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
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
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
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/E0KhcKHrOf
  • For some reason an old story has popped up - many apologies.... https://t.co/jHjQxyFRXM
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • 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/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
Crude Oil Prices at the Mercy of Risk Trends

Crude Oil Prices at the Mercy of Risk Trends

2020-03-04 12:00:00
Paul Robinson, Strategist

Crude Oil Highlights:

  • WTI oil cratered through 2016 trend-line, near December 2018 low
  • Brent oil trading around that 2018 low, a break to spell more trouble

WTI oil cratered through 2016 trend-line, near December 2018 low

The price of oil has been swinging around hard the past few sessions with nearly unprecedented volatility inflicting pain on the risk-trade, with stocks at the center of that. There are rate cuts for stocks and production cuts (potentially) for oil, but neither are likely to stem the tides of high volatility for the foreseeable future.

The 2016 trend-line that was recently broken is considered a significant form of resistance. There is a very steep trend-line running down off the January high that also runs in the vicinity of the 2016 iteration as well.

On a further weakness the December 2018 low will be targeted as support, when the risk-trade last came apart at the seams. It currently resides at 42.20. This may help put a floor in, but if it doesn’t then selling could become more aggressive.

Watch stocks closely. The low from Friday may have been the crescendo in fear for now, and further volatility and probing from here may be only a retest before the risk trade firms up. If this is the case, then oil may not come back strong, but will likely put in a respectable recovery. If the bounce in equities turns out to be only that, then look for the 42 level to get taken out. For now, with volatility so high the environment favors nimble short-term traders playing the back-and-forth swings.

WTI Crude Oil Daily Chart (2016 t-line above, Dec ’18 low below)

WTI crude oil daily chart

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 oil trading around that 2018 low, a break to spell more trouble

Brent crude has been trading weaker than its US counterpart, WTI, and on that it could continue to be the leader on the downside should another major wave of selling hit stocks, rates, and economically sensitive commodities. There is resistance around the trend-line off the January high and a slope from 2016 in the vicinity of 55. On the downside, 51.54 is the low from the other day to watch.

Brent Crude Oil Daily Chart (trading around Dec ’18 low)

Brent crude oil daily chart

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