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. See our updated Privacy Policy here.

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
Bullish
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
Bullish
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
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • 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/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
Oil Prices Snap Bullish Sequence Ahead of EIA Inventory Update

Oil Prices Snap Bullish Sequence Ahead of EIA Inventory Update

David Song, Strategist

Talking Points:

- GBP/USD Outlook Mired by Weak U.K. Data, Mixed BoE Rhetoric.

- Crude Oil Snaps Bullish Sequence Ahead of EIA Inventory Update.

DailyFX Table

Ticker

Last

High

Low

Daily Change (pip)

Daily Range (pip)

GBP/USD

1.2921

1.2948

1.2894

1

54

Dismal prints coming out of the U.K. economy paired with mixed rhetoric from Bank of England (BoE) officials may continue to suppress the broader outlook for GBP/USD as the Federal Open Market Committee (FOMC) appears to be on course to further normalize monetary policy over the coming months.

After voting to raise the benchmark interest rate in June, Ian McCafferty and Michael Saunders may continue to push for a 25bp-hike at the next meeting on August 3 ‘since then the economy has not slowed to the extent we feared it would last summer.’ However, with Silvana Tenreyro due to replace Kristen Forbes, the new MPC member may largely side with the majority, and the central bank doves may merely attempt to buy more time especially as Gertjan Vlieghe argues ‘a premature hike would be a bigger mistake than one that turns out to be slightly late.’

GBP/USD Daily

GBP/USD Daily Chart

Chart - Created Using Trading View

  • The failed attempt to test the May-high (1.3048) may open up the downside targets as GBP/USD extends the series of lower highs & lows from the previous week, with a break/close below the 1.2860 (61.8% retracement) hurdle opening up the next downside region of interest around 1.2630 (38.2% expansion) to 1.2680 (50% retracement) followed by the 200-Day SMA (1.2552).
  • However, the Relative Strength Index (RSI) highlights the risk for range-bound conditions as the oscillator breaks out of the bearish formation from May, with the pound-dollar exchange rate largely capped by the Fibonacci overlap around 1.3090 (38.2% retracement) to 1.3120 (78.6% retracement).

Have a question about the currency markets? Join a Trading Q&A webinar and ask it live!

Ticker

Last

High

Low

Daily Change ($)

Daily Range ($)

USOIL

45.28

47.21

45.09

1.77

2.12

Failure to preserve the recent series of higher highs & lows may curb the near-term recovery in crude oil prices as the rebound appears to be stalling ahead of the June-high (49.14).

Nevertheless, the updated inventory figures coming out of the Energy Information Administration (EIA) may prop up oil prices as stockpiles are expected to contract 2500K in the week ending June 30. Signs of strong consumption accompanied by another decline in monthly outputs may spark a bullish reaction, but the broader outlook for crude remains tilted to the downside as U.S. production moves back towards the fastest pace of growth since 1970.

USOIL Daily

USOIL Daily

Chart - Created Using Trading View

  • Broader outlook remains tilted to the downside as price & the Relative Strength Index (RSI) preserve the bearish formations from earlier this year, and the rebound from the 2017-low ($42.03) may slowly unravel as crude snaps the bullish sequence carried over from the previous month.
  • Will keep a close eye on the monthly/quarterly opening range as oil prices struggle to clear the topside hurdle around $47.10 (61.8% retracement) to $47.60 (38.2% expansion), while the RSI appears to be turning around ahead of trendline resistance.
  • A close below $46.40 (50% expansion) raises the risk for a move back towards the Fibonacci overlap around $44.90 (78.6% retracement) to $45.30 (23.6% expansion), with the next area of interest coming in around $44.10 (61.8% retracement) to $44.50 (78.6% retracement).

Make Sure to Check Out the DailyFX Guides for Additional Trading Ideas.

IG Sentiment

Check Out the New Gauge Developed by DailyFX Based on Trader Positioning

  • Retail trader data shows 38.4% of traders are net-long GBP/USD with the ratio of traders short to long at 1.61 to 1. In fact, traders have remained net-short since June 23 when GBP/USD traded near 1.26787; price has moved 1.9% higher since then. The number of traders net-long is 6.1% higher than yesterday and 10.7% lower from last week, while the number of traders net-short is 4.6% lower than yesterday and 12.8% higher from last week.
  • Retail trader data shows 68.2% of traders are net-long with the ratio of traders long to short at 2.14 to 1. In fact, traders have remained net-long since Apr 19 when Oil - US Crude traded near 5249.7; price has moved 13.3% lower since then. The number of traders net-long is 4.7% lower than yesterday and 34.0% lower from last week, while the number of traders net-short is 7.7% lower than yesterday and 23.7% higher from last week.
DailyFX Calendar

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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

DISCLOSURES