Top Trading Tips – GBP/USD, Gold, EUR/USD, USD/JPY and Crude Oil – June 8, 2017

GBP/USD: Wild and Volatile Ride Expected

The Pound has declined slightly in early trading this morning, but traders should expect a wild and sometimes volatile ride with the British currency all day long. The U.K Parliamentary election is underway in Britain and its results will not be known until late tonight and early tomorrow morning. The 1.29 to 1.30 range levels needs to be watched carefully. Traders looking to participate in forex with short term positions will need to remain constantly alert today.

Gold:  Prepare for Fast Conditions

The precious metal has come off of its high water marks early, but like all of the broad markets today traders must be prepared for fast conditions. Gold has been trading near the 1290.00 U.S Dollars an ounce level. However, because of the mammoth amount of risk events unfolding, traders should have risk management in place with every position they attempt today.

EUR/USD: ECB & Substantial Tests Coming

The Euro saw a sudden and steep decline on Wednesday, only to emerge from its lower short term depths and resume its stronger stance within a couple of hours. The European Central Bank Press Conference is today, and along with other developing news is certain to create a substantial amount of tests for the Euro. The 1.13 resistance mark remains short term resistance for the Euro against the U.S Dollar.

USD/JPY: GDP Numbers Disappoints

The Yen has lost some value against the U.S Dollar, but like all of forex will see plenty of tests today as its range gets tested. In the short term the 110.00 level looks like resistance against the U.S Dollar. Japan’s GDP numbers this morning were disappointing, but the Nikkei Index has shown some risk appetite early.

Crude Oil: Crude Oil Falls Through Support

Crude Oil fell through support yesterday upon the U.S supply numbers coming in with a stronger outcome than expected. However, speculative forces may have also used the large supply reading as an excuse to sell the commodity further. Crude Oil will remain a rough market and headwinds may continue for the commodity. The 46.00 U.S Dollars a barrel level may be tested further.

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