Daily Market Forecast, July 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Sentiment Will be Tested All Day

The Euro will be tested leading up to the U.S Federal Reserve’s pronouncements late today. The European currency has held onto its stronger realms, but has not been able to push forward against the U.S Dollar. The 1.1650 mark is a focus for investors and the Euro may have the ability to add value in the coming day if bullish sentiment takes control.

Crude Oil: Bullish Behavior Early This Week

Crude Oil broke upwards on Tuesday and through important resistance. The commodity is above 48.00 U.S Dollars a barrel and traders have showed bullish behavior early this week. Crude Oil Inventories will come from the States and speculators may continue to try and ride the commodities trend higher today.

GBP/USD: Anticipating Important Data

Pound traders have been anticipating today’s U.K Gross Domestic Product numbers all week. The British currency has been in a tight range against the U.S Dollar and the 1.3050 level continues to look like short-term resistance. The Pound will also be affected by the U.S Federal Reserve’s Monetary Policy Statement later. Traders should be ready for fast trading and they may continue to be tempted by higher values.

USD/JPY: Yen Retreats Lower

The Yen has retreated lower against the U.S Dollar in early trading this morning. The Nikkei Index has seen some positive buying. The Yen will see further volatility develop later today when the U.S Federal Reserve issues its FOMC Statement. The 112.00 level for the Yen is now in focus.

Gold: Precious Metal Turns Volatile

Gold experienced early volatility on Tuesday as its price sunk by nearly ten dollars. The precious metal is near 1250.00 U.S Dollars an ounce regarding support, but Gold traders should expect an increase via fast conditions as speculators wager on the U.S central bank’s outlook which will be delivered later.

Yaron Mazor is a senior analyst at SuperTraderTV.

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