Daily Market Forecast, July 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Consolidation Will Disappear

The European Central Bank’s Minimum Bid Rate publication and its Press Conference which will follow are certain to move the Euro against the U.S Dollar today. The European currency traded in a stubborn range on Wednesday. However, consolidation for the Euro against the U.S Dollar will disappear as ECB President Mario Draghi begins speaking and traders will see widespread volatility ensue. The Euro may get stronger later today.

Crude Oil: A Week of Gains for Crude Oil

Crude Oil picked up additional value on Wednesday after the supply numbers from the U.S showed another shortfall of supply. Crude Oil has put in a steady week of gains and is traversing near important resistance around 47.00 U.S Dollars a barrel. Speculators may be tempted to sell the commodity, but they will need to be patient.

USD/JPY: Yen Stays within Stronger Realm

The Yen has continued to stay within it’s a consolidated range following the Bank of Japan’s monetary policy statement. The Yen continues to trade near the 112.00 mark against the U.S Dollar and investors may continue to believe the Japanese currency could gain strength in the short term.

GBP/USD: A Search for Upside Value

The Pound like most currencies has remained in a solid range against the U.S Dollar in the short term. The 1.30 level continues to be important support. Retail Sales numbers will come from the U.K today, but the Pound will also be influenced by the European Central Bank meeting. Traders may continue to look for upside value from the Pound against the U.S Dollar.

Gold: Slight Selloff This Morning

Gold has sold off slightly this morning, some of the downside pressure developed when the Bank of Japan lowered its official inflation target for the next two years. However, the precious metal remains within a stronger price realm and the 1240.00 U.S Dollars level is in focus short-term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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