Daily Market Forecast, August 3, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: A Momentary Pause for Euro

The Euro continues to maintain its strong range against the U.S Dollar. The 1.19 level however continues to look like solid short term resistance. The European currency has put in a solid climb against the U.S Dollar, and its trend remains tantalizing even though it has paused for the moment. Investors may be counting on another move upwards from the Euro in the near term.

USD/JPY: Traders Positioning Ahead of Jobs Numbers

The Yen has continued to range trade against the U.S Dollar the past day. The 110.00 level continues to act as important support. Equities in Japan have sold off this morning. Asian investors have going seemingly into a holding pattern, until tomorrow’s jobs numbers from the States. However, Yen traders know volatility will develop and may be positioning themselves for further strength from the Japanese currency.

GBP/USD: Flirting with Better Values

The Pound is near the 1.32 level against the U.S Dollar in early trading. While the Pound has remained within solid territory, traders should expect turbulent market conditions. The Bank of England will present its Monetary Policy Summary today. Brave speculators may continue to flirt with the prospect of better values from the Pound in the coming days.

Gold: Room to Traverse Higher?    

Gold has seen some light pressure and is trading below 1270.00 U.S Dollars an ounce. However, the selling has likely not scared off speculators, who believe the precious metal may have some further room to traverse higher in the near term. Fast conditions will develop today and tomorrow.

Crude Oil: Supply Proves Better than Expected

Crude Oil range traded on Wednesday in the midst of supply numbers from the U.S as inventory proved stronger than expected. The commodity has been under some pressure the past two days as the resistance level of 50.00 U.S Dollars a barrel has proven strong. Additional downside pressure may be seen in Crude Oil short term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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