Daily Market Forecast, October 30, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Risk events may have the ability to shake the broad markets this week. Forex and commodities will have to be watched closely as global central banks and political wrangling in Washington are sure to be heard.

EUR/USD: Short Term Support but Battered

The EUR has certainly been battered the past week, but it has found some short term support early this morning. The Euro remains above the 1.16 level and speculators are watching it suspiciously. Traders looking for upside reversals need to stay alert as risk events unfold in the coming days.

Crude Oil: Steady and Incremental Gains

Crude Oil jumped higher before going into the weekend, and entering today’s trading is just below 54.00 U.S Dollars a barrel. The commodity has seen a steady an incremental gain and traders may be tempted to look for additional value. However, it should be kept in mind Crude Oil has been in a long-term consolidated range.

GBP/USD: Speculative Trading Coming

Speculative trading is likely to make the Pound volatile in the coming days. The Bank of England will announce their interest rate decision on Thursday and a hike is expected. While it has been under pressure, the Pound has shown the ability to find support. The British currency is near 1.3150 against the U.S Dollar.

USD/JPY: A Potential Break of Consolidation

The Yen remains in a locked range against the U.S Dollar. The Bank of Japan will release their monetary policy pronouncements tomorrow. The Yen’s consolidated short-term range has the potential to break this week and some investors may believe further weakness could develop. The 113.55 level continues to act as a battleground.

Gold: Risk Events and Reversals

Gold continues to see rapid and choppy trading. The precious metal is near 1270.00 U.S Dollars an ounce with plenty of risk events on the schedule which could cause a massive shake out. Support continues to show an ability to bolster Gold, but will it hold and will a reversal upwards develop?

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.