Daily Market Forecast, August 7, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Fundamental Elements of Euro

The Euro was hammered on Friday and sent crashing below 1.18 against the U.S Dollar. After enjoying a dynamically strong trend, perhaps some profit taking should have been expected. However, fundamental elements which led to the strong Euro have seemingly not altered. Investors may continue to cautiously buy the Euro in the coming days.

Gold: Upward Reversals & Speculative Positions

Gold has seen some additional pressure upon opening this morning, and is near 1264.00 U.S Dollars an ounce. Having lost value on Friday, the precious metal may find itself testing support levels in the short term. However, Gold remains within the higher realms of its value and may present an opportunity for traders to seek upward reversals if they like speculative positions.

GBP/USD: Flourish of Technical Speculation

Selling pressure took the Pound lower against the U.S Dollar before going into weekend. Questions remain about the prospects of the U.K economy because of the Brexit, but the British currency continues to march within a higher mid-term range. The 1.31 mark for the Pound against the U.S Dollar is resistance and could remain an interesting battle ground.

Crude Oil:  Support & Resistance Opportunities

Crude Oil has seen increased consolidation in the past few trading session. The 50.00 U.S Dollars a barrel continues to act as resistance, while 49.00 U.S Dollars looks like support. Traders may be able to take advantage of technical reversals in the short term if they are alert and have patience.

USD/JPY: Risk Appetite Microscope

The Yen like other major currencies lost ground versus the U.S Dollar on Friday. The 111.00 level could act as resistance. The Nikkei Index has traded higher this morning however, and if risk appetite increases among Asian investors the Yen could weaken further in the short term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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