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
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
Wall Street
Bearish
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
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
More View more
Real Time News
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/rHDy0XNZjQ
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/06/12/Australian-Dollar-Outlook-AUDUSD-Divergence-With-Wall-Street-Risks-Continuing.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ryxG0fHmzd
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:https://t.co/bpr5ZlKIcE https://t.co/0pskmzXZHi
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:https://t.co/fAZijmQVqh https://t.co/pXICvFE007
  • The Japanese Yen may rise as retail investors increase their long exposure in pairs like USD/JPY and EUR/JPY. Will these pairs turn lower? What are key levels to watch for? Find out from @ddubrovskyFX here:https://t.co/PqNahX71oF https://t.co/xZzmwrVQcr
Oil Prices Risk Larger Recovery as OPEC+ Leaders Meet at G20 Summit

Oil Prices Risk Larger Recovery as OPEC+ Leaders Meet at G20 Summit

David Song, Strategist

Oil Price Talking Points

Crude looks poised for a larger rebound ahead of the Group of 20 (G20) summit as the price of oil extends the series of higher highs and lows from the previous week.

Oil Prices Risk Larger Recovery as OPEC+ Leaders Meet at G20 Summit

Developments coming out of the G20 summit may shake up the near-term outlook for crude as US President Donald Trump is scheduled to meet with China President Xi Jinping.

Details of a US-China trade deal should keep oil prices afloat as it boosts the outlook for consumption, but the resolution may do little to deter the Organization of the Petroleum Exporting Countries (OPEC) and its allies from regulating the energy market as the group warns of waning demand.

Image of OPEC oil demand forecast

OPEC’s most recent Monthly Oil Market Report (MOMR) highlights slower consumption for 2019, with the group noting that “world oil demand is anticipated to rise by 1.14 mb/d, lower than last month’s assessment by 0.07 mb/d.”

In turn, comments from Russian President Vladimir Putin and Saudi Arabia Crown Prince Mohammad bin Salman may have a greater impact on crude prices as the two leaders are slated to meet at the G20 summit, and the group may continue to curb production in 2019 in an effort to stave off a bear market.

Image of OPEC meeting

With that said, crude oil prices stand at risk of staging a larger recovery ahead of the OPEC meeting starting on July 1, but the broader outlookis no longer constructive as both price and the Relative Strength Index (RSI) snap the bullish trends from earlier this year.

Crude Oil Daily Chart

Image of oil daily chart
  • Keep in mind, a ‘death cross’ formation may emerge over the coming days as the 50-Day SMA ($59.22) approaches the 200-Day SMA ($58.90), with both moving averages tracking a negative slope.
  • However, recent price action raises the risk for a larger rebound as crude breaks out of a narrow range and carves a series of higher highs & lows after failing to test the monthly-low ($50.60).
  • The RSI highlights a similar dynamic as the oscillator bounces back from oversold territory and snaps the bearish formation carried over from late-April.
  • Need a break/close above Fibonacci overlap around $59.00 (61.8% retracement) to $59.70 (50% retracement) to bring the $62.70 (61.8% retracement) region on the radar, with the next area of interest coming in around $63.70 (38.2% retracement) followed by $64.60 (100% expansion).

Sign up and join DailyFX Currency Strategist David Song LIVE for an opportunity to discuss key themes and potential trade setups.

For more in-depth analysis, check out the 2Q 2019 Forecast for Oil

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 markets the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019.

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES