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
More View more
Real Time News
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.27% 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.08% 🇬🇧GBP: 0.05% 🇨🇦CAD: 0.01% 🇳🇿NZD: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aerBNKspTV
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.02% FTSE 100: -0.13% Germany 30: -0.35% France 40: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tvnYqsBnwV
  • When markets are falling, how can you short sell? Learn more here:https://t.co/K4EFd6A6xd https://t.co/dCArCZmIAk
  • The US Dollar is on the defensive against most ASEAN currencies, with key breakouts in USD/SGD and USD/IDR. USD/THB upside momentum is fading as USD/PHP consolidates. Get your market updates from @ddubrovskyFX here:https://t.co/zQkUPpRr12 https://t.co/YTmJboqdMn
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.22% Silver: -0.74% Oil - US Crude: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CBrOIlwIwi
  • Earnings are starting to lose their default bullish charge after the falter from Facebook and unimpressive afterhours Google response. Still AMZN and AAPL ahead Thursday, but for now focusing on $USDCAD with BOC: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/27/Earnings-Support-for-Bull-Trend-Wavers-as-Fundamentals-Broaden-Attention-to-the-Likes-of-USDCAD-.html https://t.co/6TpIpyWVlc
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇯🇵JPY: 0.04% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.01% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kr4trHaFbD
  • Possible way to finance the Biden's Build Back Better agenda https://t.co/QP0UW6Pbmw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.25%, while traders in Wall Street are at opposite extremes with 76.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6RuOSjQNNK
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:https://t.co/tY5dOmDIWS https://t.co/QFaXQHkFJ8
Crude Oil Price - Next Move Will be Driven by US-China Trade Outcome

Crude Oil Price - Next Move Will be Driven by US-China Trade Outcome

Nick Cawley, Strategist

Oil Price Analysis and News

  • Oil needs help in finding its short-term direction.
  • US-China trade talks may make news next week.

DailyFX Crude Oil Landing Page – Prices, Charts, Analysis and Real-Time News

Oil has wavered around its four-month high over the last three weeks with further upside now looking unlikely in the current economic and political climate. Global economic growth fears continue with downgrades becoming commonplace, leaving central bankers unable to tighten monetary policy as had been expected last year. The lack of growth will continue to weigh on the price of crude oil, despite the OPEC+ production cuts, leaving it vulnerable to further trade war fears.

The US-China trade war continues but progress may be on the cards with US President Donald Trump tweeting Tuesday that talks with China are going ‘very well’, while US Trade Representative Lighthizer and Treasury Secretary Mnunchin are expected to travel to China next week to help push trade talks forward. A successful trade deal between the world’s two largest economies would help ease global growth fears and likely push the price of oil higher.

A look at the charts shows how Brent has stalled in recent days near the November high with a recent double-top just over $68.00/bbl. Resistance starts at the 200-day moving average around $68.85/bbl. followed by 38.2% Fibonacci retracement at $70.56/bbl. Reasonable support should be seen at the 50% Fibonacci retracement level at $65.60/bbl.

How to Trade Oil: Crude Oil Trading Strategies and Tips.

Brent Crude Oil Chart Daily Time Frame (May 2018 – March 20, 2019)

Crude Oil Price - Next Move Will be Driven by US-China Trade Outcome

WTI vs Brent: Top 5 Differences Between WTI and Brent Crude Oil.

IG Client Sentiment shows that retail traders are 49.3% net-long of US Crude, a bullish contrarian indicator. However, recent daily and weekly positional changes suggest a mixed oil – US Crude trading bias.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES