Daily Market Forecast, February 14, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex remains extremely challenging and conditions have been tough. The Yen has also been quite strong and is near 15-month highs versus the Dollar.

Gold: Early Gains Again this Morning

Gold continues to accomplish noteworthy gains upon the Asian markets openings this week. The precious has been pushed higher again in the past few hours and is near 1335.00 U.S Dollars an ounce. The rise in Gold may be a push from investors worried about inflation, but it also may be risk adverse traders looking to park cash near term.

GBP/USD: Pound Gains as Forex Remains Tough

The Pound is above 1.3900 this morning against the U.S Dollar. Forex continues to provide tough trading conditions for short-term speculators. The Pound languished early yesterday but started to climb in step with other major currencies against the U.S Dollar. The Pound is near interesting resistance and traders with a speculative taste may look for more upside movement.

USD/JPY: Trend Continues for Stronger Yen

The Yen has been stronger early and is below the 107.00 juncture versus the U.S Dollar. The strength in the Yen has also put a dent into Japanese equities which have started this week with further declines. The value of the Yen is near a 15 month high. And traders tempted to look for short-term reversals will need to have extremely good risk management practices.

EUR/USD: Upside Looks Tempting but Choppy

The Euro put in a solid day of gains versus the U.S Dollar yesterday and its slightly below the 1.24 level. The European currency is beginning to touch marks accomplished in January and traders may be tempted to look for additional upside. However, the trading environment has been turbulent and traders need to be prepared for potential choppy conditions.

Crude Oil: Deep Pockets Needed While Looking for Reversals

Crude Oil has remained under headwinds as it trades above 59.00 U.S Dollars a barrel. The question is if this level can and will provide support. U.S Crude Oil has provided traders with a solid trend the past few months higher, but the past two weeks have seen the downside become prevalent. Traders with deep pockets may look for reversals higher.

Yaron Mazor is a senior analyst at SuperTraderTV.

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