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Daily Market Forecast, October 10, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

By:
Yaron Mazor
Published: Oct 10, 2017, 07:26 UTC

Light trading volume on Monday may be looked at suspiciously by investors today as a full market action is anticipated. The Euro and Pound did gain

daily market forecast

Light trading volume on Monday may be looked at suspiciously by investors today as a full market action is anticipated. The Euro and Pound did gain against the U.S Dollar but will put to the test today. Gold sustained its gains on Monday made before going into the weekend.

EUR/USD: Tempted by Upside Opportunity

The Euro has held its ground the past twenty-four hours and has put in moderate gains early today. The Euro is now within shouting distance of 1.18 against the U.S Dollar. Traders will have to be careful about drawing to many conclusions based on yesterday’s trading because of low volume, but speculators may be tempted by upside opportunity for the Euro.

Gold: Traders Suspicious of Gains?

Gold continued to inch higher on Monday and is trading near 1286.00 U.S Dollars an ounce. Yesterday’s positive start in the precious metal saw some reversals, but the commodity was able to sustain short-term strength. However, traders may be suspicious regarding yesterday’s results and look for some selling pressure to occur for Gold in the near term.

GBP/USD: Solid Gains for the Pound

The Pound put in solid gains against the U.S Dollar on Monday and is near 1.3150. Manufacturing Production numbers will come from the U.K today, data from Britain was lackluster last week. The Pound, however, may be finding buyers on the belief it has been oversold the past ten days.

Crude Oil: More Downside Pressure to Come?

Crude Oil remains under headwinds. The commodity was not able to reverse higher on Monday and remains below 50.00 U.S Dollars a barrel. Investors who are accustomed to the consolidated range of U.S Crude Oil may be looking for more downside pressure in the short term.

USD/JPY: Preparing for a Breakout

The Yen is near 112.65 against the U.S Dollar. The Japanese currency has seen a rather tight range the past week and is trading seems to be comfortably within a solid equilibrium. However, due to the success of the Nikkei Index the past month, traders may be preparing for a breakout from the Yen.

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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