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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • 🇺🇸 Housing Starts MoM (SEP) Actual: -1.6% Previous: 1.2%
  • 🇺🇸 Building Permits MoM (SEP) Actual: -7.7% Previous: 5.6%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.28%, while traders in USD/JPY are at opposite extremes with 74.61%. See the summary chart below and full details and charts on DailyFX:
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today. #Dailyfxguides #equities #stocks
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.96% 🇦🇺AUD: 0.80% 🇬🇧GBP: 0.75% 🇪🇺EUR: 0.38% 🇨🇦CAD: 0.26% 🇯🇵JPY: 0.09% View the performance of all markets via
  • Heads Up:🇺🇸 Housing Starts MoM (SEP) due at 12:30 GMT (15min) Previous: 3.9%
  • Heads Up:🇺🇸 Building Permits MoM (SEP) due at 12:30 GMT (15min) Previous: 5.6%
  • GBP/JPY...back to levels last seen in mid-2016. CCI indicator warns of pair being heavily overbought tho...#gbpjpy #gbp #jpy @DailyFXTeam
  • $AUDJPY testing above the 85 handle for the first time since June 85.81 the next spot of resistance, above that, fresh three year highs
  • $USD deeper into support zone, 93.43 was the Q1 swing high, marks the bottom of the zone that I'm following. It's confluent with the 23.6% retracement of the bullish move that started in May #DXY
Crude Oil Weekly Outlook: Rally Runs Into Resistance as Risk-On Appetite Stalls

Crude Oil Weekly Outlook: Rally Runs Into Resistance as Risk-On Appetite Stalls

Nick Cawley, Strategist

Crude Oil Price, Chart and Outlook.

  • Recent rally stalls on increased political tensions.
  • A bullish series of higher lows and highs are now broken.

US-China Tensions Weigh on US Crude Oil

US-China headlines are starting to press down on the price of oil ahead of a long weekend where turnover will likely be low. This week the US Senate passed legislation that could see Chinese companies banned from listing on US exchanges, which is likely to provoke a strong response from Beijing, while President Trump continues to blame China for not containing, and being more transparent about, the COVID-19 virus. In addition, China is looking to further impose its will on Hong Kong by unilaterally passing a new set of security laws forbidding secession, foreign interference and sedition. An escalation in tension between the US and China will hurt any nascent global rebound.

The technical set-up for oil remains positive but the recent flare-up in political tensions will likely see oil consolidate in the near-future. The recent rally of the sell-off spike low found little in the way of resistance since the $7.55/bbl. print on April 21, with higher lows and higher highs seen on the chart. Today’s sell-off has halted that pattern and oil will need to take stock if it is to press higher. The 20-dma has moved through the 50-dma, highlighting the recent positive sentiment. If oil pushed higher, it will shortly encounter a gap on the daily chart between $36.59/bbl. and $41.19.4/bbl, an area that has not been traded in for over three years. This vacuum may prompt volatile price action and traders should be wary if oil takes out Thursday’s high of $34.70/bbl. and nears the lower bound of the trading gap.

US Crude Oil Daily Price Chart (November 2019 – May 22, 2020)

US Crude Oil

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Crude Oil – bullish or bearish?? You can let us know via the form at the end of this piece or via Twitter @nickcawley1.

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