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
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
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
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/6BhlgjWVYw
  • We are going to start the new trading week with a few critical technical breaks like the $QQQ's (NDX) H&S neckline break on volume and EURUSD's clearance below 1.1950. Are these the makings of trends? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/06/EURUSD-and-Nasdaq-100-to-Start-Week-with-Multi-Month-Breakdown.html https://t.co/iR5w7iDkDU
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/OR70NHkgeI
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/nd93gXDswq
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/xeidoj2K9f
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/1rhLp4LnfN
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/RKYGzRStvL
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
Crude Oil Prices Stalling at Resistance, Multi-Week Uptrend at Risk?

Crude Oil Prices Stalling at Resistance, Multi-Week Uptrend at Risk?

Dimitri Zabelin, Analyst

OIL PRICE OUTLOOK: BEARISH

  • Crude oil prices stalling at a critical juncture as upside momentum slows
  • Stubborn resistance may cause uptrend to break, selling pressure to swell
  • Monthly chart shows worrying outlook amid deteriorating fundamentals

Crude Oil Price Chart

Since bottoming out at a multi-year low at 16.01, crude oil prices have rallied and risen over 120 percent. However, recent price action suggests the cycle-sensitive commodity’s ascent may experience a pullback as it trades in a critical cross-section. The price parameters involve the mid-April uptrend and stubborn, familiar resistance at 36.45.

Crude Oil Prices – Daily Chart

Crude oil prices

Crude oil price chart created using TradingView

If the ceiling holds, the slope of appreciation that carried crude oil prices to their current levels will likely then be invalidated. A short-term pullback may then ensue, though selling pressure could start abating at a narrow support range between 28.70 and 29.10. However, if that floor cracks under the weight of sellers, it could open the door to retesting the multi-year swing-low at 16.01.

On the other hand, if crude oil prices bounce back from the 28.70-29.10 support zone, it could open the door to retesting the ceiling under which it had just capitulated. If upside momentum prevails and resistance is broken there, the next major obstacle to overcome will likely be the pre-OPEC meeting plunge at 45.51. Learn more about how geopolitical shocks impact markets here.

There is also the possibility that a congestive area may form between 36.45 and 29.10. Directionless trading in that range could signal an underlying indecision in the commodity’s short-term outlook. However, looking at a monthly chart shows a long and arduous road ahead for crude oil bulls.

Crude Oil Prices – Monthly Chart

Crude oil prices

Crude oil price chart created using TradingView

The wider timeframe shows crude oil prices have just recently recovered from retesting multi-decade lows following a market-wide, panic-induced selloff in growth-oriented assets. Even if the commodity is able to stage a recovery and surpass its pre-OPEC selloff high, a return to prices above $60 a barrel in the current fundamental environment appears unlikely in the medium-term outlook.

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

DISCLOSURES