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
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • 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/ApsjkNfGMO
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.63% Silver: 0.61% Gold: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nO754swCBo
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.30% 🇦🇺AUD: 0.07% 🇨🇦CAD: 0.00% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇯🇵JPY: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rdSUCcdssH
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.56%, while traders in France 40 are at opposite extremes with 80.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/85hvnrXx2Y
  • 🇦🇺 Retail Sales MoM Final (MAR) Actual: 1.3% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Heads Up:🇦🇺 Retail Sales MoM Final (MAR) due at 01:30 GMT (15min) Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Dow Jones, Hang Seng, ASX 200 Outlook: Big NFP Miss Defies Tapering Fears https://www.dailyfx.com/forex/market_alert/2021/05/10/Dow-Jones-Hang-Seng-ASX-200-Outlook-Big-NFP-Miss-Defies-Tapering-Fears.html https://t.co/36W8etHCDr
  • Please join @IlyaSpivak at 22:00 EST/2:00 GMT for a cross-market weekly outlook webinar. Register here: https://t.co/E213bTtq5C https://t.co/6PbIKTwhqO
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/ownmpdUkvg
  • Optimism about post-Covid recovery drove capital from tech and into cyclical sectors, boosting the Dow Jones and pulling down the Nasdaq 100. Inflation expectations hit a multi-year high. Will this trend be sustained? Market update from @margaretyjy here: https://t.co/g8XqIhX860 https://t.co/6mJifUKgYl
Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Nick Cawley, Strategist

Crude Oil Price Chart and Analysis:

  • Crude oil currently respecting both Fibonacci and big figure support.
  • US dollar may be volatile with the FOMC rate decision and US NFPs out this week,

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

A period of calm in the crude oil space with last week’s sharp sell-off being slowly re-traced. Crude oil is currently underpinned by a cluster of support levels including 38.2% Fibonacci retracement at $70.56/bbl. along with recent lows and the $70.00/bbl. psychological big figure level.

This stabilization will be welcomed by crude oil speculators who are currently running the largest net-long positions in nearly seven months, according to CFTC data. Speculative longs have nearly doubled since February 8 when oil trade over $10/bbl. lower. The next set of data is released on Friday, May 3.

CFTC Crude Oil Speculative Net Positions

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

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

Crude oil traders will be closely monitoring the latest FOMC policy meeting later today and the monthly US Labour Report (non-farm payrolls) on Friday. Both these events can move the US dollar sharply, having a knock-on effect on the price of oil which traditionally has an inverse correlation with the greenback.

Webinar Coverage:

Live FOMC Rate Decision Coverage with DailyFX Chief Analyst John Kicklighter - Wednesday

Live US Non-Farm Payroll Coverage with DailyFX Senior Strategist Chris Vecchio - Friday

Crude oil has dropped out of heavily overbought territory and may also find support lower downaround $68.20/bbl. the 200-day moving average. The recent six-month high at $74.88/bbl. may prove elusive in the short-term although any political upheaval or further oil embargoes may fuel a move higher.

Crude Oil Daily Price Chart (July 2018 – May 1, 2019)

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on crude oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES