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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
More View more
Real Time News
  • USD not quite at a monthly low, but pushing down towards the 95.86-96.05 zone in $DXY same confluent area that helped to set the lows in $USD last June. 2nd image weekly chart https://t.co/Ts7pjWGnLP https://t.co/IwF6SsLOMj
  • 🇺🇸 Initial Jobless Claims (04/JUL)Actual: 1,314KExpected: 1375KPrevious: 1427Khttps://fxnews.org/?/economic-calendar#2020-07-09
  • 🇺🇸 Jobless Claims 4-Week Average (04/JUL)Actual: 1,437.25KPrevious: 1503.75Khttps://fxnews.org/?/economic-calendar#2020-07-09
  • #DXY Index has dropped nearly 1% month-to-date as EUR, GBP, and CAD rally. Get your market update from @RichDvorakFX here: https://t.co/rosf6CZvxb https://t.co/WYibGMlWGA
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.95%, while traders in US 500 are at opposite extremes with 71.13%.See the summary chart below and full details and charts on FxNews: https://fxnews.org/?/sentiment https://t.co/hxA6eDKPwA
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule:🇬🇧GBP: 0.32%🇳🇿NZD: 0.16%🇪🇺EUR: 0.10%🇨🇭CHF: 0.08%🇦🇺AUD: 0.04%🇯🇵JPY: -0.02%View the performance of all markets via https://fxnews.org/?/charts#currencies https://t.co/C73kaWIMbh
  • Heads Up:🇺🇸 Continuing Jobless Claims (27/JUN) due at 12:30 GMT (15min)Expected: 18950KPrevious: 19290Khttps://fxnews.org/?/economic-calendar#2020-07-09
  • Heads Up:🇺🇸 Initial Jobless Claims (04/JUL) due at 12:30 GMT (15min)Expected: 1375KPrevious: 1427Khttps://fxnews.org/?/economic-calendar#2020-07-09
  • Heads Up:🇺🇸 Jobless Claims 4-Week Average (04/JUL) due at 12:30 GMT (15min)Previous: 1503.75Khttps://fxnews.org/?/economic-calendar#2020-07-09
  • Heads Up:🇩🇪 Bundesbank Buch Speech due at 12:00 GMT (15min)https://fxnews.org/?/economic-calendar#2020-07-09
Crude Oil Outlook: Big Gap & Resistance Levels in View

Crude Oil Outlook: Big Gap & Resistance Levels in View

2020-06-07 00:00:00
Paul Robinson, Strategist

Crude Oil Highlights:

  • WTI crude oil rallying hard, but has obstacles in the way
  • Saudi gap and 2017/18 lows are in near confluence

WTI Crude oil rallying hard, but has obstacles in the way

WTI crude oil has been pretty much on a one-way path since bottoming in late April, but the path could get bumpier soon as confluent resistance stands in the way of the advance over the 40-mark. Oil is currently trading inside the March 9 Saudi gap that shook financial markets when they were already reeling from the coronavirus.

The gap is a rather significant hole that leaves a little more room to go before it is filled up to 41.51. Not too far beyond that point is the June 2017 and December 2018 lows that are in almost exact alignment at 42.27/42.67, respectively. It appears likely there will be some kind of fight that develops around the 41.51/42.67 zone. It could come as quick as this week, but perhaps it takes a little longer if oil slows its roll until reaching for resistance.

From a tactical standpoint, fresh longs don’t appear to hold good risk/reward while shorts are still risky with oil trending higher and no significant resistance yet at hand. That could soon change, where existing longs are at risk of a decline developing, while shorts gain the upper hand off of resistance.

Oil Forecast
Oil Forecast
Recommended by Paul Robinson
Actively trade Oil? Check out the Mid-Q1 Oil Forecast today.
Get My Guide

Crude Oil (Aug Contract) Daily Chart (confluent resistance ahead)

Crude oil forecast

Crude Oil Chart by TradingView

Resources for Forex 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

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


News & Analysis at your fingertips.