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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/hqW38VawJl
  • - Unreal atmosphere - Shame about the result, but no complaints - Usyk masterclass - Heavyweight division blown wide open https://t.co/BKCLJTDk9h
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
Crude Oil Price Outlook Mired by Moving Average Death Cross

Crude Oil Price Outlook Mired by Moving Average Death Cross

Rich Dvorak, Analyst

OIL FORECAST: CRUDE OIL PRICE ACTION UNDERMINED BY POTENTIAL BEARISH MOVING AVERAGE CROSSOVER

  • Crude oil could struggle to catch a bid as demand concerns rise with market volatility
  • Oil prices look mired by a bearish crossover of its 50-day and 200-day moving averages
  • The commodity might face further selling pressure if trader risk aversion gains traction

Crude oil price action has slid markedly lower so far this month. The commodity is down more than 10% from August’s closing level after failing to take out technical resistance around the $43-handle. This decline appears to have invalidated the bullish trend formed by the series of higher lows since May.

CRUDE OIL PRICE CHART: DAILY TIME FRAME (23 APR TO 10 SEP 2020)

crude oil price chart forecast

Chart created by @RichDvorakFX with TradingView

Crude oil prices tumbled lower alongside a sharp uptick in the S&P 500 VIX Index, or fear-gauge, as demand concerns mount and market sentiment starts to sour from its seemingly euphoric state. The recent influx of crude oil selling pressure pushed the commodity down to technical support residing near the $36.00-price level, which roughly aligns with May highs and June lows. Oil price action now faces the threat of a bearish moving average crossover. Specifically, the medium-term 50-day moving average could start to roll over and cross beneath its long-term 200-day moving average as the rebound in oil prices reverses.

This looming ‘death cross’ might exacerbate potential crude oil selling pressure going forward - particularly if market volatility continues to tick higher and trader sentiment deteriorates further. That said, crude oil weakness could accelerate if bears can breach the $36.00-handle. This might open up the door to target the $31.50-zone as the next possible downside objective.

-- 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