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
Bearish
Oil - US Crude
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
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
Mixed
USD/JPY
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
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/y5YcxUXJIe
  • As we near the US open...😟 Wall Street down 1.72% (474 points) Nasdaq 100 down 1.08% (125 points) S&P 500 down 1.46% (49 points) @DailyFXTeam Prices via @IGcom
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7 Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • $AUDUSD getting absolutely hammered at the moment, down over 0.5% since the London session opened Next key support level seems to come in at the 0.7070 mark with a break below carving a path for price to retest the monthly low (0.7020) $AUD #technicalanalysis https://t.co/9ynzvhSNK2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.51%, while traders in NZD/USD are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PpTagTe3eM
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/OCT) due at 11:00 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.56% Silver: -0.70% Oil - US Crude: -3.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Y9FMU0wUMo
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UvqOCYfxgX
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇦🇺AUD: -0.34% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.42% 🇬🇧GBP: -0.50% 🇳🇿NZD: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZcpUZzcGyf
Crude Oil Weekly Technical Outlook: Price May Continue to Fade

Crude Oil Weekly Technical Outlook: Price May Continue to Fade

2019-09-22 04:00:00
Paul Robinson, Strategist
Share:

Crude Oil Technical Outlook:

  • The fade following the spike may continue next week
  • Watch the gap close under 55 for support on weakness

For the intermediate-term fundamental and technical outlook on major asset classes and educational content, check out the DailyFX Forecasts & Trading Guides.

The fade following the spike may continue next week

Crude oil exploded higher to start last week due to drone attacks on a Saudi oil facility, but the impact lasted not more than a day as price has been fading off since. Barring further geopolitical flare-ups that haven’t already been price in, the fade looks at risk of continuing.

Price found some support on the October 2018 trend-line last week, but looking ahead the real area of support may not be until at least a full reversal and gap-fill down to 54.84, where oil closed the week on September 13 ahead of the attack.

Along the way support may arrive at the 200-day (56.39) and a short-term trend-line off the August low. In the event crude holds onto the recent pullback and begins to make another thrust higher, there isn’t any visible price resistance until price rises up to the spike-high from Monday at 63.38.

Tactically speaking, the trading bias looks like it could be bearish in the week ahead, but be mindful of potential headline risks and keep risk wrangled accordingly.

Check out the IG Client Sentiment page to find out how changes in retail positioning could signal the next price move in major markets.

Crude Oil Daily Chart (fade may continue, watch for gap-close)

Crude Oil Daily Price Chart

Crude Oil Chart by Tradingview

Helpful Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

DISCLOSURES