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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
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
Bullish
More View more
Real Time News
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/WPUL1SO8Fv
  • - #USDollar may catch a haven bid as the US and China lock horns over technology - #TrumpExecutiveOrders may encounter congressional friction, spark dash to cash - #bidenvppick announcement could fail to stir markets unless the choice is unexpected https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/10/US-Dollar-Comeback-Ahead-US-China-Tensions-Push-Havens-Higher.html
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.01%, while traders in US 500 are at opposite extremes with 77.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AB97lqEJQB
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇳🇿NZD: 0.13% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇨🇦CAD: 0.05% 🇨🇭CHF: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ThG7IBzIKu
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.67% France 40: 0.66% Germany 30: 0.60% Wall Street: 0.23% US 500: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2l1TvwiW5l
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/IdM8hb6pI1
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/TJbPf8arC3
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.26% Gold: -0.27% Silver: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4Ap99p4ATh
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.18% 🇬🇧GBP: 0.16% 🇯🇵JPY: 0.14% 🇪🇺EUR: 0.09% 🇨🇦CAD: 0.08% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5NRt7MMbs6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.84%, while traders in US 500 are at opposite extremes with 78.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NedpyrXTeR
Crude Oil Price May Reverse Lower- Brent Oil Forecast

Crude Oil Price May Reverse Lower- Brent Oil Forecast

2020-07-27 09:30:00
Mahmoud Alkudsi, Analyst
Share:

Crude Oil Technical Outlook

  • The market adjusted between fears and hopes
  • Brent oil price chart exposes a reversal signal

Brent Price- Bulls Pullback

Last week, the Brent oil hit a four and a half-month high of $45.01. However, the price retreated after as some bulls seemed to cut back. Ultimately, a weekly candlestick closed in the green with a 1.1% gain. Alongside that, the Relative Strength Index (RSI) fell from 67 to 57 highlighting a weaker bullish momentum.

Factors like weaker US dollar price and positive news about the Coronavirus vaccine were behind moving the Brent oil higher, while the rising cases of COVID-19 in the US and elsewhere sparked fears over the global demand and limited the positive price move.

Brent Oil DAILY PRICE CHART (Feb 1, 2019 – July 27, 2020) Zoomed Out

Brent Oil Daily price chart zoomed out 27-07-20
Oil Forecast
Oil Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q3 Oil Forecast
Get My Guide

Brent Oil DAILY PRICE CHART (May 15 – July 27, 2020) Zoomed IN

Brent Oil Daily price chart zoomed in 27-07-20

On July 14, the Brent climbed to the current $42.84 - $46.21 trading zone. As we see on the daily chart the price failed on multiple occasions to break through the lower trading zone indicating that bullish momentum remained intact.

However, it’s important to note the price and RSI divergence as the former created a higher high, while the latter created a lower high, signaling a possible reversal of the upward trend.

A daily close below the low end of the current trading zone may ultimately guide the price fall towards the monthly support at $39.68( December 2015 high).

Meanwhile, a daily close above the high end of the zone could encourage bulls to rally the Brent towards the monthly resistance at $51.41 (February 2015 low).

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

Brent Oil Four-Hour PRICE CHART (June 24 – July 27, 2020)

Brent Oil Four Hour price chart 27-07-20

On Friday, Crude oil rebounded from the bullish trendline support originated from the June 25 low at $39.68, reflecting that bulls still in charge. That said, a break below that trendline may keep the bearish potential alive.

To conclude, while the bullish bias is still in place, the price/RSI divergence provides a good base of a possible reversal. Therefore, a break below the July 20 low at $42.50 could the Brent oil price towards $41.39, while a break above the July 22 low at $43.82 may trigger a rally towards $45.00 handle. As such, the daily support and resistance levels underlined on the four-hour chart should be watched closely.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES

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.