GBP/USD: Carney Sparks Pound Upwards
The Pound continued to climb on Wednesday in a fast manner, and is now above the 1.29 level comfortably. The 1.30 mark looks to be short-term resistance. Bank of England Governor’s comment in a panel discussion yesterday, that the U.K central bank would have to consider raising its interest rate if the global economy continues to improve helped spark the Pound against the U.S Dollar. Traders may continue to test the upside potential of the British currency today.
Gold: Consolidated Range as Speculators Lurk
A solid range has taken hold within Gold. The 1250.00 U.S Dollars an ounce ratio continues to be a battle ground. The precious metal’s consolidation should be eyed suspiciously by traders. Speculative forces will likely continue to position themselves for a potential breakout, and investors may believe Gold has the capability to achieve upside momentum.
EUR/USD: Euro Climb Gains Momentum
The Euro gained swiftly against the U.S Dollar on Wednesday in a fairly steady manner. The 1.14 level is now a focus for traders. Comments by European Central Bank President Mario Draghi about the need to possibly tighten European monetary policy, has certainly given the Euro impetus. Traders looking for short term downward reversals will need to be careful.
Crude Oil: Incremental Gains Continue
Crude Oil put in slight gains on Wednesday and the 45.00 U.S Dollars a barrel level has come into view. Supply numbers from the States were strong yesterday, but an upwards reversal in the commodity has continued as Crude Oil continues to sustain an incremental climb in the short term.
USD/JPY: A Breakout Could Come
A tight range for the Yen and U.S Dollar continues to be seen. The 112.00 U.S Dollar mark has remained an important juncture. The Nikkei Index has put in solid gains this morning and the Yen has not reacted in a strong fashion yet today. Meaning a breakout could come from the Yen in the near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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