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Daily Market Forecast, November 7, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

By:
Yaron Mazor
Published: Nov 7, 2017, 08:55 UTC

Forex has seen little volatility the past couple of trading sessions. Gradual range trading has been the dominant theme for the Euro, Pound, and Yen

daily market forecast

Forex has seen little volatility the past couple of trading sessions. Gradual range trading has been the dominant theme for the Euro, Pound, and Yen against the U.S Dollar. Crude Oil has broken through resistance and its gains are enticing more buyers.

EUR/USD: Patience Requires with Sideways Range

The Euro has created a sideways trading range as investors gauge its future path. The European currency is hovering around the 1.16 mark against the U.S Dollar. European Central Bank President Draghi will be speaking today. The Euro may entice traders who believe it has the potential to add value, but patience will be required.

Gold: Gold’s Perplexing Range

The rollercoaster ride in Gold continued on Monday as its price suddenly rose and began to test short-term resistance. Wide swings and fast trading have perplexed traders in the precious metal the past few weeks. Gold is near the 1280.00 U.S Dollars an ounce level. Traders need to be on the lookout for further turbulence.

Crude Oil: Speculators Looking Above and Beyond

U.S Crude Oil has continued to gain as the crisis in Saudi Arabia supports the bullish momentum. Buyers shifted into high gear on Monday and broke important resistance. The price of the commodity is above 57.00 U.S Dollars a barrel and speculators may have their eyes on the 60.00 U.S Dollars juncture. Bullish behavior in Crude Oil has been strong and it may produce further gains.

GBP/USD: Brexit Questions Shadow Landscape

The Pound has seen a tight range the past twenty-four hours. The Halifax Home Price Index will be released today, but will not have a major effect on the British currency which stands near 1.3170. The Pound remains under a shadow as Brexit questions shadow the landscape.

USD/JPY: Consolidation in Yen as Nikkei Surges

The Yen has seen a consolidated range against the U.S Dollar as it trades around the 114.00 level. The Nikkei Index has surged again this morning, but investors in the JPY have been calm and not reacted. Cash Earnings data in Japan was better than anticipated today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.

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