Daily Market Forecast, February 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Things will change today as U.S markets after its holiday. The Euro remains within shouting distance of the 1.24 level against the U.S Dollar.

EUR/USD: Full Day of Trading Volume on Plate

The Euro had a rather quiet day of trading on Monday. The European currency is near 1.2390 as of this morning. Yesterday’s holiday in the States put a damper on volume in forex. The Euro did lose some value, but with the return of the Americans, some speculators may bet on a reversal upwards.

Gold: Traders Targeting Support Levels?

Gold has lost value and is near 1341.00 U.S Dollars an ounce. The past two sessions have produced headwinds for the precious metal after hitting key resistance. Gold’s range may produce a test of support and traders may be looking at the 1335.00 level as a target, but cash management will be vital.

GBP/USD: Long-Term Outlook by Investors

Bank of England Governor Carney in a speech yesterday, said the central bank is braced for the U.K’s next crisis should it develop. The Pound is below the 1.40 level versus the U.S Dollar. Investors will gear their positions towards tomorrow’s Inflation Hearings in the U.K, and they may believe in the long term the Pound will add value.

USD/JPY: A Weaker Yen at this Juncture

The Yen has continued to lose slight value to the U.S Dollar and is around 106.75. The Nikkei Index has been cautious with moderate selling this morning, breaking a handful of winning sessions. Range trading will likely be seen until the return of the U.S traders later today.

Crude Oil: Solid Mid-Term Range Intact

Crude Oil is above 62.00 U.S Dollars a barrel. The commodity has proven to attract buying action since trading near the 59.00 USD level. The energy sector has proven rather stable and U.S Crude Oil remains within the upper boundaries of its solid mid-term trend.

Yaron Mazor is a senior analyst at SuperTraderTV.

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