Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points:

  • Crude Oil Prices Break Eight-Day Losing Streak Above $42 Figure
  • Dominant Trend Bias Still Bearish Absent Defined Reversal Signal

Crude oil prices snapped an eight-day losing streak, pausing to consolidate above the $42/barrel figure having broken below January’s lows. The Brent contract is now hovering at the lowest levels since March 2012. The extent to which the slowdown may precede a rebound is unclear however absent the formation of a defined reversal signal. In the interim, the dominant directional bias remains bearish.

Near-termsupport is at 42.36, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 39.67. Alternatively, a reversal above the 61.8% Fib at 44.03 opens the door for a challenge of the 45.17-38 area, marked by support-turned-resistance at the January 13 low and the 50% expansion.


26 AUG 2015, 12:30 GMT – US Durable Goods Orders (JUL) – Expected: -0.4%, Prev: 3.4%

26 AUG 2015, 14:30 GMT – US DOE Crude Oil Inventories – Expected: n/a, Prev: 2620K

27 AUG 2015, 12:30 GMT – US GDP (Annualized) (2Q S) – Expected: 3.2%, Prev: 2.3%

28 AUG 2015, 05:45 GMT – Swiss GDP (QoQ) (2Q) – Expected: -0.1%, Prev: -0.2%

28 AUG 2015, 05:45 GMT – UK GDP (QoQ) (2Q P) – Expected: 0.7%, Prev: 0.7%

28 AUG 2015, 12:30 GMT – US Core PCE (YoY) (JUL) – Expected: 1.3%, Prev: 1.3%

Crude Oil Price: Eight-Day Losing Streak Broken

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak