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
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/5gsZQfX6aG
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/DwkK9F9FCJ
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/30/Gold-Technical-Forecast-Election-Raises-Volatility-Risk-But-Support-Holds.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5hgGEojvIE
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/Frmn9y6yKJ
  • US #COVID19 cases hit a record for a second consecutive day -BBG
WTI Crude Oil Price Forecast: 2-Month Closing High Turns Focus on $50

WTI Crude Oil Price Forecast: 2-Month Closing High Turns Focus on $50

2015-10-06 19:31:00
Tyler Yell, CMT, Currency Strategist
Share:

To receive Tyler’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • Crude Oil Technical Strategy: USD Weakness Preceded Breakout
  • WTI / Crude Oil Showing Overbought Readings Intro Resistance
  • Support Moved Up Toward $45.71bbl

Without a clear turnaround in the demand and supply imbalance for Oil, there was seen as only one thing that could give Oil a lift. The one thing is a weak USDollar, and that’s exactly what appears to be driving this latest surge back toward $50 in crude. While eyes were on Triangle support of $43.64, Crude was making a break higher a la the late-August run-up. If the USDollar makes another significant push away from the March 13th, 2015 range of 12,064-12,149, then a sustained move higher could be underway.

The technical outlook for crude oil now focused on the higher-low pivot of $45.71 holding. An elongated triangle that took all of September to complete seems to have ended, which opens the door for a resumption of the move off of $37.81 to resume. Currently, resistance stands at the August 31st high of $49.49 followed by the zone of multiple 61.8% Fibonacci targets of $51.10-$53.10. The 200-day moving average sits around this zone as well around $51.07.

The 5% rise on Tuesday opens the door for a retracement where the next potential trade may lie. Focus should turn to short-term support holding at $45.71 and resistance at $49.49 breaking. The target on a break of resistance looks to tackle the $51-53 zone before more advanced targets are considered. Going forward, it’s worth noting that USDollar will be critical in the path for in addition to other assets. T.Y.

Add these technical levels directly to your charts with Support/Resistance Wizard app!

WTI Crude Oil Price Forecast: 2-Month Closing High Turns Focus on $50

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

DISCLOSURES