The U.S Dollar has been stronger against the Euro and Pound the past day as whipsaw trading was experienced in forex. Gold also saw volatility, but has held onto it higher ground. Crude Oil has sustained its value.
EUR/USD: Whipsaw Trading in Forex
Whipsaw trading proved widespread in forex yesterday and the Euro was certainly a victim. The currency saw its value rise above 1.20 against the U.S Dollar, only to be abruptly sold later in the day. The Euro is near 1.1940 this morning and could see further volatility as equilibrium is sought.
Gold: Further Erosion Expected for Gold
Gold experienced a rollercoaster ride on Wednesday as it rose dramatically and then got pushed back. The precious metal is near 1317.00 U.S Dollars an ounce as volatility lurks. The commodity has proven speculators remain active, and may be looking for its upside trend to continue.
Crude Oil: Upside Capability Looks Tempting
Crude Oil has sustained its higher ground as it traverses above 63.00 U.S Dollars a barrel. The energy continues to show the ability to maintain its upper range and has not been sold off. While some traders may believe a selling reversal is in order, U.S Crude Oil looks like it may have more upside capability near term.
GBP/USD: Pound Loses Steam against U.S Dollar
The Pound finished Wednesday with losses against the U.S Dollar and is below the 1.35 juncture. After proving strong the day before, the British currency began to waver yesterday as the U.S Dollar picked up steam. In the short term the Pound may continue to experience selling pressure.
USD/JPY: Yen Continues to Gain Strength
The Yen picked up additional momentum on Wednesday as it broke through support levels. The Japanese currency is near 111.75 against the U.S Dollar and is within the stronger realms of its value range. The Yen has proven a significant mover this week as it has picked up strength.
Yaron Mazor is a senior analyst at SuperTraderTV.
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