Daily Market Forecast, January 10, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Dollar strengthened against the Pound and Euro on Tuesday. Brexit political storms appear to be roiling in the U.K, and speculators may want to continue to ride the Pound and Euro’s short-term trend downward. Gold has been under pressure.

GBP/USD: Brexit Whirlwinds the Catalyst

The Pound has seen a shift the past day, as it has lost some value and is near 1.3530 against the U.S Dollar. Manufacturing data will come from the U.K today, but the catalyst for the Pound is likely to remain the political whirlwind surrounding the Brexit. In the near term, the British currency may face more pressure.

Gold: Further Erosion Expected for Gold

Headwinds have strengthened in Gold and it is near 1310.00 U.S Dollars an ounce. While the commodity remains within its upper range, it has begun to test short-term support levels and speculative sentiment looks vulnerable. Traders may look for further erosion in the Gold short term.

Crude Oil: Harsh U.S Winter having Affect

Crude Oil remains a bullish market as the price has risen above 63.00 U.S Dollars a barrel. The recent gains in U.S Crude Oil may have been spurred on because of the harsh winter which has hit the States. Traders looking for downward reversals in the commodity should practice caution.

EUR/USD: Euro Fails to Deliver Upward Trek Yet

The Euro has continued to see its value erode against the U.S Dollar. The European currency is above the 1.19 level, but it has not been able to mount much of an upward trek the past two days. The Euro is approaching important support levels, but speculators may continue to look for selling opportunities short term.

USD/JPY: Yen Inching Stronger Towards Support

The Yen has inched closer to the 112.00 support level as it has gotten stronger against the U.S Dollar. The Japanese currency has added value since late Monday. Range trading has dominated the Yen the past couple of months and traders may try to take advantage of technological developments.

Yaron Mazor is a senior analyst at SuperTraderTV.

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