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
Mixed
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
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Fed's Williams: - There might be longer-term changes in labor supply - The Fed is still in the research phase and is attempting to figure out what a CBDC may be used for
  • Fed's Williams: - As schools reopen, more parents will be able to rejoin the labor market - Jobless benefits won't have a significant impact on labor supply for a long time
  • Fed's Williams: - The number of people being hired is high but there are also a lot of people changing jobs - There are also other labor supply difficulties that are difficult to measure
  • Fed's Williams: - Our goal is to maintain inflation at 2% on a long-term basis - The Fed has the tools to not just raise the balance sheet when required, but also to reduce the balance sheet to appropriate levels
  • Gold prices proved to be the ‘canary in the coal mine’ around the Federal Reserve meeting. Gold’s weakness hinted at a more hawkish Fed, which yielded a stronger US Dollar. Get your $XAUUSD market update from @CVecchioFX here:https://t.co/jnSIZ4YueV https://t.co/GJiFYmJULz
  • Fed's Williams: - A lot of the factors that are responsible for holding interest rates lower globally are likely to continue after the pandemic - Inflation spike is mainly transient and driven by the reopening
  • Fed's Williams: -The global economy's supply side is taking longer to react to the spike in demand - The Fed is committed to having low inflation in the US
  • Fed's Williams: - Supply chain interruptions are certainly a problem for the recovery that has to be addressed - We are seeing bottlenecks recede over time
  • Fed's Williams: - I see the economy growing 7% year over year in 2021 - Prices should not continue to increase at elevated rates once they have fully adjusted to the reopened economy
  • Fed's Williams: - The economy hasn't recovered sufficiently for stimulus to be reduced - The economy is improving at a rapid pace and has rebounded faster than expected
Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

Paul Robinson, Strategist

Crude Oil Technical Outlook:

  • WTI crude oil filled gap, long-term trend-lines could be next
  • Brent crude oil won’t take much selling to get to 2016 trend-line

For an intermediate-term fundamental and technical viewpoint, see the Q4 Crude Oil Forecast.

WTI crude oil filled gap, long-term trend-lines could be next

A couple of weeks back WTI crude oil spiked in a big way on the Saudi oil attack, but that quickly gave way to selling as half of that gap was erased the day after the gap. Since then it’s been all downhill for oil, that looks set-up to continue.

The spike and reverse put in a nasty monthly reversal which should help keep the pressure on oil in the near-term. Short-term trend support from August was broken, now the trend-line from the December low is in focus as the next line of support.

A bounce may initially develop off the December trend-line, but the 50 level that put in a floor in June and August may not withstand another hold should it get tested again, which may finally bring into play the February 2016.

That of course might take some time to see, but the trading bias is generally tilted in favor of shorts at this juncture. The best course may be to wait for bounces and/or consolidation patterns to form before looking to join in on a move lower.

Check out the IG Client Sentiment page to see how changes in trader positioning can help signal the next price move in gold and other major markets and currencies.

WTI Crude Oil Daily Chart (50/2016 trend-line targeted)

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

WTI Oil Chart by TradingView

Brent crude oil won’t take much selling to get to 2016 trend-line

Yesterday, Brent crude oil fully closed the Monday gap from two weeks ago, now looking to the trend-line from August as support. It may get some life at the short-term trend-line, but the 2016 trend-line looks like the next major target. The line is in approximate confluence the August low at 55.98.

Brent Crude Oil Daily Chart (2016 trend-line, August low)

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

Brent Crude Oil Chart by TradingView

Resources for Forex & CFD Traders

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

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

DISCLOSURES