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
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
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
Bullish
Gold
Mixed
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/jBFhVRWLyy
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/u0HoA9tVvz
  • The #Euro may pay the price for the EU’s stance on its digital sovereignty while the US Dollar eyes closely-scrutinized US fiscal stimulus talks. Get your $EURUSD market update from @ZabelinDimitri here:https://t.co/Ga3DdHod7j https://t.co/Mfhb5iqLF6
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/TvedUlvwxd
  • While the balance sheet did not set higher highs US initial jobless claims fell to their lowest since the middle of March If you invert jobless claims, it set a higher high alongside #SP500 #FoodForThought ahead of the weekend, and have a good one! https://t.co/n6SaEdnpMi https://t.co/AKNYNlUa4l
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/zuQMaDqScY
  • When is a 1.76 million jobs added to the US economy underwhelming? When it is still 12.88 million jobs from the pre-pandemic level and economists warn the subsequent gains are going to slow sharply... https://t.co/IUMBsiGYYC
  • The New Zealand Dollar may extend its surge from yearly lows as it tentatively signals a cyclical upturn. NZD/USD, NZD/JPY rates poised for further gains. Get your market update from @DanielGMoss here: https://t.co/vrOuFkvWpX https://t.co/wKbQNFAZbn
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/nh7SspnIzF
  • Another week of divergence between the #SP500 and the #Fed balance sheet S&P 500 +2.45% vs +1.74% prior B/S -0.06% vs -0.23% prior Focus may have lately been shifted to US fiscal stimulus hopes which all eyes are on this weekend and next week possibly #Liquidity https://t.co/FatSqvs2al
US Crude Oil Price Trending Higher But Upside Limited

US Crude Oil Price Trending Higher But Upside Limited

2018-08-08 08:00:00
Martin Essex, MSTA, Analyst
Share:

Crude oil price, news and analysis:

  • The US crude oil price has risen as US sanctions on Iranian oil come closer.
  • US inventories have fallen too.
  • However, the oil price faces a major hurdle at the $70/barrel level.

Our trading forecasts for Q3 have been published; you can find the oil guide here.

And check out the IG Client Sentiment data to help you trade profitably.

US crude oil price could stall at $70

The price of US crude oil has been rising over the past few sessions as US sanctions on Iranian goods come into effect and traders eye the possibility of sanctions on Iranian oil, due to come into force in November.

In addition, the oil price has been helped by news that US inventories of crude oil fell by more than six million barrels last week, according to the American Petroleum Institute. A figure of around 3.3 million had been expected.

However, the price was modestly easier Wednesday ahead of official data from the US Energy Information Administration and it faces a significant barrier at the $70/barrel “round number”.

US Crude Oil Price Chart, Daily Timeframe (Year to Date)

Latest crude oil price chart.

Chart by IG

As the chart above shows, the crude oil price faces resistance from two separate trendlines just above and just below the $70/barrel level and they will be hard to breach,

Bearish trading bias

Meanwhile, retail trader data show 65.3% of traders are net-long, with the ratio of traders long to short at 1.88 to 1. In fact, traders have remained net-long since July 11, when the US crude oil price traded near $72.50; the price has moved 5.3% lower since then. The number of traders net-long is 2.7% higher than yesterday and 1.4% lower from last week, while the number of traders net-short is 0.3% lower than yesterday and 6.8% lower from last week.

At DailyFX, we typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests crude prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger bearish contrarian trading bias.

Resources to help you trade the markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES

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.