Daily Market Forecast, January 17, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

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Published: Jan 17, 2018, 08:08 UTC

The Euro, Pound, and Yen remain locked in tight ranges against the U.S Dollar.

Gold has seen some pressure the past day and Crude Oil has run into consolidated selling. Inflation numbers from the European Union should be watched this morning.

EUR/USD: Euro Holds Ground

The Euro has stayed within a notable range early this week. After making a solid gain before going into the weekend, the Euro has held its ground against the U.S Dollar and is near 1.2265. Inflation data from the European Union will be released today and will factor into the market.

Gold: Selling Pressure for Precious Metal

Gold ran into headwinds yesterday and remains under pressure early this morning. The precious metal is trading near 1336.00 U.S Dollars an ounce. Gold is likely to remain fast and traders should be prepared for volatility. Traders should note the commodity has shown the ability to bounce back after occasional selling pressure the past month.

Crude Oil: Resistance appears to be Building

Crude Oil lost ground on Tuesday and is around 63.50 U.S Dollars a barrel. The commodity has enjoyed a solid trend the past few months. However, resistance may start to prove strong at this level and traders could be tempted to look for downside action near term.

GBP/USD: Pound Hovering Near Important Highs

The Pound produced a consolidated trading session on Tuesday and remains calm early this morning. Inflation data from the U.K essentially met their targets yesterday. The Pound remains under the 1.38 level against the U.S Dollar as it hovers near highs.

USD/JPY: Yen Remains Locked in Range

The Yen is near 110.80 against the U.S Dollar, which nearly matches its value yesterday after a day of tight range trading. Japanese economic data continues to produce solid results. Traders may continue to be tempted to sell the U.S Dollar against the Yen.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.