Daily Market Forecast, January 15, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold and U.S Crude Oil have also gained in the broad bullish market moves.

EUR/USD: Euro within Long-Term Highs       

The Euro has started this week above the 1.22 level against the U.S Dollar. The European currency is near important long-term highs and traders may be tempted to look for reversals in the short time with the belief profit taking will emerge. However, speculators should practice risk management if they want to pursue this dangerous path.

Gold: Traders Have a Decision to Make

Gold has achieved the 1342.00 U.S Dollars an ounce target and will get plenty of attention today. The precious metal is in its early September 2017 range, and traders will have to make a decision on Gold’s future direction at this juncture. And the upside may still look inviting for traders who believe the additional value will come.

GBP/USD: Pound Roars Higher

The Pound has roared higher and is above the 1.37 mark against the U.S Dollar. The Pound has been the benefactor of the rather weak American currency. Important inflation data will come from the U.K tomorrow, which could serve as a crucial short-term trading challenge.

Crude Oil: Bullish Spree Remains Intact

Crude Oil has remained part of the bullish spree in the broad markets and is near the 64.40 U.S Dollars a barrel level. The commodity continues to show strength and little in the way of being pushed back. In fact, U.S Crude Oil seems intent on creating a new and sustained trading range.

USD/JPY: Yen Breaks another Support Barrier

The Yen has continued to add value early this morning and has broken another important support level as it trades near 110.70. The Japanese currency is at a four-month high and intriguingly, the Nikkei Index has been able to add value today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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