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Daily Market Forecast – Oil Prices Drop after the Syria Attack

Yaron Mazor

Forex has been largely consolidated. The Euro and Yen remain locked in place against the U.S Dollar. 

EUR/USD: Consolidate Euro is an Opportunity

The Euro continues to languish in a very tight range and is valued at 1.2330 versus the U.S Dollar. The European currency has experienced a solid week of consolidated trading and there may be an opportunity to look for small changes in value and take advantage of technical movement short term.

Gold: Precious Metal Approaching Resistance

Gold is approaching important resistance and is near 1348.00 U.S Dollars per ounce. The precious metal has gained slightly early today, and traders who are skeptical of the commodity’s heights may be tempted to be sellers at these levels.

U.S Crude Oil: Energy Sector Need Monitoring

U.S Crude Oil has come off highs and is trading below 67.00 Dollars a barrel. After this weekend’s military action in Syria, traders will need to monitor the energy sector carefully. Some speculators may believe the commodity is valued too highly and look for downside action to develop in the coming days.

USD/JPY: Wait and See Approach from Traders

The Yen has essentially remained within the place the past couple of trading sessions. The Nikkei Index has put in slight gains this morning, but Asian investors have been rather cautious as they take a wait and see approach. The Yen is valued near 107.25 versus the U.S Dollar.

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GBP/USD: Big Week Ahead for Pound

Intriguingly, the Pound remains within its higher boundaries against the U.S Dollar and is trading near 1.4265. The U.K will publish important inflation data starting on Tuesday via wage numbers, and on Wednesday the Consumer Price Index will be released. Meaning Pound will see plenty of action this week.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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