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.

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
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
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yN1I9FrfIS
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/5l3O9aHQbL https://t.co/DFEfCIl7zF
  • Thin liquidity can concentrate volatility and nowhere is that more evident than with Dogecoin. $DOGEUSD was down as much as 38% today. Watch for heightened bouts of volatility amid quiet risk trends in the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/17/Dollar-Outlook-Ties-Into-Key-Data-Rate-Forecasts-and-Even-Dogecoins-Rally-.html https://t.co/JO7O7zUKe9
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/Vv3jZNbLWg
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
Oil Price Vulnerable to Wait-and-See OPEC Amid Record US Crude Output

Oil Price Vulnerable to Wait-and-See OPEC Amid Record US Crude Output

David Song, Strategist

Oil Price Talking Points

The price of oil pulls back from a fresh monthly high ($58.17) as the Organization of the Petroleum Exporting Countries (OPEC) show little intentions of taking additional steps to balance the energy market.

Oil Price Vulnerable to Wait-and-See OPEC Amid Record US Crude Output

The price of oil struggles to retain the advance from earlier this month as OPEC Secretary GeneralMohammad Barkindo insists that the production cuts from earlier this year are “providing the groundwork for a sustainable stability as well as adequate and timely investment in the industry.

The comments suggest OPEC and its allies will refrain from making a major announcement at the next meeting starting on December 5 as the group anticipates stable consumption over the remainder of the year.

Image of OPEC oil demand forecast

The most recent Monthly Oil Market Report (MOMR) shows global oil demand holding steady at 0.98 mb/d in 2019, with the outlook for 2020 also unchanged from the previous update. It seems as though OPEC and its allies are in no rush to further reduce oil output as the US and China, the two largest consumers of oil, try to nail out a trade agreement.

However, the International Energy Agency (IEA) warns that “global refinery activity is expected to rebound sharply in 2020,” and went onto say that “the hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers.”

Signs of excess supply are likely to become a growing concern for OPEC and its allies as US crude production hits a fresh record high in November.

Image of weekly US field production of crude oil

Recent figures coming out of the US Energy Information Administration (EIA) showed weekly field production of crude oil climbing to 12,800K from 12,600K in the week ending November 1, and it remains to be seen if OPEC and its allies will unveil more measures to balance the energy market as Russia Energy Minister Alexander Novak pledges to uphold “the agreement signed on July 2 to extend the deal until April 1.”

With that said, the ‘Declaration of Cooperation’ may continue to ward off a bear market, but the price of oil may come under pressure ahead of the next OPEC meeting amid signs of growing supply.

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

Crude Oil Daily Chart

Image of oil price daily chart

Source: Trading View

  • Crude appears to be tracking the price action from the third-quarter, with flattening slopes in the 50-Day ($55.68) and 200-Day SMA ($57.38) warning of range-bound conditions.
  • Recent developments in the Relative Strength Index (RSI) raises the scope for a further advance in the price of oil as the oscillator preserves the bullish formation carried over from the previous month, but the lack of momentum to hold above the $57.40 (61.8% retracement) region may bring the downside targets back on the radar.
  • Need a break/close below the $54.90 (61.8% expansion) to $55.60 (61.8% expansion) region to open up the Fibonacci overlap around $51.40 (50% retracement) to $51.80 (50% expansion), which sits just above the October low ($50.99).

For more in-depth analysis, check out the 4Q 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