-24
  • 🇪🇺 EUR German IFO Business Climate (FEB), Actual: 96.1 Expected: 95.3 Previous: 96.0 https://www.dailyfx.com/economic-calendar#2020-02-24
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.78%, while traders in US 500 are at opposite extremes with 68.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LVxJXK0YNh
  • Heads Up:🇪🇺 EUR German IFO Current Assessment (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 98.6 Previous: 99.1 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Heads Up:🇪🇺 EUR German IFO Expectations (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 92.1 Previous: 92.9 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Heads Up:🇪🇺 EUR German IFO Business Climate (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 95.3 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 2.37% Silver: 1.79% Oil - US Crude: -3.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/qGErDKxU6q
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: -0.19% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.44% 🇦🇺AUD: -0.52% 🇳🇿NZD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UZkhKdEaS4
  • RT @TimBukOne: @ShaunMurison_IG Update: Now with latest real-time price added - lowest levels since 2003 using inflation adjusted, constant…
US Dollar Jumps, GBP/USD Crumbles and Crude Oil Sets a Fresh Low

US Dollar Jumps, GBP/USD Crumbles and Crude Oil Sets a Fresh Low

2020-02-04 15:00:00
James Stanley, Currency Strategist
Share:

US Dollar, GBP/USD, Crude Oil Price Analysis

  • The US Dollar is starting February with a strong bullish move.
  • GBP/USD has given back all of the post-BoE gains.
  • Crude Oil prices have set a fresh yearly low.

US Dollar Bulls Come Back to the Table, Busy Calendar Ahead

So that bearish backdrop in the USD after last week’s FOMC rate decision didn’t last long. After driving lower into the end of the week, the US Dollar has started February trade to a far different tune, jumping higher yesterday and continuing that ascent so far this morning. In a bifurcated move, those pairs that were most bright during the Dollar’s sell-off have shown a bit more volatility than commodity currency pairs such as AUD/USD or USD/CAD, which have actually shown a dash of USD-weakness so far this week.

On the driver-side of the matter, there’s a plethora of potential push points, including this morning’s Durable Goods numbers that are due at 10 AM ET. Tomorrow at the same time brings Services ISM, and this follows yesterday’s strong read on Manufacturing ISM. And Friday brings the big one, with January Non-Farm Payroll numbers set to be released at 8:30 AM ET; and not to be lost in the shuffle, Canada reports jobs numbers at the same time, setting an interesting stage for USD/CAD which has been in the midst of an aggressive rally over the past couple of weeks.

In the US Dollar, price action has jumped back above the 97.70-97.86 zone of resistance turned support, with last week’s low getting a bit of an assist from a prior bearish trendline connecting October and November swing highs.

US Dollar Eight-Hour Price Chart

us dollar eight hour price chart

Chart prepared by James Stanley; US Dollar on Tradingview

Cable Crumbles After Brexit Day, Re-Tests 1.3000 Support

The high flyer has come back to Earth following last week’s blistering bullish trend. The British Pound began to rally on the Thursday BoE rate decision and that continued into the end of the week. But, like a light switch getting turned off, price action put in a stark change-of-pace to begin this week, and prices have driven right back down to the 1.3000 support area in GBP/USD.

The Pound even probed a fresh monthly low against the US Dollar, followed by a quick jump back above the big figure.

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% 15% 7%
Weekly 11% -23% -3%
Current GBP/USD Retail Sentiment
Get My Guide

GBP/USD Four-Hour Price Chart

gbpusd four hour price chart

Chart prepared by James Stanley; GBP/USD Mini on IG Charts

WTI Crude Oil Pushes to Fresh Yearly Low

As looked at last week, the bearish move in WTI crude oil has been aggressive and, at this point, WTI crude oil is technically in ‘bear market’ territory as price action fell by more than 20% last month. Along with that sell-off has been a test below the 50-level, which helped to offer support a few different times last year. Buyers have so far pushed back-above as indications of potential production cuts began to make their way through markets, carrying with it the big question as to whether that potential might be enough to reverse the tides of the recent bearish trend.

WTI Crude Oil Daily Price Chart

wti crude oil daily price chart

Chart prepared by James Stanley; US Crude on IG Charts

At this point, near-term resistance exists around the 51.65 level, which is the 61.8% Fibonacci retracement of last year’s recovery move. This price had offered a bit of support-turned-resistance on the way down, and a hold of resistance here can keep the door open for short-side trend strategies. A bit higher, around the 52.18 level is a prior group of swing lows that, if broken, could re-open the door for bullish strategies, looking towards a run towards 53.20, 54.30 and, perhaps even, the prior support zone that runs from 54.50 up to 55.57.

Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% 4% 3%
Weekly -20% 6% -16%
Current Retail Sentiment in WTI Crude Oil
Get My Guide

WTI Crude Oil Two-Hour Price Chart

wti crude oil two hour price chart

Chart prepared by James Stanley; US Crude on IG Charts

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES

News & Analysis at your fingertips.