Yahoo Finance Daily Market Forecast, November 15, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The U.S Dollar has weakened against most major currencies. The Euro and Yen have seen increased buying momentum the past day. Gold has sustained its gains and is testing resistance.
EUR/USD: Signs of Capable Buying Power
The Euro continued its rebound on Tuesday as it gained against the U.S Dollar and is now trading slightly below the 1.18 level. The Euro has faced headwinds for several weeks, but the past few days have seen traders begin to climb back into the European currency with capable buying power, and they may continue to believe higher values can be attained.
Gold: Banging Against Resistance
As nervousness grows among global equity investors, Gold’s basic allure as a safe haven may become an increasing factor. The precious metal is trading near 1283.00 U.S Dollar’s an ounce and has continued to put dents into resistance. Gold may be able to produce additional gains short term.
USD/JPY: Yen Challenging Support Levels
The Yen has strengthened against the U.S Dollar. Selling fever has increased on the Nikkei Index and as caution has prevailed on the equity market, the Japanese currency has become stronger. The Yen is approaching the 113.00 juncture against the U.S Dollar and may challenge support levels below.
Crude Oil: A Commodity Ready for Volatility
Crude Oil has come under pressure the past day and is trading below 56.00 U.S Dollars a barrel. Global supply is again becoming a talking point. Supply data from the U.S will come from the States today. Crude Oil is displaying the earmarks of a commodity ready for volatility and risk management is advised.
GBP/USD: Is the Pound Undervalued?
The Pound is trading near 1.3140 and continues to battle consolidated trading conditions. Inflation data from the U.K was mixed yesterday. The Pound may begin to attract traders who believe it is undervalued against the U.S Dollar and have the ability to be patient.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
