Daily Market Forecast, December 18, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro went into the weekend with selling as it tested support. Gold has held onto some gains made last week but has seen slight headwinds early today.

EUR/USD: A Well-Traveled Range for Euro

The Euro was pushed lower on Friday against the U.S Dollar and is well below the 1.18 level. Inflation data will come from the European Union today, but the currency may find itself testing a well-traveled range near term. Traders may look for upside but they should be patient if they are looking for a solid trend to develop.

Gold: Support Levels Being Tested

Gold has held onto some of its gains made last week. The precious metal is near 1258.00 U.S Dollars an ounce. Gold has traversed a difficult road the past couple of weeks and speculators may remain sellers who believe support levels will continue to be tested.

USD/JPY: Rise in Risk Appetite Intriguing for Yen

The Yen finds itself on the stronger side of its range against the U.S Dollar as it trades near 112.70. However, the Nikkei Index has put in solid gains this morning, which suggests the potential for weakness to develop. The Yen may test resistance near term and may provide traders with a solid opportunity if risk appetite increases again among Asian investors.

GBP/USD: Brexit Negotiations Remain Troubling

The Pound is above 1.33 against the U.S Dollar but has experienced headwinds since Friday. Brexit negotiations remain troubling and a constant source of tension for investors. However, the Pound has shown the ability to range trade the past couple of months. Traders may be tempted to look for a slight erosion of value in the short term.

Crude Oil: Consolidation and Slight Gains

Crude Oil has shown the ability to hold onto its consolidated range. The commodity continues to stay above the 57.00 U.S Dollars a barrel level and in fact, put in slight gains the past couple of sessions. However, a test of range should be expected for U.S Crude Oil near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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