Daily Market Forecast, August 10, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
EUR/USD: Support Holds after Falling
The Euro has remained within it lower short term range against the U.S Dollar. The selloff of the Euro was sudden on Tuesday, but the Euro seems to have found support above the 1.17 mark. Many investors may be eyeing the potential for reversals upwards. The 1.18 level for the Euro and U.S Dollar remains in sight, but traders who believe the Euro will climb in value need patience.
Gold: Precious Metal Testing Highs
Gold has continued to climb in early trading. The precious metal is near 1284.00 U.S Dollars an ounce and it approaching important resistance. Traders may seek further buying opportunities, if safe haven sentiment continues to build into the market. In the short-term Gold may continue to test its higher value.
GBP/USD: Pound near Important Juncture
The Pound has remained near the 1.30 juncture against the U.S Dollar. After falling in value on Tuesday, a test of short term reversals was evident on Wednesday. Manufacturing Production numbers will come from the U.K today. However the Pound will continue to be impacted by investor sentiment which is being affected by geo-political concerns. Traders may attempt buying opportunities, but should have their risk management in place.
Crude Oil: Opportunities via Technical Values
Crude Oil’s tight range has remained a factor. However, the commodity did rise in price yesterday enough to allow for buyers to take advantage of an incremental reversal. Technical trading will remain prevalent, and support and resistance levels will remain opportunities for speculators in the short-term. 50.00 U.S Dollars a barrel remains important resistance.
USD/JPY: Yen Remains in Strong Range
The Yen has given back a limited amount of value as it has weakened slightly early this morning. However, the Yen remains near its stronger values and should be watched closely because of the tensions which remain heightened between North Korea and the States. The Nikkei Index has seen cautious selling today.
Yaron Mazor is a senior analyst at SuperTraderTV.
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