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
Bullish
GBP/USD
Mixed
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
Bullish
Gold
Bullish
Oil - US Crude
Mixed
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
Bitcoin
Bearish
More View more
Real Time News
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
Oil Price Set For Breakout After US Inventories Data

Oil Price Set For Breakout After US Inventories Data

2019-10-17 10:00:00
Martin Essex, MSTA, Analyst and Editor
Share:

Crude oil price, news and analysis:

  • The price of US crude oil slipped back after a report that US inventories surged in the week to October 11.
  • Official data due later this session could prompt a breakout in the price from a triangle chart pattern.

Oil price set for breakout

The price of US crude oil has eased after data showing that US crude inventories soared by 10.5 million barrels to 432.5 million in the week to October 11. Analysts had expected the American Petroleum Institute’s weekly report to show an increase of just 2.8 million.

Now, traders will be watching carefully to see whether official figures from the Energy Information Administration, due later Thursday, paint a similar picture. The consensus forecast is for a rise of 2.88 million barrels but the API numbers suggest that a larger rise is possible.

Crude Oil Price Chart, Four-Hour Timeframe (September 5 – October 17, 2019)

Latest US crude oil price chart.

Chart by IG (You can click on it for a larger image)

The Geopolitics of Oil: Why Crude and Conflict Are So Closely Connected

As the chart above shows, the price of US oil has been falling within a triangle pattern for the past month and, after a period of relative stability, it is possible that the EIA report will prompt a breakout from that pattern, although it is not clear in which direction. Note too that volume has been falling for the past few days, also suggesting a break.

Unfortunately, it is not clear in which direction that will be, which is why the numbers could be important – with a larger than expected increase likely to prompt a price fall and a smaller than expected increase a rise. Caution is therefore called for as a move in either direction could be sharp.

To the upside a move to the $54.96/barrel high touched on October 11 is possible, while on the downside a drop to the $51.41 low touched on October 9 could be the target.

Resources to help you trade the markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES

News & Analysis at your fingertips.