Daily Market Forecast, July 6, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Yen Range Remains Advantage for Traders

The Yen continues to trade in a rather tight range against the U.S Dollar. Tomorrow’s jobs numbers from the U.S may be creating some tentative investing in Asia. The 113.00 ratio between the Yen and U.S Dollar continues to be a focus. Japan will release Average Cash Earnings data early on Friday. The Nikkei Index has been rather cautious this morning. Traders may be able to take advantage of the rather range bound nature of the Yen in the short-term.

Gold: Opportunities Via Reversals

The precious metal has found some buyers early this morning, which has essentially brought the price of Gold back to the 1225.00 U.S Dollars an ounce level. A rather narrow range has been seen in the Gold market the past day, but short volatile bursts have been consistent too. Traders may try to take advantage of downside reversals if they believe short term resistance is coming into sight.

Crude Oil: Speculators Sell on Overvalued Notions

Crude Oil traded lower on Wednesday as speculators began to sell the commodity based on the notion it was overvalued. Crude Oil Inventories data will come from the States today. While the energy has found some early buying this morning, Crude Oil remains near important support and the 45.00 U.S Dollars a barrel mark may have significance. Volatility in the energy sector will likely remain strong the final two days of this week.

EUR/USD: A Dance of Support and Resistance

The Euro and U.S Dollar remained in a well-practiced support and resistance dance on Wednesday. Traders may be tempted to continue looking for upside potential if they feel support levels have been reached and will reverse. Yesterday’s Services PMI results from Europe were better than expected. The 1.13 level continues to act like support.

GBP/USD: Speculators Prepared for Fast Markets

The Pound has range traded this week fairly consistently against the U.S Dollar. The 1.29 mark is working as support. Traders may be positioning themselves for tomorrow important Non-Farm Employment Change numbers from the States, which could bring on fast market conditions by speculators.

Yaron Mazor is a senior analyst at SuperTraderTV.

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