Daily Market Forecast – Crude Oil Rises on Iran Concerns, US Dollar Stable

EUR/USD: Oversold Conditions Attracting Buyers

The Euro has remained steady early this morning and is hovering within sight of the 1.20 mark against the U.S Dollar. After suffering a two-week downturn, the European currency has been able to find buyers. The Euro may look oversold to some traders who believe technical mid-term charts may attract more upside.

Gold: Signs of Confidence for Precious Metal

Gold has added value and is near 1318.00 U.S Dollars per ounce. The precious metal has been able to reverse higher in an almost confident manner, since testing low water marks early last week. Gold remains within its lower mid-term boundaries and will attract further speculation near term.

Crude Oil: Iran Concerns Affecting Market

U.S Crude Oil is above 70.00 U.S Dollars a barrel today as traders have been buying early. The commodity is seeing impetus via concerns the U.S White House may re-impose sanctions on Iran. U.S Crude Oil is has broken through an important psychological barrier and speculators may continue to eye higher values.

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USD/JPY: Choppy Results Expected for Yen

The Yen has been quiet and remains slightly below the 109.00 level versus the U.S Dollar. The Japanese currency remains within the weakest parts of its mid-term range. Risk sentiment in Asia remains tentative and Yen could produce choppy results in the coming days.

GBP/USD: Bank of England Anticipation

The Pound remains near the weakest part of its values against the U.S Dollar as it trades near 1.3560. The Bank of England will make their interest rate pronouncements later this week and this will impact the British currency. The Pound may look cheap to speculators who believe it has the capability of producing a reversal higher.

Yaron Mazor is a senior analyst at SuperTraderTV.

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