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
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
GBP/USD
Mixed
USD/JPY
Bullish
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.14%, while traders in US 500 are at opposite extremes with 75.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/u5QzsWqRme
  • Downing Street sources have confirmed that they do not expect further contact with the DUP today $GBP
  • #DidYouKnow a shooting star formation is a bearish reversal pattern that consists of just one candle. How to trade shooting star candle stick? Find out: https://t.co/lY2wsk0ROg https://t.co/FA8tfBPnH3
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Gold: -0.23% Silver: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1eWrlHqbBH
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇬🇧GBP: 0.07% 🇯🇵JPY: 0.02% 🇨🇦CAD: -0.01% 🇨🇭CHF: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fQkH7L1Ft7
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.01% Germany 30: -0.14% France 40: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3thegqARME
  • USD to Canadian Dollar Price: USD/CAD Eyes More Losses – Levels and Signals More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2019/10/18/USD-to-Canadian-Dollar-Price-USDCAD-Eyes-More-Losses-Levels-and-Signals-MK.html?CHID=9&QPID=917714 https://t.co/hjtIjfvocg
  • Labour Lawmaker John Mann says will vote for PM Johnson's deal, says expects more than 9 Labour MPs to support the deal $GBP
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your market update from @IlyaSpivak here:https://t.co/7bsVuSyWMn https://t.co/CAEfBgVHUc
  • "Ayes to the right, noes to the left" Will Boris Johnson manage to get his deal through parliament? https://t.co/CIHCM7VAEw
Oil Prices Stubbornly Hold July Range Following Failed Breakout

Oil Prices Stubbornly Hold July Range Following Failed Breakout

2018-08-01 18:30:00
David Song, Currency Strategist
Share:

Oil Talking Points

Crude is back under pressure after attempting to break out of its recent range, with energy prices at risk of exhibiting a more bearish behavior over the days ahead as oil appears to be on its carves a fresh series of lower highs & lows.

Image of daily change for major currencies

Oil Prices Stubbornly Hold July Range Following Failed Breakout

Image of daily change for crude oil prices

Growing tensions between the United States and China paired with signs of larger-than-anticipated supply appear to be dragging on oil, and the fresh updates from the U.S. Energy Information Administration (EIA) may keep a lid on energy prices as crude inventories unexpectedly climb 3803K in the week ending July 27 even as field outputs slowed for the first time since February.

Image of US crude oil field production

Keep in mind, the Organization of the Petroleum Exporting Countries (OPEC) and its allies may continue to operate below full-capacity amid the broader expansion in U.S. production, and the group may regulate crude production beyond 2018 in order to rebalance the energy market. With that said, supply-side adjustments may keep oil prices afloat, and the broader outlook for crude remains constructive for now as both price and the Relative Strength Index (RSI) retain the upward trends from earlier this year.

However, recent price action raises the risk for further losses as crude carve a fresh string of lower highs & lows, with oil at risk of facing a critical test as it comes up against trendline support. Failure to preserve the bullish structure may highlight a material shift in oil price behavior especially if the RSI highlights a similar dynamic.

Oil Daily Chart

Image of oil daily chart
  • Failure to break/close above the $70.40 (78.6% expansion) keeps last month’s range on the radar, with oil prices at risk of test the July-low ($67.08) as it initiates a bearish sequence.
  • Need a break/close below the $67.10 (23.6% expansion) to $67.30 (50% expansion) region to open up the downside targets, with the next region of interest coming in around the $66.00 (38.2% expansion) handle followed by the Fibonacci overlap around $64.50 (23.6% expansion) to $64.80 (100% expansion).

For more in-depth analysis, check out the Q3 Forecast for Oil

Interested in having a broader discussion on current market themes? Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES

News & Analysis at your fingertips.