Crude Oil: Another Hurricane on Horizon
Another hurricane is barreling down on the States and traders in the energy sector will definitely see more speculative action. The price of Crude Oil has climbed and the 49.00 U.S Dollars a barrel level has come into sight as resistance. As the aftermath of Hurricane Harvey is still being dealt with, the prospect of another massive storm will impact commodities.
Gold: Potentially Tracking Higher
Gold has kept its added value and is trading around 1345.00 U.S Dollar an ounce. Tomorrow’s European Central Bank meeting outcome will affect the broad markets. If the U.S Dollar faces additional pressure, the precious metal could potentially attract additional buyers and track higher.
EUR/USD: ECB on Thursday Looming
The Euro has continued to test short-term resistance the past day. The European currency is above the 1.19 juncture against the U.S Dollar. With the shadows of the ECB Press Conference lurking on Thursday, speculators may position themselves with the belief the Euro could re-test the 1.20 level in the near term.
USD/JPY: Yen Breaks Through Support
The Yen has continued to get stronger against the U.S Dollar and has broken support. The Japanese currency is around 108.60 this morning. Inflation numbers from Japan were disappointing today and tomorrow GDP data will come from the nation.
GBP/USD: Pound Adds Value
The Pound has added value in the past day and has climbed above the 1.30 level against the U.S Dollar. The fact the British currency has gained against the U.S Dollar may have to do more with weakness surrounding the Dollar, because of Federal Reserve members comments made on Tuesday regarding a more dovish policy from the U.S central bank.
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.