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
More View more
Real Time News
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.21% US 500: 0.16% France 40: -0.22% FTSE 100: -0.28% Germany 30: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dqQkfkjnlD
  • Was an absolute please to be back on @ausbiztv again today with @NadineBlayney discussing the Australian Dollar ahead of the #RBA (due in 30min!) Check out the full clip below for my thoughts on where #AUD #AUDNZD may go here - https://t.co/XqMHkiLkid https://t.co/vY6vutdGjg
  • Wuhan to conduct citywide Covid tests after infections found -BBG
  • (Equities Special) Nasdaq 100 Forecast for the Week Ahead: Tech May Outperform the Dow Jones #NASDAQ #NASDAQ100 #DowJones #NFPs https://www.dailyfx.com/forex/fundamental/article/special_report/2021/08/03/Nasdaq-100-Forecast-for-the-Week-Ahead-Tech-May-Outperform-the-Dow-Jones.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/XhNIvtiBFD
  • 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/kODPAfJE79 https://t.co/cg1xX4B68o
  • 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/iE8mGqZtLX
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.17% Gold: -0.11% Silver: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/le5P0D0CaR
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.31% 🇯🇵JPY: 0.09% 🇬🇧GBP: 0.06% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tEzSWPH3NA
  • Tencent Holdings (700 HK) slumped over 9% amid fears about regulatory risks over the gaming sector. Chinese state media published an article on Tuesday citing online games as "opium" to teenagers, spurring concerns about Tencent's future. https://t.co/4uFjwKh3kC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.81%, while traders in France 40 are at opposite extremes with 79.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/aKwIeXVnVk
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

Tyler Yell, CMT, Currency Strategist

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