Daily Market Forecast, October 11, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Euro has been able to show some speculative strength early this week. And Gold has also found a renewed flux of buying. Crude Oil reversed higher on Tuesday and U.S supply data will be published. Speculative elements in forex have been creating headwinds for the U.S Dollar the past few trading sessions.
EUR/USD: Speculative Buying Positions Tempting
The Euro has been able to extend its gains the past two days and maintain its short-term momentum. From a comparative viewpoint, however, the Euro remains well below the highs it attained in mid-September. Speculators may believe the Euro has been oversold the past couple of weeks, and attempt buying positions if it hovers near 1.18 against the U.S Dollar.
Gold: Renewed Strength in Gold Could Be Bolstered
Gold has seen renewed strength the past few trading sessions after reversing off lows late last week. The precious metal may see additional risk adverse buying if the North Korea geo-political crisis escalates. Short-term weakness in the U.S Dollar could also help bolster Gold’s value, and the 1300.00 U.S Dollar an ounce juncture may be viewed as an achievable goal.
Crude Oil: U.S. Crude Oil Reverses Higher as Data Awaits
Crude Oil reversed higher on Tuesday after being under pressure for nearly a week. The commodity climbed above 51.00 U.S Dollars a barrel. U.S Crude Oil Inventories data will be released today and could prove to be a factor in trading the next two days. Important resistance could be tested if buyers remain speculative.
USD/JPY: A Steady and Consolidated Yen Range
The Yen has gained against the U.S Dollar in a fractionally small manner the past couple of trading days. The 112.00 level appears to be support. The Nikkei Index has continued to muster a vast amount of buyers, but the Yen has remained steady within a consolidated range.
GBP/USD: Pound Gains as Traders Venture Forth
The Pound gained against the U.S Dollar on Tuesday and is battling near the 1.32 mark. Data will be light from the U.K today, but tomorrow’s Bank of England’s Credit Conditions Survey will have an impact on trading. The Pound could be speculative in the short term if traders venture forth with the belief the British currency has room to add value.
Yaron Mazor is a senior analyst at SuperTraderTV.
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