Daily Market Forecast, July 25, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

GBP/USD: Reversal Opportunities Today

The Pound has continued to hold it higher ground against the U.S Dollar above the 1.30 level. Growth numbers will come from the U.K on Wednesday and in combination with the U.S Federal Reserve’s monetary policy tomorrow, the Pound may continue to see a rather tight range in the coming twenty four hours. Traders may find opportunities upwards if they can take advantage of short term technical reversals.

Crude Oil: Limited Gains as Glut Stays in Focus

Crude Oil made limited gains on Monday and is above 46.00 U.S Dollars a barrel. Opec continues to hold meetings in Russia today, as talks focus on trying to limit the glut of the commodity globally. Saudi Arabia has said it will cut back on supply, but other producers have not made these promises. Crude Oil will remain the domain of speculators and traders may be tempted to sell the commodity today.

EUR/USD: Speculators Eye Downside

The Euro traded in a tight range on Monday, as economic data from the Manufacturing and Services sectors were lackluster via Purchasing Managers Index readings. The Euro continues to hold onto its higher values against the U.S Dollar and is trading around 1.1650. However, speculators may look for downside pressure against the Euro, based on the belief it may have added too much value in the short term.

USD/JPY: Yen Still Looks Strong

The Yen has seen a limited range the past day. In early trading this morning the U.S Dollar has lost slight value to the Japanese currency. The Nikkei Index remains cautious as Asian traders seemingly wait for impetus from the U.S Federal Reserve on Wednesday. The 111.00 level for the Yen and U.S Dollar remain a fighting ground, but the Yen still looks strong.

Gold: Looking for Additional Value

Gold has traded in a consolidated range the past day. The 1260.00 U.S Dollars an ounce mark remains in play with speculation. Tomorrow’s Federal Reserve monetary policy statement will have an impact. In the short term traders may be tempted to attempt buying positions and for additional value to be added to the precious metal.

Yaron Mazor is a senior analyst at SuperTraderTV.

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