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.

Free Trading Guides
EUR/USD
Bearish
GBP/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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
Crude Oil Price Forecast: Watch for Battle at Resistance to Resolve Lower

Crude Oil Price Forecast: Watch for Battle at Resistance to Resolve Lower

2019-08-23 09:30:00
Paul Robinson, Currency Strategist
Share:

Crude Oil Technical Highlights:

  • WTI crude oil contract trading confluence of resistance
  • Brent postured more precariously than its U.S. counterpart

Check out the intermediate-term fundamental and technical outlook in the Q3 Crude Oil Forecast.

WTI crude oil contract trading confluence of resistance

The bounce in WTI crude oil ran aground into a descending upper parallel that is in near confluence with the falling 200-day MA, and this week the battle continues as the area from around 56 up to 57.50 is proving formidable in the near-term.

A turn lower could soon develop. In the event sellers step in here shortly, keep an eye on the 53.74 level, a minor swing-low created during last week’s trade. A sustained break below should have crude oil rolling downhill towards the 50.48 low from earlier in the month.

In the event price holds up and pushes on through the aforementioned resistance, there are a pair of trend-lines from October and April that could prove problematic for an advance to continue. This doesn’t leave much room right now for longs in a trend that isn’t particularly favorable for buyers.

WTI Crude Oil Daily Chart (top of channel, 200-day MA)

Crude Oil Price Forecast: Watch for Battle at Resistance to Resolve Lower

WTI Oil Chart by Tradingview

Brent postured more precariously than its U.S. counterpart

Brent has been trading heavier than WTI and positioned better for those looking to short oil. It has found opposition recently near the July low and trend-line running down off the July high. The trend favors another push lower, with a pair of trend-lines from 2016 situated not too far below the monthly low.

Turning to the hourly chart, a break of a clean trend-line off the monthly low could be all that is needed for momentum to pick up. Brent is teetering on the line now, so a break could come at any time. To confirm the t-line break, a decline below 59.51 should do the trick.

Brent Crude Oil Daily Chart (prior low, t-line)

Crude Oil Price Forecast: Watch for Battle at Resistance to Resolve Lower

Brent Crude Oil Chart by Tradingview

Brent Crude Oil Hourly Chart (watch rising t-line)

Crude Oil Price Forecast: Watch for Battle at Resistance to Resolve Lower

Forex & CFD Trader Resources

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

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

DISCLOSURES

News & Analysis at your fingertips.