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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
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 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.76% Gold: 0.38% Oil - US Crude: 0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/V4XICPZVar
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.80%, while traders in EUR/USD are at opposite extremes with 70.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LBx0DcXYmu
  • Check out @DailyFX Chief Strategist @JohnKicklighter discuss today’s currency market catalysts driving the dollar index, Euro, Sterling, Yen, and more on today’s Macro Setup with @GuyAdami and @RiskReversal:https://t.co/Dtdx6xBX7q
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.06% FTSE 100: -0.10% Germany 30: -0.26% Wall Street: -0.32% France 40: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cZ9djYlhxo
  • $Nas 100, the test... the zone from 11,570-11,626 was resistance in the $Nasdaq in early Sept & and early Oct. Came back as support last week, held the lows into yday. Now showing potential resistance - but will sellers show up? $QQQ https://t.co/ViENP066Hz https://t.co/h2LYiXGGcW
  • RT @GuyAdami: Profile pictures notwithstanding, this was another worthwhile conversation. Thank you @JohnKicklighter from @DailyFX for join…
  • S&P 500 Price Forecast: SPX Tests Huge Zone at Bull Flag Support https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/10/27/SPX-SPY-ES-Price-Forecast-SPX-Tests-Huge-Zone-at-Bull-Flag-Support.html $SPX $SPY $ES https://t.co/Pu2IgKdY5E
  • ....also, the outlook with a third peak in Covid cases in the US - and spread globally - is going to seriously undermine the sustainability of growth
  • A lot is being made of how remarkable the forecasted 31% increase in US GDP for 3Q would be if we hit the number Thursday, but remember the context. We are coming off a -31.4% plunge. You need an even bigger recovery to get back up to pace starting from a hole https://t.co/oBJKnOVgqu
  • is possible that USD/CAD is trying to carve a higher-low from the September 1 low, but some more work is needed to turn the near-term favorable for taking long-side bets. Get your $USDCAD technical analysis from @PaulRobinsonFX here:https://t.co/qNZxsbcXZO https://t.co/tZbYH8fG2h
Oil Price Forecast: Crude Searches for Support after Sliding 10%

Oil Price Forecast: Crude Searches for Support after Sliding 10%

2020-01-10 20:23:00
Rich Dvorak, Analyst
Share:

OIL PRICE FORECAST: CRUDE OIL CHARTS CRUMBLE 10% TO TEST TECHNICAL SUPPORT DRIVEN BY LULL IN MIDDLE EAST TENSION

  • Oil prices have plunged over 10% from the swing high printed earlier this week as Middle East geopolitical risk fades amid a lack of military escalation between the US and Iran
  • Crude oil charts now search for technical support or the next fundamental catalyst with potential of sparking supply shock fears to keep the commodity afloat
  • Read up on these Crude Oil Facts to improve your crude oil trading knowledge
Oil Forecast
Oil Forecast
Recommended by Rich Dvorak
Download the Comprehensive 1Q-2020 Oil Forecast Here
Get My Guide

The price of crude oil has come under considerable pressure since jumping above the $65.00 mark – its strongest reading since April 2019 – as geopolitical risk in the Middle East seemingly fades. In fact, crude oil prices swooned over 10% from the intraday swing high recorded on January 08 notched in the wake of reports that Iran attacked US military bases in Iraq.

OIL PRICE CHART: WEEKLY TIME FRAME (NOVEMBER 2017 TO JANUARY 2020)

Oil Price Chart Forecast Technical Analysis

Chart created by @RichDvorakFX with TradingView

The more recent nosedive in crude oil prices can be attributed primarily to the lack of appetite for intensifying the situation further judging by a recent speech from President Trump who restrained from responding with military action in lieu of imposing economic sanctions.

Oil prices quickly pivoted lower after a hard rejection around the $65.00 price level, which has historically posed as a major zone of confluence and technical resistance recently as April 2019.Spot crude is currently trading around the $59.00 level and on pace to close the week roughly 6.25% lower, but the commodity could soon find technical support with keeping oil prices bolstered.

OIL PRICE CHART: DAILY TIME FRAME (AUGUST 2019 TO JANUARY 2020)

Crude Oil Price Chart Forecast

Chart created by @RichDvorakFX with TradingView

Shifting focus from a weekly to a daily crude oil chart brings to focus the 50-day simple moving average, which may help alleviate downward pressure recently exerted on oil prices. Also, crude oil is currently hovering near technical support provided by the bottom barrier of its 2-standard deviation Bollinger Band and has potential to send the price of oil snapping back higher.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Rich Dvorak
Improve your trading with IG Client Sentiment Data
Get My Guide

On the contrary, technical resistance appears to reside around the $60.00 handle and is highlighted by the 38.2% Fibonacci retracement of the most recent bullish leg etched out by the price of crude oil.

Read More: CAD & Oil – The Canadian Dollar & Oil Price Correlation

As one might expect, however, crude oil prices could spike on a whim once more if Middle East tension escalates again. Also, oil traders should keep close tabs on US-China trade deal headlines and market sentiment considering the global GDP growth narrative and risk appetite tend to broadly steer the commodity’s direction.

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES