Daily Market Forecast, January 30, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro has given back some of its gains, and political concerns may be weighing against the Pound. Gold has faced additional pressure.

EUR/USD: Euro Trend Healthy Sign

The Euro slid backward against the U.S Dollar yesterday and is trading beneath the 1.24 level this morning. The European currency’s gains the past month have been impressive, but trends are seldom one-way avenues. Meaning the headwinds in the Euro may be a healthy part of its trading cycle. Traders may continue to look for additional downside near term.

Gold: Pressure Builds in Gold Market

Gold remained under pressure as the week started and is around 1337.00 U.S Dollars an ounce. The ability of the U.S Dollar to pick up value the past couple of trading sessions has created some headwinds for the precious metal. However, Gold remains well within it higher range when looking at it from a mid-term perspective. Meaning, some speculators may be anticipating a buying reversal.

GBP/USD: Downside Action for Pound

The Pound has traded lower this morning as a potential combination of profit taking and concerns about Theresa May’s hold on the U.K government grow. The British currency is near the 1.4041 juncture versus the U.S Dollar. Psychological support around the 1.40 level could prove important and traders many continue to look for downside action.

Crude Oil: Selling may Allure Traders

Crude Oil lost value on Monday and is trading below 65.00 U.S Dollars a barrel. The commodity has made outstanding gains the past few months in a rather steady manner. And one day of selling is not a sign of an emerging bearish market. U.S Crude Oil will continue to attract traders and yesterday’s selloff may allure traders looking for a reversal higher.

USD/JPY: Cautious Trading Grows in Asia

The Yen has remained strong against the U.S Dollar this morning. Selling on the Nikkei Index has also gained steam as cautious trading has grown. The Japanese currency is around 108.80 and is near important September support. The near-term could prove interesting for the Yen as speculators wager on its direction.

Yaron Mazor is a senior analyst at SuperTraderTV.

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