Daily Market Forecast, August 15, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
USD/JPY: Equity Buyers Reawaken in Japan
The Yen has weakened against the U.S Dollar and has moved above the important 110.00 level. The Nikkei and Topix Indexes have added value this morning as risk appetite has shown signs of life in Japan. The Yen may prove to be an attractive trade short-term for market participants who are willing to speculate the U.S Dollar will continue to be bought against the Japanese currency.
Gold: Reduction in Risk Adverse Buying
Gold came off highs on Monday and selling has continued to be prevalent early this morning. The 1280.00 U.S Dollars an ounce level is a focal point. Risk adverse trading has lessened and global equities have shown the ability to gain. Meaning Gold positions which were bought for safety when geo-political turmoil boiled last week have now been reduced. Traders may continue to test the downside of the precious metal in the near term.
Crude Oil: Support Level is Vulnerable
Crude Oil remained under pressure on Monday and enters Tuesday’s trading with downside momentum. Supply numbers will come from the U.S tomorrow, but an important factor in Crude Oil appears to be speculators who took advantage of an upwards trend up until the beginning of last week, have now shifted their sentiment and have become sellers. The 47.00 U.S Dollars a barrel support ratio appears vulnerable.
EUR/USD: Ability to Wander Higher
The Euro has lost value and is below the 1.18 juncture against the U.S Dollar. The Euro may continue to range trade, but the U.S Fed’s Meeting Minutes publication could prove important on Wednesday and shake up forex. The Euro may have room to wander higher in the coming days.
GBP/USD: Upside Potential Tempting
Important inflation data will come from the U.K today which will affect the Pound against the U.S Dollar. The 1.29 mark is likely to be looked at as important support. The Pound has lost value over the past day, but speculators may be tempted by upside potential in the near term.
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.
This article was originally posted on FX Empire
