Gold rises on renewed Fed-cut bets, crude oil falters at resistance
Soft inflation figures from Canada and a poll of economists backing a June Fed cut sent gold higher on Wednesday, as traders refreshed their dovish bets. Crude oil has also faltered once more at a key resistance area.
Crude oil outlook: WTI could reach $80
Factors that oil investors will be focusing on this week are discussed in this article, but in short, the risks remained skewed to upside despite despite choppy recent price action.
EUR/USD falters at 1.08 on CPI-eve, USD/JPY remains buoyant: Asian Open
EUR/USD snapped a 4-day winning Streak around a key resistance zone, and USD/JPY traded less than 50-pips from 150 ahead of a key YS CPI report.
Why trade with FOREX.com?
Tight spreads on 80+ FX pairs
5,500 markets including Stock CFDs, Indices & Commodities
Award-winning platforms with fast & reliable execution
EUR/USD, US dollar, Dow Jones, crude oil analysis: COT report
Traders increased their bearish exposure to EUR/USD futures at their fastest pace in 20 months last week, and large speculators increased their net-long exposure to US dollar index futures despite being on the cusp of flipping to net-short exposure the week prior.
Crude oil drifts into pivotal level, bears circle gold: European Open
WTI crude is trying to rise for a third day in line with my bullish bias, although resistance nearby hints at a pullback at the least. Momentum for gold has turned lower, and it looks like bears may not quite be done yet.
WTI crude oil looks stretched around its cycle lows
Crude oil prices fell over 10% in just five days, from the Jan 29th high to Monday’s low. And with support on hand, its downside potential could be limited over the near term.
Crude oil bulls eyeing key support following largest three-day plunge in months
Crude oil finished last week nursing its largest three-day decline since October, sliding 7.1% despite escalating geopolitical tensions. But with US and UK forces bombing Iranian-backed militia targets in Yemen, Iraq and Syria over the weekend, grounds for a bounce may be increasing.
US dollar rallies, S&P 500, Dow Jones and Nasdaq tumble post FOMC
The Fed held rates and ruled out a March cut, which saw the S&P 500 suffer its worst day since September, the Nasdaq 100 falling around -1.8% and the Dow Jones form a bearish outside day at its record high. USD/JPY still looks good for a run to 150 to my technical eyes.
WTI technical analysis: Crude oil turns positive - Technical Tuesday
Crude oil is already supported on raised geopolitical risks but now we also have improved demand outlook, after the IMF raised its global GDP forecasts thanks to a resilient US economy and fiscal support from China.
Unseasonal inventory plunge has crude oil bulls eyeing upside
Traders have been searching for evidence of market tightness in crude oil for months, wondering when production and export cuts from OPEC and Russia would filter through to visible inventories. Perhaps they just found it.
Crude oil outlook boosted by geopolitics and easing demand fears
Crude oil outlook boosted by Middle East conflict while strengthening data reduces demand fears. The US attacks on targeted "Iran-affiliated groups" in Iraq have been condemned as "contributing to a reckless escalation" in the crisis. WTI technical levels to watch include $75 on the downside now.
Crude oil analysis: WTI hits $75 - Technical Tuesday, January 23, 2024
WTI hits $75.00 resistance again, as geopolitics support oil on dips. But crude oil faces some key risks, including weaker demand outlook and strengthening US dollar
GBP/JPY teases 2015 high post BOJ, Crude oil eyes $77: European open
The US dollar and yen were the weakest FX majors during the Asian session, following reports of China stimulus and no change in policy from the BOJ. GBP/JPY has probed a key resistance level and crude oil shows the potential to extend yesterday's gains.
Crude oil, ASX 200 look ripe for a bounce: Asian Open
An averted government shutdown, AI optimism and firmer economic data helped push Wall Street higher which could benefit the ASX 200 today, and oil also perked up on upwardly revised demand outlooks.
USD/CAD, Crude Oil Forecast: USD/CAD Rally Pauses as WTI Breaks Out
WTI Crude Oil is rallying as the IEA revised its 2024 oil demand growth forecast up to 1.24M bpd amidst ongoing tensions in the Middle East.
Crude oil testing key level following Saudi price cuts
US crude oil prices were hammered to start the trading week, undermined by news major exporter Saudi Arabia has reduced the price for benchmark Arab Light crude for delivery to Asia to the lowest level since late 2021.
Crude oil 2024 technical outlook preview
From a technical standpoint, crude oil's focus is on a reaction into this key support zone early in the year with the bearish bias vulnerable while above 62.83
Open an account in minutes
Crude oil analysis: WTI extends rise for fifth day
Crude oil analysis: Macro environment for oil remains bullish as crude oil technical analysis suggest WTI could rise to test the key $75 level. Meanwhile, as bullish momentum is gathering pace, this is making oil less and less appealing for the bears.
WTI technical analysis: Crude oil extends recovery on Red Sea attacks
After last week’s hammer candle, today’s upside follow through would appease the bulls. Crude oil prices turned sharply higher after BP paused all Red Sea oil shipments following the rebel attacks. WTI has likely formed a bottom after bouncing from its 200-week average last week.
WTI analysis: Crude oil seeking a bottom
In this article, we discuss the factors drove the significant drop in prices and explain why further downside could be limited for crude oil. WTI technical analysis suggests $70 is among key support levels to watch
Crude oil analysis: WTI sinks further below $70
Crude prices remain on a slippery slope after the OPEC+ failed to impressive with their voluntary output cuts last week. From Thursday’s high point, oil prices have now fallen about 12% so far. On Wednesday, brent dropped below $75 and WTI took out $70, with both contracts falling in excessive 3.5% each on the day.
AUD/USD falls post RBA, crude oil bears eye $70: Asian Open
AUD/USD continued lower for a second day after momentum turned at a key resistance level. But if seasonality remains true, it could be on for a better performance in the second half of the month. And whilst crude oil touched a 5-month low, we're on guard for a technical bounce before its next leg lower towards $70.
Crude Oil Analysis: WTI, Brent Bounce, OPEC+ Uncertainty Remains
The tail risks of a failure for OPEC+ to reach an agreement is on the rise, presenting an underappreciated potential for even more volatility in the crude oil market...