Don’t waste your time – keep track of how NFP affects the US dollar!

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

76.5% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

Oil rally takes a break

Oil rally takes a break

Information is not investment advice

What happened?

WTI oil surged above $52.00 for the first time since February. Why? Firstly, Joe Biden pledged to inject trillions of dollars into the US economy to fight against the Covid-19 effect. The market reaction after the announcement offered a boost to crude oil. Secondly, Saudi Arabia pledged to make deeper oil output cuts. Finally, the recent vaccine breakthroughs improved the sentiment and added optimism for a recovery in oil demand.

What’s next?

Crude oil has stopped after last week’s strong rally as investors are assessing the increased demand for the US dollar. A stronger greenback has made raw materials as crude oil more expensive. Therefore, oil prices plummeted.

Technical tips

When WTI oil closed above $52.00, the 14-period RSI broke through the 70 mark, signaling the price entered the overbought zone. In addition, a bearish crossover happened – the MACD indicator started declining and crossed the signal line to the downside. As a result, WTI oil corrected down. If WTI oil dropped below Friday’s low of $51.00, the way down to the next support of $50.00 will be clear. On the flip side, the move above the resistance of $52.70 will push oil to the high of February 20 at $54.00.

To trade WTI with FBS, you need WTI-21G, which expires January 19. 

XAUUSDDaily.png

LOG IN

Similar

How to Stay Calm and Trade on Uncertainties

Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!

Popular

Gold isn't saving investors from inflation

Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

Choose your payment system

Feel the Team Spirit

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later