Daily Market Forecast, July 27, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Euro Must Be Watched by Traders

The Euro has gained very well since the release of the U.S central bank’s policy statement. The Euro is firmly above the 1.17 level against the U.S Dollar. The European currency will be important to watch over the next two days, as it tests long term highs not seen since 2015. The Euro has the potential to test the 1.18 mark against the U.S Dollar in the near term.

Gold: Precious Metal Rockets Upwards

Gold has proven a speculators market the past day. The precious metal has rocketed upwards and is testing 1270.00 U.S Dollars an ounce. The lack of a firm timetable from the U.S Federal Reserve regarding its next interest rate hike, has given previously cautious traders another reason to buy Gold. In the short term the precious metal may continue to find higher momentum.

USD/JPY: Yen’s Trend is Strong

The Yen has added value against the U.S Dollar and has fallen through the support ratio of 111.00. The Japanese currency’s trend has been strong the past couple of weeks and Asian traders may continue to sell the U.S Dollar against the Yen. Important inflation data will come from Japan on Friday.

GBP/USD: Pound Helped by Federal Reserve

While the U.K Gross Domestic Product number met expectations yesterday, it was the U.S Fed’s policy statement which has helped the Pound become stronger against the U.S Dollar. The British currency is trading comfortably above the 1.31 level early this morning and it may continue to attract buyers in the short term.

Crude Oil: U.S. Supply Numbers Fall Short

Crude Oil held onto its value on Wednesday. Supply numbers from the U.S came in below expectations. Crude Oil remains above 48.00 U.S Dollars a barrel and has put in solid gains this week. While speculators may believe the commodity will reverse and retest lows, traders should be aware of the short term momentum which still may be able to pump some value into Crude Oil.

Yaron Mazor is a senior analyst at SuperTraderTV.

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