Daily Market Forecast, November 9, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Dollar has remained firm in forex and range trading has been prevalent. The Yen continues to traverse its weaker realms but has not been able to push through resistance. Gold has held its value but may get a downside speculative test.

USD/JPY: More Weakness for Yen?

The Yen has remained rather tranquil but has been slightly weaker against the U.S Dollar the past day. The Yen is below the 113.50 level but continues to bump up against what is considered resistance. The Nikkei Index has put in strong gains this morning, and this may be an indication further weakness could be seen in the Yen.

Gold: Downside Test Coming for Precious Metal?

Gold has been able to rise in the past day. The precious metal remains near 1285.00 U.S Dollars an ounce. Traders should be prepared for potential reversals taking into consideration Gold’s range the past two weeks. Speculators may attempt selling positions today if they believe the downside will get tested again soon.

GBP/USD: Headwinds Steady on Pound

The Pound has faced headwinds on a steady basis this week but has not broken important support below the 1.30 juncture. The Pound is near 1.3140 against the U.S Dollar now and presents an opportunity to look for speculative short-term selling positions as technical trading dominates the present landscape.

Crude Oil: Consolidated Range Emerging Again

Crude Oil remains slightly under 57.00 U.S Dollars a barrel. Resistance has proven strong and the commodity has not threatened higher realms easily. Traders may be convinced U.S Crude Oil’s proven consolidated range may be emerging again with downside potential, but they should be careful.

EUR/USD: Euro Range Bound Entire Week

The Euro continues to languish near the 1.16 level against the U.S Dollar and has not been able to sustain a rally upwards this week. The European currency appears set for a rather tight range today and tomorrow, which may allow traders to take advantage.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.