Yahoo Finance Daily Market Forecast, January 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
Gold is relatively flat and Crude Oil has seen consolidated trading. The European Central Bank delivers its monetary policy outlook on Thursday.
EUR/USD: European Central Bank on Thursday
The Euro remains above 1.22 against the U.S Dollar early this morning. Traders should note the European Central Bank’s monetary policy outlook will be delivered on Thursday and until then the Euro may face a test of its range. The Euro remains highly valued, but speculators may be tempted to look for additional value for the currency.
Gold: Relative Flat Trading as Risk Events Lurk
Gold has been relatively flat as trading has begun today. The precious metal is near 1331.00 U.S Dollars an ounce. Traders may look at Gold as a solid risk adverse asset in the coming days with a busy week of data and events ahead. The commodity continues to deal with resistance around 1340.00 U.S Dollars, but some speculators may believe the level is vulnerable.
GBP/USD: Pound Testing a Variety of Technical Highs
The Pound has held its ground the past week of trading as it has attained values which continue to test a variety of technical highs. Retail Sales data from the U.K were weak before going into the weekend, but this didn’t create headwinds. The Pound is comfortably above the 1.38 juncture versus the U.S Dollar and may continue to attract buyers.
Crude Oil: A Display of Consolidation Emerging
Crude Oil has begun to display serious consolidation the past couple of weeks. After climbing a steady trend the past few months, U.S Crude Oil has found plenty of resistance. The commodity hovers around 63.50 U.S Dollars a barrel and traders who believe a reversal is in order need to use their risk management this week.
USD/JPY: Range Trading Dominates Yen
Range trading has dominated the Yen the past week. The Japanese currency is near 110.80 again this morning after a spurt of weakness on Friday. The U.S Dollar has been sold off slightly against the Yen this morning, and traders may continue to look for the Yen to get stronger near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
