Daily Market Forecast, July 13, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Yens Breaks Through Support

The Yen has gotten stronger against the U.S Dollar, as yesterday’s rhetoric from U.S Federal Reserve Chairwoman Janet Yellen has had an effect. The Yen has busted through short term support ratios, and traders may consider continuing to sell the U.S Dollar against the Japanese currency as the 112.50 support level begins to look enticing.

GBP/USD: Pound Gains and Traders Eye Higher Resistance

The Pound was able to find some support and put in gains on Wednesday. However, the gains likely were helped by U.S Fed Chairwoman Janet Yellen’s rather dovish comments. While U.K economic data met its expectations yesterday, but Brexit concerns remain. The Pound may continue to test higher values and traders may believe the 1.2950 level is alluring resistance.

Crude Oil: Speculative Grasp Controls Crude Oil

Crude Oil Inventories from the U.S came in far below their estimates on Wednesday. However, the commodity didn’t gain by much and has continued to range trade, which suggests Crude Oil is still within the grasp of a speculative market. Traders may look for some upside momentum and a test of the 46.00 U.S Dollars a barrel resistance level if they have courage.

EUR/USD: Euro Investors Looking Forward to ECB Next Week

The Euro has continued to see a rather intense test of its range this week against the U.S Dollar. The 1.14 to 1.15 level continues to hold and traders continue to test reversals. Inflation numbers from Europe today will have little effect on investors. Next week’s European Central Bank monetary policy meeting is being highly anticipated.

Gold: Sudden Volatility Remains a Concern

Gold put in a rather tranquil day of trading, but has managed to incrementally gain this week after last week’s selling surge hurt the precious metal again. The 1225.00 looks to be short term resistance, but traders need to keep their eyes out for sudden volatility which has certainly been a part of the Gold market the past few weeks.

Yaron Mazor is a senior analyst at SuperTraderTV.

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