Daily Market Forecast, August 14, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Yen Weaker Against U.S. Dollar

The Yen has lost some value against the U.S Dollar early this morning and is near the 109.50 mark. Economic data from Japan this morning showed better growth than expected. And geo-political tensions between North Korea and the U.S have cooled down for the moment. The Yen may present an opportunity for traders to speculate on further weakness in the short term.

Gold: Early Headwinds for Precious Metal

Gold has faced headwinds early today. The gains the precious metal made last week have pushed it value near 1290.00 U.S Dollars an ounce, which is an important resistance level. Traders may be hesitant at these heights to speculate on higher prices and may begin to look for reversals, but they should have their risk management ready.

EUR/USD: More Room to Gain  

The Euro has kept its strong stance against the U.S Dollar and appears to be comfortably above the 1.18 mark. The Euro may be looked at by investors with intrigue in the near term. The European currency slid last week on geo-political concerns, but has incrementally added value the past few trading sessions. The Euro may have more room to gain against the U.S Dollar in the coming days.

Crude Oil:  Patience Needed as Ranges Tested

Crude Oil has proven that its consolidated range remains stubborn. The commodity is trading below 49.00 U.S Dollars an ounce and appears to be technically driven by speculators who are participating in short-term positions. Crude Oil still may have downside potential, but traders will need to be patient.

GBP/USD: A Temptation to Ride Trend

The Pound has maintained the gains it made on Friday, and continues to trade above 1.30 against the U.S Dollar early on Monday. The Pound has seen plenty of whipsaw trading the past few months, but has nevertheless been able to add value. Traders may be tempted to ride the Pound’s trend and look for more upside value in the near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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