Daily Market Forecast, January 4, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USDThe U.S Dollar has been slightly stronger the past day. The Yen has weakened a bit as the Nikkei Index has surged higher upon Japan reopening for business after its long holiday.
Gold has come off of its highs, but U.S Crude Oil has sparked upwards again.
USD/JPY: Japan Reopens for Business
The Yen has been weaker this morning after Japan reopening for business after its long holiday. The Nikkei Index has surged higher, as it has played catch up with other global equity exchanges after being closed the past three days. The Yen is near 112.65 against the U.S Dollar. And investors may be tempted to buy the U.S Dollar against the Yen and look for the 113.00 level as a potential landing spot.
Gold: Potential Selling Opportunity Short Term
Gold has come off high water marks this morning and is trading near 1310.00 U.S Dollars an ounce. After making an impressive run higher the past couple of weeks, the commodity may be looked at as a potential selling opportunity, particularly if equity markets continue to flourish near term.
Crude Oil: Speculative Fever Helping U.S Crude Oil
Crude Oil has continued to spark upwards. The commodity is above the 62.00 U.S Dollars a barrel level as speculative fever has helped investor sentiment. U.S Crude Oil has broken important resistance and should be monitored carefully. And supply numbers will come from the States today.
GBP/USD: Pound Sustains Holiday Gains
The Pound has range traded the past day while losing slight ground. The British currency is near 1.3525 and interestingly has been able to sustain nearly all of the gains it has put in during the Christmas/ New Year’s holiday. Brexit political talk is ramping up again, but the Pound has been a solid short term.
EUR/USD: Range Trading and Stable Values
The Euro endured range trading on Wednesday, but remains within the higher level of its value against the U.S Dollar and is near 1.2020. Traders should watch the European currency carefully the next couple of days to see if it is able to maintain its stronger stance before going into the weekend.
Yaron Mazor is a senior analyst at SuperTraderTV.
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