Daily Market Forecast, October 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro has gained moderately against the U.S Dollar. Spain may be in focus for Euro traders today. Gold has continued to lose some ground as global equities have kept their bullish rallies moving forward.

EUR/USD: Euro Ebbs Higher

The Euro remains near the 1.18 level against the U.S Dollar.  Political circumstances in Spain are likely to create news today. However, investors may have grown accustomed to the uncertainty regarding Catalonia. The Euro has shown slightly more strength the past day and may lure traders who believe it can ebb higher.

Gold: Consistent Selloff Takes Gold Lower

Downside pressure on Gold continued throughout Wednesday and has continued early this morning. The selloff in the precious metal has not been violent, but it has been rather consistent. Gold is below the 1280.00 U.S Dollars an ounce level and may continue to see slight pressure in the short term.

USD/JPY: Yen Weakness Testing Resistance

The Yen has gotten weaker in the past twelve hours as it approaches the 113.00 mark against the U.S Dollar. The Nikkei Index has powered upwards again this morning, and traders may be speculating on further weakness in the Yen as it nears important resistance levels which might be tested.

Crude Oil: Slight Drop in Value for Crude Oil

Crude Oil lost some value on Wednesday and starts the trading day below the 52.00 U.S Dollars a barrels mark. However, the commodity has continued to display some strength within it long time consolidated range. Traders may continue to attempt buying positions with the belief Crude Oil may be able to put in another push upwards.

GBP/USD: Moderate Climb in Value for Pound

The Pound has gained moderately and is traversing above the 1.32 juncture against the U.S Dollar. Today Retail Sales will come from the U.K, but the Pound’s trading range has been based more on outlook regarding the next Bank of England’s move and will remain so. The Pound is likely to range trade today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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