Gold and Crude Oil have continued to advance. And technical traders have important decisions to make as long-term highs are being tested.
EUR/USD: Solid Advance without Retreats
The Euro gained on Monday and is near 1.2450 versus the U.S Dollar early this morning. The European currency is within the realms of its higher values mid-term and important resistance lurks. The Euro has advanced solidly since last Friday, and not retreated except for momentary range trading. Speculators may continue to look for upside short term.
Gold: Advance Puts Precious Metal near Resistance
Gold has gained the past day and is around 1354.00 U.S Dollars an ounce. The precious metal started yesterday with slight gains and then met headwinds, but as Monday progressed the commodity gained. Gold is near key resistance which has consistently confronted a sustained advance from this juncture. Brave traders may look for downside opportunities.
USD/JPY: Yen Weak But Lingers in Stronger Range
The Yen has lost value this morning incrementally and is near 105.60 as risk appetite has improved in Asia. Equity markets in Japan have produced dynamic buying today and the Japanese currency may continue to see the U.S Dollar bought against it. However, the Yen remains within the stronger boundaries of its mid-term range.
Crude Oil: Proactive Buying as Long Term Highs Tested
U.S Crude Oil has made further gains and is slightly below the 66.00 U.S Dollar a barrel mark. The energy sector continues to produce buying on the assumption the global economy is improving. Although Crude Oil is near key long-term resistance some traders may be tempted to remain proactive buyers.
GBP/USD: Important Test Coming Tomorrow
The Pound has continued its assault on higher values. This morning the British currency is above the 1.42 level as it tests important mid-term highs. Tomorrow’s growth numbers from the U.S will have an impact on forex and the Pound will react to the results.
Yaron Mazor is a senior analyst at SuperTraderTV.
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