Daily Market Forecast, August 8, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Tight Range Remains for Yen

The Yen has traded in a tight range against the U.S Dollar early this week and remains near the 110.60 level. Bank Lending statistics from Japan this morning met their expectations. The Nikkei and Topix have proven cautious today as they continue to traverse near important high water marks. Traders may be tempted to sell the U.S Dollar against the Yen in the short term with the belief the Japanese currency may incrementally add value.

Crude Oil: Technical Reversals Dominate

Crude Oil has seen trading reversals the past twenty-four hours as technical trading has dominated its market. The 49.00 U.S Dollars a barrel ratio continues to look like important support, and has been tested several times the past few trading sessions. Crude Oil Inventories data will come from the U.S tomorrow and the commodity may continue to see limited downside pressure.

EUR/USD: Speculators Flirt with Important Resistance

The Euro has not backed away from its stronger values against the U.S Dollar. The Euro is hovering above the 1.18 mark with important inflation data scheduled to be published from the U.S later this week. Investors continue to show signs of interest in buying the Euro with the belief the European currency may flirt with important resistance in the days to come.

Gold:  Strong Consolidated Range

Gold has been in a consolidated range. Interestingly, the precious metal has held onto its higher values and appears poised for a test of higher values. The U.S Dollar will continue to be an important element for the precious metal. Gold is near 1265.00 U.S Dollars an ounce and traders may believe its recent climbs will continue to be sustained.

GBP/USD: Pound Rebounds from Slump

Economic data from the U.K via the Halifax HPI was positive on Monday. The Pound showed the ability to rebound from its slump before going into the weekend. The 1.31 level looks to be significant resistance for the Pound against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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