Daily Market Forecast, October 18, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound fell on Tuesday as remarks from Bank of England Governor Mark Carny affected the currency. The Euro has come off of lows but remains within its lower values. Gold has seen some buying early this morning.

GBP/USD: Pound May Attract Speculators

Bank of England Governor Mark Carney helped bring about a loss in value of the Pound against the U.S Dollar during his testimony to the U.K Treasury yesterday. The Pound is below the 1.32 level against the U.S Dollar but has started to find some support in the past twelve hours. The British currency may attract speculators who believe it has been oversold.

Gold: Retracing an Established Range

Gold has added some value early this morning after touching short-term lows yesterday. The precious metal is near 1286.00 U.S Dollars an ounce. Traders may begin to believe Gold has the potential to continue its upward climb in the short term in order to retrace its established mid-term range.

EUR/USD: Patience Needed for Euro

The Euro has climbed off of lows which were seen on Tuesday. The currency is still below the 1.18 level against the U.S Dollar, however. The Euro has not been able to establish a sustainable momentum the past couple of weeks and those looking for additional value to be added should remain patient.

Crude Oil: Support May be Growing

Crude Oil has incrementally gained the past day and is above 52.00 U.S Dollars a barrel. Traders may be tempted to buy U.S Crude Oil on the belief geo-political concerns may act as fundamental support in the short term.

USD/JPY: Yen Weakens Slightly

The Yen has continued to exhibit tight range trading. The Yen is near 112.25 against the U.S Dollar after weakening slightly. The Nikkei Index has remained quite strong and further erosion for the Yen may be a tempting trade for some speculators.

Yaron Mazor is a senior analyst at SuperTraderTV.

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