Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

The Trade: crude oil trading strategies and ASX 200 trends

IG's Tony Sycamore delves into effective strategies for trading crude oil and explores the latest trends affecting the S&P 500, ASX 200, and Bitcoin.

Video poster image

(AI video summary)

This video was created on 9 October for IG audiences by ausbiz.

Crude oil trading strategies: navigating market volatility

IG's Tony Sycamore explores geopolitical impacts and market volatility, as well as trading strategies in the crude oil market.

Crude oil remains a focal point for traders due to its inherent volatility. Recently, the price of West Texas Intermediate (WTI) crude oil fluctuated above its 200-day moving average of $78.46 before retreating. Key geopolitical developments between Iran and Israel contribute significantly to these price movements.

Traders often rely on technical indicators, such as moving averages, to identify potential entry and exit points. With support around $72.50 and resistance at $78.50, crude oil trading currently favours a range-bound strategy. It is crucial for traders to remain informed about geopolitical events, as unexpected outcomes could alter market trends dramatically.

ASX 200 and currency correlations in trading

The S&P/ASX 200 is another cornerstone of trader focus, especially amid fluctuations in global markets. Recently, the ASX 200 experienced a reversal from its 8285 resistance, settling into a range between 8110 and 8400. These fluctuations are further influenced by domestic economic data and world events, such as Australian Reserve Bank minutes and China’s economic policy shifts.

Currency traders have observed the Australian dollar's reaction to restrictive monetary policies and evolving global trade dynamics. The Aussie has faced resistance around $0.69 but now moves within a range, refreshing trader strategies. As such, a balanced approach combining technical analysis with current events is advisable for traders navigating these correlations.

Bitcoin's technical barriers and trading opportunities

Bitcoin's trading landscape is characterised by periods of consolidation and potential breakouts. Currently trading around $62,000.00, Bitcoin struggles to maintain momentum above its 200-day moving average of $64,000.00. However, a significant price movement could arise from breaking critical resistance at $68,000.00, potentially targeting March highs near $80,000.00.

Traders employing technical analysis may find this zone critical for decision-making. For those aiming to capitalise on Bitcoin, patience and precision are key, especially within its current price range. Though some enthusiasts hold Bitcoin long-term, active traders must seek clarity in trend signals before investing notable capital.

Not an investor yet? Open a free demo account to practice your trading strategy without risk.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

Find out more

Put learning into action

Try out what you’ve learned in this commodities strategy article in your demo account.

Try it out

Ready to trade commodities?

Put the lessons in this article to use in a live account – upgrading is quick and easy.

  • Deal on our wide range of major and niche commodities
  • Protect your capital with risk management tools
  • Get some of the best spreads on the market – trade Spot Gold from 0.3 points
Create live account

Inspired to trade?

Put what you’ve learned in this article into practice. Log in to your account now.

Log in now

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.