Daily Market Forecast, August 9, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Safe Haven Trading Reaction

Safe haven trading in Asian created a quick reaction for the Yen as it has gained rapidly against the U.S Dollar. The 109.50 level could be considered the next critical support ratio for the Yen, if the U.S Dollar continues to be sold against the Japanese currency. However, because the volatile forex conditions are being driven by global political news, traders will have to be alert for sudden shifts in momentum.

Gold: Upside Potential Develops

As rhetoric between the U.S and North Korea has heated up, the price of Gold has climbed. The precious metal is near 1270.00 U.S Dollars an ounce. Speculators could find themselves challenged by abrupt swings in Gold, but they may continue to look for upside potential. Short term political turbulence internationally could help spur the precious metal higher.

EUR/USD: Speculators Flirt with Important Resistance  

The Euro has come off of it highs against the U.S Dollar as nervous traders have sold the European currency in mass. The 1.17 may act as support in the short term, but investors may continue to be jittery in the coming hours which could produce rapid swings in value. Risk management will be essential today

Crude Oil:  Stable Trading Landscape

Crude Oil has stayed stable in the past twelve hours and has not reacted to increased military rhetoric between the U.S and North Korea. The commodity has lost ground incrementally the past few sessions and the 49.00 U.S Dollars a barrel mark appears important. Supply numbers will come from the States today.

GBP/USD: Reversals Likely if Cooler Heads Prevail

The Pound has lost value and the 1.29 level may be looked at as support in the coming hours against the U.S Dollar if forex remains volatile because of global political developments. However, speculators may be tempted to look for upward reversals for the Pound on the belief cooler heads will prevail in the near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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