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
Bullish
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
Oil - US Crude
Bullish
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
Bullish
Gold
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
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.22% Gold: 0.87% Oil - US Crude: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OZAg17Ojqt
  • #Gold has rallied over $200/oz. since then and late Tuesday broke through $2,000/oz. with ease. Get your $XAUUSD technical analysis from @nickcawley1 here: https://t.co/377MlMYPwT https://t.co/i5fE0zpse4
  • Trump threatens to take executive action on certain relief efforts should congress fail to make a deal - Fox Business News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.96%, while traders in US 500 are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/X22WA5Nxrx
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.04% US 500: 0.56% France 40: -0.11% Germany 30: -0.15% FTSE 100: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/H9HgvCLdlE
  • US Treasury Yields: 2-Year: 0.109% 3-Year: 0.125% 5-Year: 0.215% 7-Year: 0.391% 10-Year: 0.545% 30-Year: 1.224% $TNX
  • The Bank of England is not expected to make any major changes to the current monetary policy after QE had been expanded by GBP 100bln at the prior meeting. Get your market update from @JMcQueenFX here:https://t.co/jvKHp6s3XG https://t.co/jz3EhCdtae
  • Canadian #Dollar Outlook: $USDCAD Plummets to Major Uptrend Support - https://t.co/HLtQstewm6 https://t.co/DXXIOvBKzX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.04%, while traders in US 500 are at opposite extremes with 76.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nTYRlfwmDy
  • The USD/CAD sell-off is now approaching long-term uptrend support and while the immediate threat is lower, the decline may be vulnerable heading into this key region. Get your $USDCAD technical analysis from @MBForex here:https://t.co/wsdtyzGMZG https://t.co/hj69mn4hKq
Crude Oil Prices Remain Quiet Ahead of Inventory Data

Crude Oil Prices Remain Quiet Ahead of Inventory Data

2017-06-06 18:08:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

Crude oil prices are consolidating for Tuesday by failing to breakout to a significant new high or low intraday. This consolidation has come despite prices originally trading lower on fears that OPEC output cuts may again be put into question. Now traders are looking towards Wednesday’s U.S Crude Oil Inventories data to provide the market further direction. Expectations for tomorrow's report by the U.S Energy Information Administration (EIA) are expected to reveal that U.S. commercial crude inventories have been decreased by a total of 3.50 million barrels. As the market is still reflecting an oil glut, crude oil prices may potentially become volatile during this data release.

Crude oil prices are technically consolidating in an inside bar pattern. Despite today’s late day rally, the commodity has failed to breakout above yesterday’s high or low. For reference, Monday’s daily high is found at $48.50 and may now be considered as a value of resistance. Alternatively, Mondays low at $46.97 may be considered as a value of support. Traders should continue to monitor these values going into tomorrow’s news event. In the event of a bullish breakout, traders may begin to target a move back towards $50.00 a barrel. A bearish breakout however, may allow traders to target the standing 2017 yearly low at $43.97.

What’s next for crude oil and commodities markets? Read our price forecast here.

Crude Oil Price Daily Chart & Inside Bar

Crude Oil Prices Remain Quiet Ahead of Inventory Data

(Created Using IG Charts)

Why and how do we use IG Client Sentiment in trading? See our guide.

Traders tracking sentiment should note that IG Client Sentiment currently remains net-long. With a reading of +2.66, this suggests that 72.7% of traders are currently long the market. Typically sentiment is considered a contrarian market indicator, which suggests that crude oil prices may continue to trade lower. In the event of a bearish breakout below $46.97, it would be expected to see sentiment totals remain at their negative extremes. If the market breaks higher however, traders may look for sentiment values to neutralize from their current net-long extremes.

Crude Oil Prices Remain Quiet Ahead of Inventory Data

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

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.