Daily Market Forecast – Crude Oil under Pressure, Yen Stays in RangeThe Pound has put in slight gains against the U.S Dollar early this week, while the Euro remains under pressure. The Yen has seen cautious trading this morning as traders remain tentative.
Whipsaw trading in Gold has proven dangerous early this week. U.S Crude Oil may be feeling the effect of trade tensions between China and the States.
GBP/USD: Momentum Might Produce Speculation
The Pound edged higher against the U.S Dollar on Tuesday and has been slightly stronger this morning. The British currency is still below the 1.41 level, but its ability to produce momentum the past day may attract more speculative buying. Short term resistance looks to be around the 1.4225 juncture.
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Gold: Whipsaw Trading Early this Week
Whipsaw action has been experienced in Gold market this week. This is clearly a reaction to the volatility seen on the global equity markets, particularly the results from Wall Street. The precious metal is near 1334.00 U.S Dollars an ounce, and traders with a flair for adventure may be buyers near term – with an eye on resistance around 1340.00 U.S Dollars.
Crude Oil: China & U.S Trade Tensions Impact
Crude Oil has remained under pressure but is above 63.00 U.S Dollars a barrel. Supply numbers will come from the U.S today for the commodity, however concerns regarding escalating trade tensions between China and the States may be creating headwinds. Speculators may look for more downside action but should be weary of U.S Crude Oil’s proven consolidated range.
EUR/USD: Euro Stays Relatively Weak Short Term
The Euro has been relatively weak against the U.S Dollar and remains under the 1.23 level. The European currency has seen short-term pressure develop and it has not found a sustained push upwards. The Euro will prove interesting in the coming days. Economic data from the European Union yesterday via manufacturing numbers essentially met their estimates.
USD/JPY: Cautious Range in Play for Yen
The Yen has stayed well within its short-term range. The Japanese currency is near 106.50 against the U.S Dollar with caution prevailing. The Nikkei Index has lost a small amount of ground this morning. The Yen remains within the weaker realms of its mid-term range, but resistance appears to be near the 107.00 juncture.
Yaron Mazor is a senior analyst at SuperTraderTV.
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