Yahoo Finance Daily Market Forecast, October 17, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
Bank of England Governor Mark Carney will be speaking today and volatility is a certainty for the Pound as the BoE leader shares his insights. The Euro has lost value the past two trading sessions and may find speculators tempted to buy if they believe it has been oversold.
GBP/USD: Moment of Truth Today
The Pound faces a moment of truth today as it awaits Bank of England Governor Mark Carney’s testimony to the British Treasury. The Pound has been slightly weaker against the U.S Dollar the past day and has support near the 1.32 level and resistance around 1.33 in the short term. However, these junctures will be certainly tested today as the British currency become volatile.
Gold: More Downside Pressure Coming?
Gold has slipped in value as traders have become cautious. And speculators may have cashed out of winning positions yesterday. The precious metal is near 1294 U.S Dollars an ounce and should be monitored. Further downside pressure may ensue with Gold today if the U.S Dollar is able to get stronger.
EUR/USD: Reversals Tempting to Look For
The Euro has lost further ground against the U.S Dollar and is near the 1.1780 juncture. Range trading may be the order of the day, the Euro has lost value the past couple of trading days and traders may be tempted to look for a reversal in the near term if they believe the currency has been oversold.
Crude Oil: Geo-Political Complications
U.S Crude Oil was pushed slightly back as the Monday’s trading session grew in hours. The price of the commodity is below 52.00 U.S Dollars a barrel. While Crude Oil remains well within a consolidated range, short-term traders could look for more upside value on speculative plays as they consider geopolitical complications.
USD/JPY: Yen Tilting Stronger
The Yen has experienced a tight range the past week, even as the Nikkei Index has slammed higher in value. The Japanese currency remains within its weaker stance but has tilted towards stronger value the past couple of days. The Yen is barely above the 112.00 level against the U.S Dollar.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
