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
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
Wall Street
Bullish
Gold
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
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
Bullish
More View more
Real Time News
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
  • Heads Up:🇺🇸 Fed Mester Speech due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-05
  • Heads Up:💶 Fed Mester Speech due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-05
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
Crude Oil Price Analysis: Positive US-China Trade Talk Powers Rally

Crude Oil Price Analysis: Positive US-China Trade Talk Powers Rally

2019-12-13 11:20:00
Nick Cawley, Strategist
Share:

Oil Price Analysis, Price and Charts

  • Positive US-China trade talks likely to see oil test next level of resistance.
  • Bullish golden cross formation about to be made.
Oil Forecast
Oil Forecast
Recommended by Nick Cawley
Download our Q4 Oil Forecast
Get My Guide

US-China Trade Optimism Needs Confirmation For Oil to Fully Crack Resistance

US President Donald Trump lit the fuse to another round of risk-on optimism yesterday when he tweeted that the US and China were very close to a ‘BIG DEAL’, adding, ‘they want it, and so do we!’ It was reported that the US may roll back of US tariffs scheduled for December 15 while China would agree to buy USD50 billion of US agricultural goods in 2020. As always, nothing yet agreed but with just two days to go before the mid-December tariffs, the chances of the two global superpowers agreeing to downgrade the 18-month trade dispute are increasing.

Dow Jones Soars as US and China Agree to Trade Deal in Principle

The daily crude oil price chart remains positive with a series of higher highs and higher lows being made off the October 3 low print at $50.94/bbl. Horizontal resistance is nearing at $60.98 off the two highs in mid-July, prints that preceded a sharp 15%+ sell-off. One bullish technical indicator – the 50/200-dma golden cross – is close to forming and while this may not give oil an immediate boost, it does underscore the positive sentiment in the oil complex. To the downside, a pair of recent highs, a low and the uptrend form a cluster around the $58.70/bbl. level, before $58.00/bbl (20-dma) and $56.90/bbl. (golden cross) come into view.

Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% 5% -3%
Weekly -37% 31% -8%
Learn how to use Sentiment in your trading strategy
Get My Guide

Oil Daily Price Chart (March– December 13, 2019)

Oil price rallying on US-China trade talk optimism

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 Oil?? 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.

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.