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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • Heads Up:💶 ECB General Council Meeting due at 08:00 GMT (15min)
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears. The New Zealand Dollar may have the upper hand against the Franc however after rallying to multi-month highs. Get your $CHF market update from @FxWestwater here:
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:
  • #SP500 carving out a Rising Wedge pattern just below key resistance at 3700, as bearish RSI divergence hints at a near-term pullback Slipping back below 3650 could open the door for price to challenge wedge support and the 100-MA (3600) $SPX $ES
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.64%, while traders in EUR/USD are at opposite extremes with 73.15%. See the summary chart below and full details and charts on DailyFX:
  • The #USD technical outlook against #ASEAN FX remains broadly bearish, check out my latest update here -
  • $EURUSD is currently facing down the midpoint of the 2014-2017 range and its historical range around 1.2125/50. How robust is this move? Is it more a Dollar slide or a Euro rally? I discuss that today:
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.02% 🇨🇦CAD: -0.07% 🇳🇿NZD: -0.10% 🇦🇺AUD: -0.11% View the performance of all markets via
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: -0.10% Wall Street: -0.14% US 500: -0.15% Germany 30: -0.23% FTSE 100: -0.37% View the performance of all markets via
  • Mayor of Los Angeles says the city is near 'devastating' tipping point following announcement of city wide stay-at-home order $DXY $SPX
Manic Macro: USD/JPY Breaks Out, Gold Toes the Line, Oil Bulls Return

Manic Macro: USD/JPY Breaks Out, Gold Toes the Line, Oil Bulls Return

2020-02-19 13:33:00
James Stanley, Strategist

USD/JPY, Gold, Oil Talking Points

  • While a jolt has been felt through economic data around Coronavirus, a bit of optimism showed overnight when China announced a slight slowing in the spread of the virus.
  • This has helped to lift risk markets around-the-globe, illustrated in Oil prices moving up to fresh two-week-highs.
  • Fear remains, to be sure, as economic impact is still being calculated. Japan saw a big miss in machine orders (-3.5% v/s -1.2% expected) and this has helped USD/JPY to break-out to a fresh eight-month-high.

Gold Spikes Up to Seven-Year-High: Can Bulls Continue to Drive?

A scenario of extremes have started to build through a number of macro markets. The highlight and likely garnering the most attention this morning is the breakout in Gold prices as the yellow metal has moved up for a test of the seven-year-high that was set in January. I had looked into this backdrop on Friday, investigating a bullish breakout pattern in Gold that had built ahead of the weekend. But after that holiday weekend in the United States, that breakout has continued to run and price action has moved right up to that same point of resistance that held the highs last month.

Gold Eight-Hour Price Chart

Manic Macro: USD/JPY Breaks Out, Gold Toes the Line, Oil Bulls Return

Gold on Tradingview

At the source of these extreme moves has been a dose of fear emanating from the spread of Coronavirus. At this point, impact has been seen in a number of economies, including near-by Japan and Hong Kong, both major market centers that are critical in the operation of the global economy. This economic pressure produced by fear around Coronavirus has already impacted China’s economic data, and last night more proof showed up that this impact is spreading to Japan as machine orders fell by -3.5%, far beyond the expected -1.2% contraction.

This, combined with what’s discussed below, has allowed for a fresh bullish breakout in USD/JPY as buyers have pushed beyond a big area of confluent resistance. Even with the massive USD-rally that’s shown throughout February trade, USD/JPY remained subservient to this key area of chart resistance that didn’t begin to give way until last night.

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% 7% 2%
Weekly -1% 5% 1%
Current Retail Sentiment in USD/JPY
Get My Guide

The pair is currently trading at fresh eight-month-highs after pushing through the resistance zone that’s held buyers at bay for the past two-and-a-half months.

USD/JPY Daily Price Chart

USDJPY Daily Price Chart

USD/JPY on Tradingview

Overnight, the Chinese government announced that the spread of Coronavirus outside of the Hubei province has slowed, giving hope that places like Japan may see lessened impact in the future. This has helped to bring buyers back to the bid in a number of global equity indices after a pullback yesterday. But perhaps one of the more noticeable venues to observe the return of risk-on behavior has been in Oil prices, which got absolutely smashed last month as fears of a spreading virus pushed WTI crude oil prices to fresh yearly lows.

Starts in:
Live now:
Apr 08
( 17:04 GMT )
James Stanley's Thursday Webinar
Trading Price Action
Register for webinar
Join now
Webinar has ended

A big zone of support was taken-out last month when oil prices crossed the 50-handle. The support zone running from 50.54-51.68 had held multiple inflections, reversing a number of aggressive sell-offs through the year of 2019. This zone even provided a bit of pause in last month’s sell-off, albeit temporarily, as bears crushed the offer down for that re-test below the 50-marker.

More recently, signs of strength have begun to emerge as a series of higher-highs and higher-lows have developed on shorter time frames. With WTI crude oil prices now bumping up to a fresh two-month-high, continuing that sequence of higher-highs and lows, there may be topside potential especially if news around Coronavirus remains on the positive side.

WTI Crude Oil Four-Hour Price Chart

WTI Crude Oil Four Hour Price Chart

Oil on Tradingview

--- Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX

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