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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
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
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
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
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/CU5vMilpLH
Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

2019-05-01 10:30:00
Nick Cawley, Analyst
Share:

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

News & Analysis at your fingertips.