Daily Market Forecast, February 21, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold has been under pressure and is near important support. Gold has lost most of the gains it made the previous week.

GBP/USD: Big Day Ahead for Pound

The Pound is below the 1.40 level versus the U.S Dollar. Political storm clouds remain dark in the U.K as Brexit debates mire the landscape, and create an unclear outlook. The Bank of England will participate in Inflation Hearings today. The Pound could prove choppy in the short term and traders need to be alert.

Gold: Near Dangerous Support Ratio

Gold has continued to stumble. The commodity is near 1326.00 U.S Dollars an ounce, and this is a dangerous support ratio. If the precious metal should face additional pressure, the next support level could be around 1316.00. Gold is in danger of losing all of the gains it made last week.

Crude Oil: OPEC Suggests Production Mandates Solid

Crude Oil faced headwinds on Tuesday and lost value. However, the commodity remains above 61.00 U.S Dollars a barrel. Supply numbers will come from the U.S today, and there are reports that Opec will keep its production mandates in place. U.S Crude Oil remains speculative and traders may fish for upside potential in the near term.

USD/JPY: Yen Weakness Escalates Past Day

Weakness in the Yen has escalated the past day. The Japanese currency is below the 108.00 juncture against the U.S Dollar. Manufacturing data from Japan came in slightly below its estimate this morning, and the Nikkei Index has been tentative. The Yen is approaching intriguing resistance.

EUR/USD: Solid Mid-Term Range Intact

The Euro is near 1.2325 versus the U.S Dollar. German economic data was solid on Tuesday, but the European currency essentially ranges traded in a weaker fashion. Forex may remain rather consolidated until the publication of the U.S Federal Reserve’s Meeting Minutes later today.

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.