Daily Market Forecast, August 30, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Texas Flooding and Speculation

The Yen has weakened in the past twelve hours as Asian investors have begun to shrug off the North Korean saga, and a good Retail Sales report from Japan has helped optimism. The Yen is trading below the 110.00 resistance level against the U.S Dollar. Traders may attempt to buy the U.S Dollar against the Yen in the short term but should be aware of technical reversals.

Gold: Precious Metal Declines

Gold has come off of its highs. The precious metal is trading below 1320.00 U.S Dollars an ounce as safe haven traders have decreased their positions. Gold is still within the stronger realms of its value, but speculative traders could look to sell the metal with the belief it is overvalued.

EUR/USD: Short Term Headwinds

The Euro has lost value after testing long term highs on Tuesday. The European currency is below the 1.20 mark against the U.S Dollar. After putting in fast and convincing gains the past few trading sessions, the Euro has found some resistance and may continue to see some short term headwinds.

GBP/USD:  Reactive Range Trading

The Pound has seen some selling the past twelve hours after testing short term highs. The Pound remains in a rather reactive trading range against the U.S Dollar as it hovers above the 1.29 juncture. Technical traders will likely be out in force as they look for reversals today.

Crude Oil: U.S. Crude Stays under Pressure

Crude Oil has stayed under pressure as concerns about a lack of buying have hurt the commodity in the wake of the flooding in Texas. U.S Crude Oil remains under 47.00 U.S Dollars a barrel and traders should be ready for the potential of volatility in the coming days.

Yaron Mazor is a senior analyst at SuperTraderTV.

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