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
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
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST on DailyFX - https://t.co/lxd5fZnn4H Mid-Week Market Check Up with IG on Wednesday at 9:30am EST - https://t.co/8SFBJxNZrA
  • 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/t9Flsqcxo9 https://t.co/q0tVjDEr0v
  • The US 10-Year Treasury yield has advanced for four consecutive weeks for the longest such stretch since September 2018. Yet this isn't just a US issue. Yields are up globally. Perhaps most impressive is Japan's 10yr adv... https://t.co/78deo7rOa8 https://t.co/SjXYClItFC
  • Rising Treasury yields inspired a broad selling in global equities last week. The longer-term outlook remains positive however on the back of the reflationary theme, strong earnings and vaccine progress. Get your market update from @margaretyjy here: https://t.co/LLlhEpmJxI https://t.co/bJebULtjLG
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/kuqShllQFp
  • Although the longer-term technical outlook for AUD remains skewed to the topside, recent developments suggest the commodity-sensitive currency could lose ground against USD and JPY. Get your market update from @DanielGMoss here: https://t.co/Rl1h8WdXwp https://t.co/49RKx86FzG
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
Crude Oil, DAX & Silver: Index & Commodity Charts

Crude Oil, DAX & Silver: Index & Commodity Charts

Paul Robinson, Strategist

Crude oil filled the ‘Saudi gap’ yesterday, also coming very close the lows from June 2017 and December 2018. Given the extended nature of oil and resistance we could see it turn down from here. The price of oil has been kept in an orderly advance after a very disorderly March and April. The upward trend has taken on the shape of a channel, and while not the most structurally sound it does keep the rise intact for the moment. A break below the lower trend-line should help usher in some momentum. However, we may need to see the risk trade come apart (stocks drop) for oil to really begin rolling lower. The first real level of sizable support, when looking at the August contract, is around 34.60.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Find Out the #1 Mistake Traders Make
Get My Guide

Crude Oil Daily Chart (Saudi gap filled, channel structure)

Crude oil daily chart

Crude Oil Chart by TradingView

The DAX is trying to work its way higher after the earlier-month shellacking, but it could result in a lower-high if it can’t get into gear soon. A lower-high doesn’t necessarily mean it will roll over, but it will be the first sign that we may see a trend lower develop. For the downside to gain traction we want to see the lower parallel of the rising channel off the March low get snapped. This would also require a breakdown below the 11597 level to get a lower-low in the sequence. In the near-term the 200-day is acting as support at 12157, so continue to watch and see if that can be a factor as the DAX attempts to avoid the lower-high scenario.

DAX Daily Chart (lower-high potential, still in channel)

DAX daily chart

DAX Chart by TradingView

Silver remains in an upward trend off the March low, trying to break out of a bull-flag pattern after holding onto the trend-line above the 200-day. A break above the trend-line from September and 18.38 should have silver on a roll higher. Keep an eye on gold as it has broken out of a two-month trading range.

Silver Daily Chart (trying to break out)

Silver daily chart

Silver Price Chart by TradingView

To see all the charts we looked at, 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