Daily Market Forecast, July 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Euro Goes into Holding Pattern

The Euro experienced an intriguing trading session on Tuesday, as it climbed higher and tested resistance near the 1.1575 level against the U.S Dollar and then sold off slightly. As the European Central Bank meeting on Thursday drawers closer, traders have displayed slight nervousness, and a holding pattern has begun to develop. The Euro may continue to offer opportunities for market participants looking for reversals today if a narrow support and resistance ratio continues.

Gold: Upside Momentum Stays Solid

Gold is trading near 1240.00 U.S Dollars an ounce after putting in more gains on Tuesday. The precious metal has opened with downside pressure this morning as speculators may be cashing in profits. However, Gold remains entrenched within a solid short term trend and traders may continue to test its upside momentum.

GBP/USD: Inflation Results Hit Pound

Yesterday’s Consumer Price Index data from the U.K proved disappointing, and the Pound was sold against the U.S Dollar as a result. However, the Pound continues to trade above the 1.30 mark in the short term. If the Pound is able to stay above this important support level, traders may try to ride the British currency higher with speculative positions.

USD/JPY: Strength in Focus as BoJ Set for Tomrrow

The Yen remains in a tight range against the U.S Dollar while continuing to display strength. The 112.00 level is in focus for investors as they await tomorrow’s Bank of Japan monetary policy meeting results. The Yen will become volatile early on Thursday.

Crude Oil: U.S. Supply Data and Tight Range

Crude Oil Inventories data will come from the U.S today. The commodity has been quite consolidated early this week offering traders a chance to take advantage of short term movements within the 46.00 U.S Dollars a barrel mode. Supply numbers continue to dictate Crude Oil as concerns remain about its mid-term outlook.

Yaron Mazor is a senior analyst at SuperTraderTV.

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