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
Mixed
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
Crude Oil Price Bulls Eye Resistance as VIX ‘Fear-Gauge’ Falls

Crude Oil Price Bulls Eye Resistance as VIX ‘Fear-Gauge’ Falls

Rich Dvorak, Analyst

OIL FORECAST: CRUDE OIL PRICE CLIMBING HIGHER AS RISK APPETITE PRESSES ONWARD

  • Oil price action could keep gaining ground as perceived market volatility vanishes
  • Crude oil bulls look to top technical resistance around the $43.00-price level
  • VIX Index might break lower if euphoric sentiment and trader risk appetite is sustained

Crude oil prices are trading modestly higher to start the week as the commodity aims to extend its advance. The price of oil has gained ground for the last three consecutive weeks and the move seems to largely mirror the tumble lower by the VIX. The VIX Index, or fear-gauge, reflects expected S&P 500 volatility over the next 30-days, and the gauge tends to hold an inverse relationship with risk assets like crude oil.

Oil - US Crude Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -11% -17% -14%
Weekly -15% -2% -10%
What does it mean for price action?
Get My Guide

CRUDE OIL PRICE CHART & VIX INDEX OVERLAID: 4-HOUR TIME FRAME (22 APR TO 24 AUG 2020)

Crude oil price chart vix index

Chart created by @RichDvorakFX with TradingView

That said, there could be potential for crude oil price action to continue its climb amid falling volatility. This is considering a declining VIX Index generally indicates improving appetite for risk as expected market volatility – and demand for S&P 500 downside protection – diminishes. Likewise, as with stocks, the direction of crude oil is generally tied to risk appetite, economic activity, and prospects for global GDP growth.

Oil Forecast
Oil Forecast
Recommended by Rich Dvorak
Get Your Free Oil Forecast
Get My Guide

However, a sharp reversal higher by the VIX Index would likely be associated with a breakdown in broader sentiment and economic conditions. In turn, this could correspond with bearish headwinds for oil prices. More information on the relationship between crude oil and volatility can be found in our quarterly crude oil forecast above.

CRUDE OIL PRICE CHART: DAILY TIME FRAME (22 MAY TO 24 AUG 2020)

Crude oil price chart oil technical forecast

Chart created by @RichDvorakFX with TradingView

Crude oil prices nevertheless remain buoyed by a bullish trend extended through a series of higher lows since mid-June. Technical resistance facing crude oil price action stands out around the $43.00-price level and month-to-date highs. Eclipsing this barrier of resistance, combined with a sustained decline by the VIX Index, might hint at potential for crude oil prices to embark on another leg higher.

Read More – Crude Oil Outlook: OPEC+ Curbs Supply Cut as GDP Growth Recovers

-- Written by Rich Dvorak, 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