Daily Market Forecast, July 17, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

GBP/USD: Rash of Buying on Friday

The Pound saw significant buying on Friday and has continued to trend higher early today. The British currency saw a rash of demand when economic data from the States caused investors to believe the U.S Federal Reserve will have to remain cautious. The Pound is testing the 1.31 level against the U.S Dollar having broken through important resistance. Traders may continue to be bullish, but should be alert for potential reversals.

Gold: Gold Climbs in Early Trading Monday

The precious metal experienced a mini Gold rush on Friday as it climbed after U.S inflation data missed its estimate. The precious metal has continued to see additional buyers early this morning and is near 1230.00 U.S Dollars an ounce. Gold will continue to be speculative this week as the European Central Bank meeting looms this Thursday.

EUR/USD: Cautious Gains as ECB Looms

The Euro gained on Friday quickly in the aftermath of the weaker than expected Consumer Price Index report from the States. However, the Euro was not able to punch through important resistance near the 1.15 mark and it remains rather consolidated. Traders may continue to look for upside movement, but should expect range bound action to likely dominate today.

USD/JPY: Test of Short Term Strength

The Yen swiftly got stronger on late on Friday against the U.S Dollar. The 112.00 level appears to be short term support. The Bank of Japan will be meeting on Thursday and the Yen could be tested in the days to come as traders weigh their risk appetite. The Yen may continue to test its strength short term.

Crude Oil: Maintains Gains but Remains Speculative

Crude Oil has maintained its short term rally and will be of interest this week to traders who believe it could reverse once again. The price of the commodity climbed from lows early last week and was able to hold onto its gains. However, supply and production concerns from the energy sector remain and speculators will test Crude Oil with this in mind.

Yaron Mazor is a senior analyst at SuperTraderTV.

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