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

GBP/USD: Upside Short Term Potential

The Pound maintained a tight trading range on Monday. The 1.27 level continues to act as support for the British currency and U.S Dollar. A coalition deal within the British government yesterday was announced by Prime Minister Theresa May which has given her some needed stability. Bank of England Governor Mark Carney will be speaking in London this morning. The Pound may attract traders who believe it has upside potential.

Gold: Flash Crash Absorbed

Gold absorbed a huge sell order in the New York market yesterday and its price sank in a violent manner. However, after the massive fall the precious metal stabilized. The 1240.00 U.S Dollars an ounce mark appears to be support. Traders tempted by the prospects of a reversal will want to be careful today after yesterday’s troublesome move downwards, and a speculative buy position should be protected with solid risk management.

EUR/USD: Test of Values Coming

The Euro climbed above the 1.12 price against the U.S Dollar on Monday, only to give back its gains later in the day. A solid consolidated range for the European currency has been self-evident for a week. However, the Euro continues to hold onto its top heavy range and traders will likely continue to take advantage of short term reversals as it tests support and resistance levels.

Crude Oil: Stable and Speculative

Crude Oil has been stable the past couple of trading sessions. However, it has not been able to sustain a climb upwards. The 43.00 U.S Dollars a barrel continues to be a focal point in the market. Tomorrow Crude Oil Inventories will come from the States and it may serve as an excuse for additional volatility. If the commodity remains stable it might become an interesting speculative buy opportunity short term.

USD/JPY: Yen Slightly Weaker

The Yen has continued to lose slight value to the U.S Dollar. The 112.00 level looks to be resistance for the currency pair. The Nikkei Index has made small gains early this morning which highlights risk appetite is still active. Traders may want to buy the U.S Dollar against the Yen if Japanese equities remain positive.

Yaron Mazor is a senior analyst at SuperTraderTV.

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