Daily Market Forecast, June 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

GBP/USD: The Burden of U.K. Politics

The Pound continues to find a cumbersome range and the 1.27 mark against the U.S Dollar appears to be resistance. Political tremors continue in the U.K and the lack of clarity has caused investors to worry. Yesterday’s Public Sector Net Borrowing statistics were better, but the uncertainty surrounding Prime Minister Theresa May has proven burdensome. The Pound may continue to range and traders may continue to test its weakness with selling positions.

Gold: Upside Momentum

Gold has found more buyers in early trading. The precious metal has broken through resistance and the 1255.00 U.S Dollars an ounce level has come into sight. Cautious trading on the global equity markets the past day has created speculative maneuvering in Gold. Traders may continue to seek upside momentum in the precious metal the remainder of the today.

Crude Oil: Grabs Attention of Global Traders

The price of Crude Oil continues to get the attention of global traders. The commodity fell through another critical support level on Wednesday, when its downward trend crashed below 43.00 U.S Dollars a barrel. The past few hours have seen Crude Oil range trade, but investors must remain alert. The price of the energy is low, and speculators may continue to pursue lower values.

EUR/USD: Manufacturing PMI Data Friday

The Euro has fallen slightly in the past twenty-four hours, but it value is within an interesting range against the U.S Dollar. The 1.12 lever remains resistance. Tomorrow important Manufacturing Purchasing Managers Index readings will come from the continent. The Euro may attract traders who are looking for a reversal upwards.

USD/JPY: Risk Adverse Environment for Yen

The Yen has remained within a tight range against the U.S Dollar the past two days and the 111.00 value continues to be a focal point. Economic data via the All Industries Activity report yesterday did show a slight improvement. The Nikkei Index however has been cautious the past two days, and this has created a more risk adverse environment for Yen traders.

Yaron Mazor is a senior analyst at SuperTraderTV.

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