Daily Market Forecast, August 23, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Buying Euro on Dips

The EUR/USD has sat in a consolidated range early this week and refused to break free of support and resistance. This creates a dynamic in which technical traders may consider buying the Euro on dips against the U.S Dollar. The 1.1750 level appears to be a focal point for traders.

Gold: Wait and See Approach for Precious Metal

Gold has seen its range tested the past twenty-four hours. The precious metal in early trading has pushed again above 1290.00 U.S Dollars an ounce. A cautious trading landscape has developed as investors are taking a wait and see approach in the short-term. Speculators may continue to eye higher values for the precious metal if it holds on to its current range.

Crude Oil: Supply Numbers from U.S.

Crude Oil remains below the 48.00 U.S Dollars a barrel level. Supply numbers will come from the U.S today and will fuel trading. The commodity has traded within the lower depths of its value but has continued to display a tendency to inch higher after facing headwinds. Traders may be tempted to look for a short-term climb today for Crude Oil and will be closely watching the EIA numbers later on today.

GBP/USD:  Pound Dips but Good Data Seen

The Pound dipped yesterday and begins the day near important support of 1.28 against the U.S Dollar. The U.K delivered relatively good economic data on Tuesday and tomorrow GDP numbers will be presented. Speculators may think about buying the Pound at its current depths after being pushed back.

USD/JPY: Risk Adverse Traders Lurk

The Yen has stayed in a consolidated range this week while losing slight value. Manufacturing PMI data from Japan came in better than expected this morning. However, the Nikkei Index has not been able to turn in solid gains and continues to display tentative trading. Risk adverse traders still appear to be lurking around the Yen and many continue to keep it near the 109.00 support level in the near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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