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
Bearish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
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
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
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.07% Silver: -0.25% Oil - US Crude: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/24SAvh8ude
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/egstowtltH
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.12% 🇬🇧GBP: 0.09% 🇪🇺EUR: 0.09% 🇦🇺AUD: 0.04% 🇨🇦CAD: 0.01% 🇳🇿NZD: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/D9tyhgy0CG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.65%, while traders in Wall Street are at opposite extremes with 71.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YldZ1a7abi
  • Update on #Cryptocurrencies #BITCOIN -2.72% #BITCOINCASH -5.01% #ETHEREUM +5.15% #RIPPLE -4.21% #LITECOIN -0.24% #DOGECOIN -5.15%
  • Tokyo Governor Yuriko Koike asked central government to declare state of emergency -BBG
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/EXYkozlj21
  • 🇯🇵 Foreign Bond Investment (17/APR) Actual: ¥906.5B Previous: ¥1715.5B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇯🇵 Foreign Bond Investment (17/APR) due at 23:50 GMT (15min) Previous: ¥1714.4B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Fitch Ratings: Australia-China Trade risks are mitigated by co-dependencies -BBG
Dow Jones, Crude Oil & Gold Technical Outlook

Dow Jones, Crude Oil & Gold Technical Outlook

Paul Robinson, Strategist

The Dow Jones is sitting at record highs and in the absence of bearish price action it has more room to go before running into a potential obstacle. A few hundred points ahead lies the top-side parallel of an upward sloping channel. There are three inflection points on both sides of the structure, making it a sound one.

The top of the channel won’t necessarily stop the market from continuing to rise, but is certainly a spot, if reached, to watch for bearish price action to develop. A strong reaction, for example a 1-2% down day, could set into motion a decline. A pullback from current levels will have the January 2018 trend-line in focus as support.

For now, it’s a tough spot to initiate fresh longs, and even tougher for shorts. For those running with longs from good prices, it may hold beneficial to hold tight until sellers show up.

.

Dow Jones Daily Chart (support/resistance lines to watch, in between for now)

Dow Jones, Crude Oil & Gold Technical Outlook

Dow Jones Chart by TradingView

Crude oil is a difficult handle, no question. It has held little directional flow and doesn’t seem like it is set to have any for the foreseeable future. Traders will likely be best served fading levels until conditions change. Right now, WTI is up against the top of a multi-week channel, which may mean another turn down is coming soon. If price can sneak out of the channel, then look for it to be a short run before trend-lines come into play as resistance. On the downside, keep the bottom of the channel in mind as support for potential longs.

Crude Oil Daily Chart (choppy inside channel)

Dow Jones, Crude Oil & Gold Technical Outlook

Crude Oil Chart by TradingView

Gold is sitting on support around the 1450-line, and within the confines of a developing big-picture bull-flag the trend is down. Another shot lower appears to be in the cards soon. If so, watch how price action plays out at the lower end of the ongoing development of the bull-flag. Generally speaking, conviction and good risk/reward for either side of the tape is lacking. This could persist for a while longer.

Gold Daily Chart (weak within developing bull-flag)

Dow Jones, Crude Oil & Gold Technical Outlook

Gold Chart by TradingView

For the full set of technical details and charts, check out the video above…

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES