Daily Market Forecast, July 11, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Range Trading While Looking for Reversals

The Euro has essentially range traded in the past day against the U.S Dollar. The 1.14 level remains a battle ground. Economic data from the European Union on Monday was solid and this morning Italian Industrial Production numbers will be released. Traders looking for upside traction in the Euro may want to use technical indicators while looking for short term reversals.

Gold: Traders Remains Nervous in Short Term

Gold turned in a tranquil trading day on Monday, following its rather turbulent decline on Friday. The precious metal remains near 1210.00 U.S Dollars an ounce. Investors looking for upside potential are still in search of a solid foundation for Gold, and they may continue to be nervous about attempting buying positions in the short term.

Crude Oil: Consolidation Doesn’t Ignite Buyers

Crude Oil had a consolidated run on Monday as it refused to signal any direction. The fact that the commodity didn’t sell off further didn’t act as a spring for potential buyers. Crude Oil Inventories will come from the States tomorrow, and the commodity will likely be volatile again in the near term. The 44.00 U.S Dollars a barrel mark remains a focus.

USD/JPY: Yen May Continue to Test Softer Values

The Yen has range traded against the U.S Dollar. However, the Yen remains within a weaker domain and continues to lurk above the 114.00 mark. Recent economic data from Japan has proven uninspiring, but the Nikkei equity Index has seen some buying which may continue to mean the Yen will test softer values.

GBP/USD: Traders Can Take Advantage of Range

The Pound and U.S Dollar essentially danced in place on Monday. The 1.29 level remains short term resistance for the British currency. Recent data from the U.K proved negative and this has created some headwinds for the Pound. However, the currency remains within an interesting juncture and may allure traders looking for short term range movements.

Yaron Mazor is a senior analyst at SuperTraderTV.

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