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.

Free Trading Guides
EUR/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
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • NZD/USD IG Client Sentiment: Our data shows traders are now net-long NZD/USD for the first time since May 19, 2020 when NZD/USD traded near 0.61. A contrarian view of crowd sentiment points to NZD/USD weakness. https://www.dailyfx.com/sentiment https://t.co/vNo6FTWKmk
  • Crude Oil Prices Rise as Trump Talks Hong Kong, Gold Up on US Unrest - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/06/01/Crude-Oil-Prices-Rise-as-Trump-Talks-Hong-Kong-Gold-Up-on-US-Unrest.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #gold #XAUUSD #OOTT https://t.co/gXE7J4nA4K
  • 🇿🇦 ABSA Manufacturing PMI Actual: 50.2 Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW https://t.co/TgfLmXwvVu
  • Repaso a los eventos más importantes de la semana, enfoque en #Lagarde y el #BCE #trading https://t.co/tlKfrNq9xW
  • Heads Up:🇿🇦 ABSA Manufacturing PMI due at 09:00 GMT (15min) Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • OPEC and Russia is said to be moving closer to an agreement on extension of oil production cuts, looking at 1-2 months - RTRS sources
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final Actual: 40.7 Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Sharp risk-off reversal after #China is reported to halt some US agriculture imports amid #HongKong tensions & #TradeWar escalation. #AUD, #NZD and #SP500 futures down. #USD and #JPY up. https://t.co/2uwoEalx62
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final due at 08:30 GMT (15min) Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
End of Quarter Should Bring Answers for Copper & Crude

End of Quarter Should Bring Answers for Copper & Crude

2016-03-24 15:45:00
Kristian Kerr, Sr. Currency Strategist
Share:

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • Crude fails just under 200-day moving average
  • Copper turns at key Fibonacci retracement

End of Quarter Should Bring Answers for Copper & Crude

End of Quarter Should Bring Answers for Copper & Crude

The end of the 1st quarter is shaping up to be pretty interesting for commodities. Oil & Copper are stalling at levels that have proven sticky in the past. Crude, for instance, has failed every time is has gotten to the 200-day moving average over the past year and on Tuesday turned down about a quarter away from that widely watched resistance. Copper has had trouble with the top end of the resistance zone I mentioned last week as the absolute high was the 38% retracement of the May – January decline and the closing high occurred right on the internal trendline connecting the August and September lows. Are we seeing the long-term downtrends reassert themselves in these commodities or are the interim uptrends just taking a breather (from an overextended condition) before resuming higher?

What is the #1 mistake most FX traders make? Find out HERE.

It is still too early to tell, as the weakness that has followed in both instruments has not broken anything of significance - at least yet. I think the end of the quarter and the flows that it brings should give us an answer one way or the other. In Copper, the big level of importance on the downside looks to be the range lows of the past few weeks around 2.2000. A close below there would be strong evidence that the broader downtrend is indeed trying to reassert itself and open the door to a more aggressive decline in April. A close over 2.3000 or traction above 2.3260 would be a strong signal that the metal is embarking on something more important on the upside. The volatility in crude requires a little more caution. Initial support is seen around 38.00, but it would probably take aggressive weakness under a confluence of support levels around 35.00 to signal a primary downtrend resumption. Any sustained push over the 200-day (just under 42.00) moving average would be an important change in behavior that opens the door to another aggressive move higher.

Get DailyFX’s top trading opportunities of 2016 HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES

News & Analysis at your fingertips.