Daily Market Forecast – All Eyes on Trump

EUR/USD: In Search of an Upwards Reversal

After withstanding another downturn on Monday, the Euro is around 1.1920 versus the U.S Dollar. German Factory Orders data proved significantly lower yesterday. The Euro is near vital support as it tests values not seen since September of 2017. Traders looking for a reversal upwards need to be careful.

Gold: Precious Metal Slips but Support Holds

Gold remains stuck near the lower realms of its value. The precious metal is around 1313.00 U.S Dollars per ounce. Gold did put in early gains on Monday but slipped backward later in the day. Important support appears to be holding, but Gold’s inverse relationship to the U.S Dollar remains a catalyst. Speculators may continue to look for upside.

Crude Oil: Strong Stomachs Needed Short Term

U.S Crude Oil is below 70.00 U.S Dollars per barrel, but busy trading is ahead for the commodity. President Trump may pronounce his decision regarding Iran today and sanctions may potentially be re-imposed, but the outcome is not known. Traders participating in Crude Oil today and tomorrow will need strong stomachs.

USD/JPY: Yen Trades Sideways

The Yen has barely moved per a daily chart. The Japanese currency remains slightly below the 109.00 ratios versus the U.S Dollar. The Nikkei Index has put in fractional gains early this morning. Household Spending data from Japan was disappointing today. The Yen may continue to trade sideways short term.

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GBP/USD: Investors Getting Nervous about BoE

After a long holiday weekend, the Pound will see the full trading volume. The currency remains near low water marks against the U.S Dollar as it languishes near 1.3560. The Halifax HPI will be released today, but it is the Bank of England’s statement on Thursday which has investors nervous.

Yaron Mazor is a senior analyst at SuperTraderTV.

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