Daily Market Forecast, October 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The European Central Bank meeting is today and President Draghi forward guidance will be listened to intently. The Euro climbed on Wednesday and has gained this morning as investors get set for a busy day ahead.
EUR/USD: Expect a Wild Ride
The Euro has broken higher and is near 1.1830, but fast trading abounds. The European Central Bank’s pronouncements later today will definitely bring more volatility. The Euro began creeping off of lows yesterday and has not been pushed backward. Those who decide to trade the Euro today may look for more upside but should expect a rather wild ride.
Gold: Turbulent Conditions Expected
Gold was pushed to short-term lows on Wednesday but reversed higher as weakness emerged in the U.S Dollar as the day progressed. The precious metal is near 1280.00 U.S Dollars an ounce. Gold is certain to experience turbulent conditions today, but traders may continue to search for higher values.
GBP/USD: Looking for More Buying Opportunities
The Pound has gained and is near 1.3260 against the U.S Dollar. Growth numbers from the U.K were slightly stronger yesterday, and the Bank of England’s monetary policy meeting is next week. The Pound is likely to see plenty of volumes today. as investors position themselves and potentially look for further buying opportunities.
Crude Oil: Room for a Climb Higher?
Crude Oil continues to battle within the higher values of its consolidated range. Supply numbers came in stronger than expected from the States yesterday, which may have put some pressure on the commodity. However, Crude Oil remained steady and may have room for another climb short term.
USD/JPY: Yen within Weaker Boundaries
The Yen was not able to break through resistance near 114.00 yesterday and started to reverse and become stronger. But the Yen does remain within its weaker boundaries. The Nikkei traded slightly lower yesterday but has put in cautious gains early today.
Yaron Mazor is a senior analyst at SuperTraderTV.
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