Daily Market Forecast, January 18, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Published: Jan 18, 2018, 08:06 UTC•2min read

The U.S Dollar has gotten stronger in forex, except against the Pound which gained on Wednesday due to hopes for a soft Brexit.

GBP/USD: Pound Testing Higher Realms

The Pound traded higher on Wednesday as investors reacted to whispers from political circles in the U.K suggesting a ‘soft Brexit is being considered. The Pound is above 1.38 against the U.S Dollar early. Some traders may believe the Pound has gained too much on the mere premise of hopes, which have not been fulfilled yet and try to sell the currency short term.

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Gold: Gold Stumbles Again

Gold stumbled on Wednesday and is trading near 1327.00 U.S Dollars an ounce. After making a remarkable run higher the past month, headwinds have become pronounced this week as the precious metal has been pushed back after challenging resistance. Gold may continue to see speculative selling in the near term.

EUR/USD: Euro Turns Cautious

The Euro is below the 1.22 ratio against the U.S Dollar as traders have shown caution and not been able to sustain the currency’s advance. The Euro is still within an upper range against the U.S Dollar and appears set to experience choppy trading in the days ahead.

Crude Oil: Is Another Advance Coming?

Crude Oil Inventories data will come from the States today. The commodity is back above 64.00 U.S Dollars a barrel and is pressing up against important resistance again. The rebound higher in U.S Crude Oil will heighten speculative trading and some may believe another advance is possible.

USD/JPY: Yen Weakens in Slight Reversal

The Yen has gotten weaker in the past twenty-four hours and is around 111.30 against the U.S Dollar. After testing support levels early this week, the Japanese currency has started to show signs of potentially reversing. The Nikkei Index has been stronger this morning.

Yaron Mazor is a senior analyst at SuperTraderTV.

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