Daily Market Forecast, January 29, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Euro and Pound remain within their stronger range against the U.S Dollar, but they have come off highs made early last week.
Gold has also lost some value but does remain within the higher boundaries of its mid-term range.
EUR/USD: Euro Enters the Week Steady
The Euro starts the week above the 1.24 level against the U.S Dollar. Before going into the weekend the European currency was steady. Inflation data will come from the European Union mid-week. Short-term speculators may be tempted to look for upside value based on the Euro’s strength last week, but they should practice caution.
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Gold: Market Comfortable at these Values?
Gold has traded slightly lower this morning and is near 1348.00 U.S Dollars an ounce. The precious metal has come off highs achieved early last week, but it remains within relatively strong mid-term values. Gold has not seen a violent reversal, which may be a sign the market is comfortable at these levels and may continue to trend higher near term.
GBP/USD: Pound Remains Pressured
The Pound has remained under pressure and is trading near 1.4140 versus the U.S Dollar. The British currency put in large gains early last week but has come off highs. Traders may believe the Pound gained too swiftly against the U.S Dollar last week, and they may look for additional downside with speculative positions.
Crude Oil: More Gains for Crude Oil
Crude Oil gained on Friday as it was able to build on its rather strong mid-term trend. The commodity is above 66.00 U.S Dollars a barrel and is challenging high water marks. U.S Crude Oil continues to incrementally add value and traders may continue to look for higher values, but they should have risk management in place.
USD/JPY: Yen Testing September Support
The Yen remains strong against the U.S Dollar and is near 108.75 against the U.S Dollar. The Japanese currency is near September 2017 support levels. The Nikkei Index has been slightly stronger this morning. Yen traders may continue to sell the U.S Dollar against the Japanese currency near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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