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Daily Market Forecast, November 8, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Yaron Mazor

The Euro has shown little ability to sustain a rally early this week. The Pound has range traded against the U.S Dollar. And Gold has seen tranquil trading but has not been able to break short-term resistance.

EUR/USD: Headwinds Pushing Euro Around

The Euro continues to face headwinds and is trading near the 1.16 juncture against the U.S Dollar. The European currency was taken lower for most of Tuesday but managed to find some traction and recover. However, the Euro has exhibited little ability to gain substantially in the short-term and traders may continue to search for lower values.

Gold: Unable to Break Through Short-Term Resistance

Gold was able to offer traders a rather tranquil range on Tuesday and has put in slight gains early this morning. However, the precious metal has not been able to break through short-term resistance near 1282.00 U.S Dollars an ounce and sustain a drive upwards. Investors appear cautious in the Gold market and speculators may look for the potential of a slight pullback in price today.

GBP/USD: Pound Range Trading Against U.S Dollar

The Pound has put in an interesting twenty-four hours of trading. After initially showing some early strength on Tuesday, the British currency than reversed lower, but it did manage to attract technical buying and has bounced back to values almost matching yesterday’s value of 1.3170 against the U.S Dollar. Range trading should be expected to continue for the Pound.

Crude Oil: Short-Term Resistance Experienced              

Crude Oil ran into short-term resistance yesterday. The commodity is trading slightly below the 57.00 U.S Dollars a barrel value. Crude Oil Inventories will come from the States today. If U.S Crude Oil is able to sustain its current range in the near term, speculators may continue to seek buying positions.

USD/JPY: Yen Stronger Early as Known Range Continues

The Yen has gotten stronger early this morning and is below the 114.00 price level against the U.S Dollar. The Yen may continue to range trade in the short term and traders with patience may be able to take incremental gains if they are attentive to the Japanese currency’s dance within its known technical range.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire