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
Mixed
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 Bank Lending YoY (MAR) Actual: 6.3% Previous: 6.2% https://www.dailyfx.com/economic-calendar#2021-04-11
  • $EURUSD has been climbing gently in the past few days after its recent steep falls. However, that was probably just position-squaring ahead of further weakness. Get your market update from @MartinSEssex here: https://t.co/xbpJIMsy0z https://t.co/zFzWfoAG2N
  • 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/3vnThmcyty
  • 6 out of 9 Dow Jones sectors ended higher, with 73.3% of the index’s constituents closing in the green. Healthcare (+1.48%), information technology (+1.47%) and consumer discretionary (+1.15%) were among the best performers, while consumer staples (-0.36%) lagged behind. https://t.co/lTlqFGhB3V
  • Build your EUR/USD strategy with key trading techniques. Get your free insight here.https://t.co/8AxPEkO20H https://t.co/SaZk74yhA9
Crude Oil Price Outlook: Bears Show Teeth, Technical Break Near Confirmation

Crude Oil Price Outlook: Bears Show Teeth, Technical Break Near Confirmation

Paul Robinson, Strategist

Crude Oil Highlights:

  • WTI crude oil broke key threshold, set up to trade lower
  • Brent crude oil could be ready to trade sub-58 soon

WTI crude oil broke key threshold, set up to trade lower

WTI crude oil broke with momentum yesterday, declining below the lower parallel of a channel rising up off the early October low. The snapping of this threshold puts oil at risk of seeing its way lower with the choppy trend structure over the past few weeks coming into serious doubt.

Taking a more conservative approach to drawing trend support, one can make the case that WTI is still sitting on its last line of support (dotted t-line). With that in mind, waiting for a little more weakness or a failure to bounce here could be a prudent move in receiving the last bit of confirmation that a move lower has kicked off.

It also helps the bear-case that the November 8 reversal day low was cleanly broken, which now makes it a near-term level of resistance (55.73). A small congestion phase between current levels and that low could break a familiar sequence.

Each time oil has dipped in recent weeks it quickly turned around, and by not doing so immediately this time it would add weight to the notion that a larger swing lower is underway. Looking lower, the only meaningful swing-low between here and just above 50, is the October 31 swing-low at 53.66.

WTI Crude Oil Daily Chart (snapping channel)

Crude Oil Price Outlook: Bears Show Teeth, Technical Break Near Confirmation

WTI Crude Oil Chart by TradingView

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

Brent crude oil could be ready to trade sub-58 soon

Brent crude oil is of course behaving very similarly to the WTI contract, sitting on its last line of support as well. A break here could soon have the area near 58 in play, the 2016 trend-lien and lows from August and October. An immediate turnaround here will keep crude supported for now, but the choppy trend off the early October low still suggests at some point a break lower will gain traction.

Brent Crude Oil Daily Chart (sub-58 looks next)

Crude Oil Price Outlook: Bears Show Teeth, Technical Break Near Confirmation

Brent Crude Oil Chart by TradingView

***Updates will be provided on the above ideas as well as others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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