Daily Market Forecast, August 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
EUR/USD: Reversals Name of the Game
Reversals stayed the name of the game for the Euro against the U.S Dollar on Monday. The Euro was able to climb in value and has been trading above the 1.18 mark early this morning. Traders need to remain alert for technical tests of support and resistance. However, for market participants in a speculative mood, the Euro may appear to be a good buy against the U.S Dollar in the near term.
Gold: Precious Metal Shines On
Gold continues to shine for bullish traders. The precious metal is testing highs and is near 1295.00 U.S Dollars an ounce. As the U.S Dollar showed slight weakness on Monday, Gold managed to incrementally add value. Traders who are tempted to continue buying into the precious metal’s upward trend should understand the commodity is near important mid-term resistance.
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GBP/USD: Attractive Buying Opportunity?
The GBP has climbed off of its lows and is trading near the 1.29 mark against the U.S Dollar. The Pound has been beaten backwards the past couple of weeks, but has retained some of its gains made over the long-term. Yesterday’s U.K ‘position paper’ caused no shockwaves in the market, and the Pound stability may make it an attractive short term buying opportunity.
Crude Oil: Bouncing Like a Tennis Ball
Crude Oil has bounced around its consolidated range like a tennis ball the past few trading sessions. After making polite gains on Friday, the commodity was taken lower to start the week and is now below 48.00 U.S Dollars a barrel. Crude Oil should be traded carefully and with patience in the near term.
USD/JPY: Tight Range for Yen Past Day
If traders didn’t glance at the Yen for a twenty-four hour period, they might be tempted to think the currency did not trade against the U.S Dollar. A tight range for the Yen has developed as the Japanese currency remains within shouting distance of 109.00 against the U.S Dollar and continues to display strength.
Yaron Mazor is a senior analyst at SuperTraderTV.
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