Daily Market Forecast, July 24, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Further Room to Climb

The Euro will be watched by investors carefully as its starts trading this week. The European currency is testing long-term highs and the 1.17 resistance level has come into sight against the U.S Dollar. Traders looking for reversals downward may want to reconsider stepping in front of the Euro’s strong trend, because the Euro may have some further ground to climb.

Gold: Upwards Momentum Builds

Gold climbed before going into the weekend and is around 1260.00 U.S Dollars an ounce. The precious metal has seen an increase of buyers on the notion the Federal Reserve will hold off on another interest rate hike in the near term. The big week of U.S data on the calendar in the coming days will add to Gold’s speculative flair. Gold may have some additional momentum upwards to traverse.

Crude Oil: OPEC Meeting in Russia

Crude Oil began to give back its gains on Friday and enters this week below the 46.00 U.S Dollars a barrel mark. An Opec meeting will take place in Russia today, but the meeting will not discuss output from Nigeria and Libya. Oversupply remains an important aspect of trading for speculators and some additional downside pressure could be seen this week.

USD/JPY: Yen Gains as Dollar Stays Vulnerable

The Yen has continued to gain against the U.S Dollar in early trading on Monday as Japanese equities have seen more selling. The important 111.00 region for the Yen appears vulnerable and traders who are selling the U.S Dollar against the Yen may be eyeing the 110.00 mark as a goal.

GBP/USD: Pound Takes Small Steps Higher

The Pound has gained against the U.S Dollar in small steps. The British currency has climbed above the 1.30 mark. GDP data will come from the U.K on Wednesday which will factor into trading. The Pound may have the ability to test higher value realms against the U.S Dollar in the short-term.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.