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
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
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
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/ysxKO30ZWw
  • 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/5nHxtlZ7nn
  • 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/lqpXwWjVFt
  • 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/CrpXuYgfRO
  • 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/VzEbQn8blk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/ETF52Q2sLz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/AXZxK8Abrh
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/9Ppa4d48Ql
  • 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/e0liqVDzw6
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/tuq7DDF3jE
Crude Oil Price Outlook Hinges on OPEC Meeting Following G20 Summit

Crude Oil Price Outlook Hinges on OPEC Meeting Following G20 Summit

David Song, Strategist

Oil Price Talking Points

Crude pulls back from the session-high ($60.10) even though Organization of the Petroleum Exporting Countries (OPEC) and its allies pledge to regulate the energy market throughout 2019, and the price of oil may continue to consolidate over the coming days as it fails to extend the series of higher highs and lows from the previous week.

Oil Price Outlook Hinges on OPEC Meeting Following G20 Summit

Crude appears to be catching a bid following the Group of 20 (G20) summit as Russia President Vladimir Putin and Saudi Arabia Crown Prince Mohammad bin Salman agree to extend the OPEC+ alliance, but it remains to be seen if the group will take additional steps to balance the energy market amid the weakening outlook for the global economy.

The truce between the US and China may keep oil prices afloat as the two largest consumers of crude continue to negotiate a trade deal, and the narrowing threat of a trade war may keep OPEC and its allies on the sidelines as President Donald Trump tweets that “things look very good.”

Image of OPEC meeting

However, OPEC and its allies may take additional steps to balance the energy market as the most recent Monthly Oil Market Report (MOMR) highlights slower consumption for 2019, and efforts by the producers may help to ward off a bear market as Iraq Minister of Oil,Thamer Ghadhban, insists that “the most important thing is to achieve a stable market and avoid volatility.”

With that said, developments coming out of the 176th meeting may keep oil prices afloat if OPEC shows a greater willingness to cut production, but more of the same from the group may shake up the near-term outlook for crude 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 ($58.92) approaches the 200-Day SMA ($58.74), with both moving averages tracking a negative slope.
  • In turn, another failed attempt to close above the Fibonacci overlap around $59.00 (61.8% retracement) to $59.70 (50% retracement) may undermine the advance from the June-low ($50.60), with a move below $57.40 (61.8% retracement) bringing the $54.90 (61.8% expansion) to $55.60 (61.8% retracement) region on the radar.
  • Next downside hurdle comes in around $51.40 (50% retracement) to $51.80 (50% expansion) followed by the overlap around $48.80 (38.2% expansion) to $49.80 (78.6% retracement).
  • Will keep a close eye on the Relative Strength Index (RSI) as it manages to track the upward trend from June, but a bearish signal may materialize over the coming days should the oscillator snap the near-term formation.

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 3Q 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