Daily Market Forecast, July 31, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Loftier Testing Grounds

The Euro has faced some headwinds in early trading this morning against the U.S Dollar. However, the Euro continues to remain within it stronger boundaries and is above the 1.17 mark as speculators bet against the U.S Federal Reserve. The Euro will be in focus the entire week and could test higher ground in spurts over the coming days.

Gold: Speculating on Upside Value

Gold is near important psychological resistance as it battles with the 1275.00 U.S Dollars an ounce level. The precious metal has made a serious run upwards the past couple of weeks as the U.S Dollar has gotten weaker. Gold will remain a speculative market and traders may believe it has more upside.

USD/JPY: Investors Stay Risk Adverse in Japan

The U.S Dollar has continued to be sold against the Yen. The Japanese currency is traversing around 110.60 and its strength remains evident. The Nikkei Index has been cautious early this morning and investors may continue to be risk adverse short term. The Yen has the potential to add value and continue to test important support junctures below against the U.S Dollar.

GBP/USD: Bank of England Later This Week  

The Pound is above the 1.31 level this morning after gaining well against the U.S Dollar before going into the weekend. The Bank of England will come into the spotlight on Thursday with its Monetary Policy Summary. The Pound is within its upper realms and traders who are contemplating selling the British currency should be quick and vigilant.

Crude Oil: A Push Beyond Resistance

Crude Oil’s incremental climb has continued and it is slightly below 50.00 U.S Dollars a barrel this morning. The commodity has gained well the past two weeks and is near important resistance. If Crude Oil should burst higher and above short term resistance, it could then find speculators attempting an additional push upwards the remainder of the week.

Yaron Mazor is a senior analyst at SuperTraderTV.

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