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.

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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
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
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/z9XcfuxLOx
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/hQgZB9T73q
  • 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/vg7w10CKUR https://t.co/9JVh6BsWa2
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • 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/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
Crude Oil Price Forecast: Rising Prices Bring Higher Inventories

Crude Oil Price Forecast: Rising Prices Bring Higher Inventories

Tyler Yell, CMT, Currency Strategist

Access Free Oil Trading Guide from DailyFX Analysts HERE!

Talking Points:

Crude Oil has been riding a wave of positive fundamental developments over the last few weeks. Between the agreement to agree on a production cut by OPEC that Russia said they would honor and the falling U.S. Inventory data the Bulls had a lot to be happy about. On Thursday, we saw Crude Oil inventories rise for the first time in the U.S. in six weeks. Naturally, many are looking to U.S. Shale producers as activating their rigs as Oil has recently begun trading around $50/bbl, and some are speculating on a move in coming months toward ~$60/bbl.

Interested In a Quick Guide about OPEC, Click Here

In addition to rising stockpiles of Oil in the U.S., traders are still eager to understand more about the OPEC deal, which includes non-members such as Russia. The informal meeting is scheduled for October 29 at Vienna. Volatility is expected to be high around the meetings. Another component worth watching is the US Dollar, which has been on a moon-shot projector lately thanks in large part to the ‘Flash-Crash’ in Sterling. Any instability in the US Dollar after the ~3% rise in nearly two weeks could support the price of Oil as the two are inversely correlated.

Trading View D1 Crude Oil Price Chart: Very Hard To Be Credibly Bearish Above $50

Crude Oil Price Forecast: Rising Prices Bring Higher Inventories

The trendline is drawn from the February 11 low and early August low acts as a clear bias indicator on the price of Crude Oil. As the price remains above the 10-period moving average ($49.79/bbl) the momentum in the ST is bullish while the price above the trendline show’s the medium-term trend remains bullish.

The key resistance remains the June high of $51.64. If the price of Crude breaks above this key zone, we may see an aggressive buying spree by institutional investors who have had an aggressive bullish bias toward a breakout and would likely see a runaway move to the mid-$50s.

Only a hold of $51.64 followed by a break below the 10-DMA and a move toward the trendline support near the 144-DMA ($45.46) would turn us from Bullish to Neutral. Until then, we’ll keep our sights on new 2016 highs in the coming days.

Key Levels Over the Next 48-hrs of Trading As of Wednesday, October 13, 2016

Crude Oil Price Forecast: Rising Prices Bring Higher Inventories

T.Y.

To receive Tyler’s analysis directly via email, please SIGN UP HERE

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

DISCLOSURES