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  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5983
    -0.0023 (-0.38%)
     
  • NZD/EUR

    0.5537
    -0.0005 (-0.10%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    82.58
    +1.23 (+1.51%)
     
  • GOLD

    2,234.40
    +21.70 (+0.98%)
     
  • NASDAQ

    18,283.48
    +2.64 (+0.01%)
     
  • FTSE

    7,965.19
    +33.21 (+0.42%)
     
  • Dow Jones

    39,780.89
    +20.81 (+0.05%)
     
  • DAX

    18,496.70
    +19.61 (+0.11%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • NZD/JPY

    90.4760
    -0.3040 (-0.33%)
     

Daily Market Forecast, November 16, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex markets remain rather choppy. The Euro has seen a test of its range develop, while the Yen has maintained recent strength. Gold has seen fast conditions continue but is battling resistance as global equities stay challenging.

EUR/USD: Choppy Conditions for Euro

Choppy conditions have been seen in the Euro the past twenty-four hours. Early on Wednesday, the European currency was bolstered higher, but as the day progressed the Euro fell below the 1.18 level against the U.S Dollar. The Euro remains within a higher near-term range, and traders cannot be faulted for believing more upside value can be attained.

Gold: Traders Need to Remain Alert

Traders participating in the Gold market need to remain alert. The precious metal has produced fast results. Gold is near 1278.00 U.S Dollars an ounce as it battles seemingly strong resistance. However, the heavy sell-off on the U.S equity Indexes yesterday may spark further buying an interest in the commodity near term.

USD/JPY: Technical Weakness and a Reversal?

The Yen has been stronger the past day. The Japanese currency is near the 113.00 level against the U.S Dollar. This juncture has proven to be crucial support in recent trading, so some traders may position themselves for technical weakness and a reversal to emerge in the short term.

Crude Oil: Semblance of Support but Vulnerable

U.S Crude Oil remains within a weaker short-term range. Although the commodity found some semblance of support on Wednesday, it continues to traverse values which make it appear vulnerable to another push downwards. Speculators will certainly monitor Crude Oil as it remains near 55.00 U.S Dollars a barrel.

GBP/USD: Pound Puts in Slight Gains

Inflation data from the U.K was slightly stronger than expected. The Pound put in gains on Wednesday but its trading has seen its near-term range remain intact. The British currency is near 1.3170 in early trading and may attract additional buyers at these values against the U.S Dollar.

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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

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