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
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
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
  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 3.5% Expected: 3.5% Previous: 2.75% https://www.dailyfx.com/economic-calendar#2021-05-05
  • The Brazil Central Bank increased its benchmark lending rate 75 bps as expected - pushing it to 3.50%. The announcement came 40 minutes late....
  • S&P 500 still treading water sideways, support rising up. Get your S&P500 market update from @PaulRobinsonFX here:https://t.co/hsxwVM3Op4 https://t.co/fbmKRQZsk9
  • Brazil raises benchmark lending rate 75 basis points to 3.50% -BBG
  • Today's article discusses the revival of the reflation trade and some stocks to watch within. This morning's webinar is attached Read more - https://www.dailyfx.com/forex/market_alert/2021/05/05/Stock-Market-Forecast-for-the-Week-Ahead-Reflation-Trade-Reignited.html?ref-author=phanks&QPID=917701&CHID=9 https://t.co/eTh7zTlvTn
  • AUD/USD higher in a choppy session, however the pair struggled to break beyond 0.7750 $AUDUSD https://t.co/iSK8FxjST7
  • RT @KyleR_IG: Despite a bearish turn in global markets overnight, commodity prices continue to surge: the Bloomberg Commodity Index edged t…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.96% 🇦🇺AUD: 0.52% 🇨🇦CAD: 0.35% 🇯🇵JPY: 0.12% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/twP6MgdXsu
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 3.5% Previous: 2.75% https://www.dailyfx.com/economic-calendar#2021-05-05
  • Gold prices continue to trade within a well-defined range just below resistance heading into US Non-Farm Payrolls tomorrow. Get your $XAUUSD market update from @MBForex here:https://t.co/Oq1n80tefH https://t.co/2rY2lk1llB
WTI Crude Oil Price Rebounds as FOMC Keeps Rates Flat

WTI Crude Oil Price Rebounds as FOMC Keeps Rates Flat

Walker England, Forex Trading Instructor

Talking Points

The price of WTI Crude Oil (CFD:USOil) has temporarily found support after this afternoons FOMC rate decision and statement. The event found the FOMC keeping rates unchanged at 0.50%; and key statements read that for the month of June “Market-based measures of inflation compensation remained low.” As such, Crude prices and other commodities such as gold have rebounded from lows put in place during the event. If prices remains supported, it opens Crude Oil up to trade back towards session highs at $43.17. Alternatively, if support falls it would suggest a continuation of the commodities daily decline.

Crude Oil Prices, 4Hour Chart

WTI Crude Oil Price Rebounds as FOMC Keeps Rates Flat

(Created using Marketscope 2.0)

In the 5-minute graph below, we can see the price of Crude Oil moving off of session lows at $41.66. The Grid Sight Index has indicated that short-term momentum is currently pointing higher through the creation of a series of higher lows. After reviewing 4,451,998 pricing points, GSI has advanced a minimum of $0.14 in 64% of the 379 matching historical events. The first historical distribution line falls at a price of $42.19. A move through this price would suggest the beginning of a bullish daily reversal for Crude Oil. In this scenario, traders should watch for prices to test the last bullish historical distribution at $42.55. From here, traders may begin to target the previously mentioned daily high of $43.17.

It should be noted that the first bearish historical distribution currently resides at $41.37. The Grid Sight Index found that prices declined $.068 or more in just 8% of the matching 379 historical events. A move through this value would suggest a resumption of bearish momentum for Crude Oil on the creation of new daily lows.

Want to learn more about GSI? Get started learning about the Index HERE.

WTI Crude Oil Price 5 Minute GSI Chart

WTI Crude Oil Price Rebounds as FOMC Keeps Rates Flat

Are traders long or short the market? Find out here!

It should be noted that Sentiment for Crude Oil (Ticker: USOIL) has moved to a positive extreme from our last reported SSI reading of +1.43. Currently 69% of positioning long, with SSI reading at +2.28. Typically, an extreme positive reading is indicative of future declines in price. If Crude Oil prices breakout to new lows, SSI would be expected to remain at positive extremes. Alternatively, if prices were to rebound, traders should look for SSI figures to move back towards values that are more neutral.

WTI Crude Oil Price Rebounds as FOMC Keeps Rates Flat

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

See Walker’s most recent articles at his Bio 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