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Daily Market Forecast, August 16, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

By:
Yaron Mazor
Published: Aug 16, 2017, 07:36 UTC

EUR/USD: Euro near Support after Declines The Euro has stayed under pressure against the U.S Dollar and the 1.17 level is acting as support in the

Daily Market Forecast

EUR/USD: Euro near Support after Declines

The Euro has stayed under pressure against the U.S Dollar and the 1.17 level is acting as support in the short-term. Later today the U.S Federal Reserve will release its FOMC Meeting Minutes report which could create an impact. After being taken to lows the first two days of trading this week, speculators may be tempted to look for upside reversals.

Gold: A Push Higher Coming?

Gold has seen selling this morning and is near 1278.00 U.S Dollars an ounce. The U.S Dollar has been stronger in forex. The precious metal’s decline early this week has been steady, but the decline has not been sharp. Gold remains within an interesting stronger realm and speculators may believe it has the potential for another push higher.

Gold Daily Chart
Gold Daily Chart

GBP/USD: Pound’s Support Broken

Inflation data from the U.K came in below estimates yesterday. The Pound continued to be sold against the U.S Dollar and the 1.29 support level was broken as the British currency fell. Employment data will come from the U.K today. The Pound’s decline early this week has been pronounced, but traders who believe it has been oversold may be tempted to buy at its current value.

GBP/USD 4H Chart
GBP/USD 4H Chart

Crude Oil:  Technical Trading is Strong

Crude Oil was able to climb slight on Tuesday, but it remains within the weaker realm of its range. The 48.00 U.S Dollars a barrel level remains a focus. Crude Oil Inventories will be published from the U.S today. Technical trading is strong within the commodity.

USD/JPY: Tight Range in Short Term

The Yen has range traded against the U.S Dollar the past twelve hours. After getting weaker early this week, the Japanese currency has run into resistance. A tight trading range may stay in place over the next few hours. However, the Yen will likely move upon the release of the U.S Federal Reserve’s FOMC Meeting Minutes later today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.

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