Daily Market Forecast, September 12, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex has seen plenty of range trading the past twenty-four hours as market participants are looking forward to the Bank of England’s Monetary Policy Summary on Thursday, and they watch global equities spark higher.

USD/JPY: Yen Retains Weakness

The Yen has range traded the past twelve hours. The Japanese currency, however, has retained its weaker stance since early Monday. The Yen is above the 109.00 level against the U.S Dollar. Buying momentum has continued on the Nikkei Index today. Meaning the U.S Dollar may continue to rise against the Yen as risk appetite appears to have been sparked.

Gold: A Shift in Short Term Sentiment

Gold has continued to see downside pressure build. The precious metal is near 1325.00 U.S Dollars an ounce, as many investors have shifted their risk sentiment to a more optimistic tune in the broad markets. And as global equities are being eyed as solid assets, Gold faces the possibility of more selling short term.

GBP/USD: Reversals and the Bank of England

Although the Pound came off its highs early on Monday, it has held onto its higher range and the 1.3180 juncture looks to be a focus against the U.S Dollar. The Bank of England will release their Monetary Policy Summary on Thursday, and until then short term technical reversals will likely dominate trading in the Pound.

EUR/USD:  Technical Buys near Support

The Euro has come off of its highs against the U.S Dollar as resistance has proven strong once again. The Euro is near the 1.1950 level and should be watched closely. The opportunity to buy near technical support levels may prove intriguing for investors today.

Crude Oil: Incremental Gains Energized

Crude Oil put in incremental gains on Monday after losing ground on Friday. Fears about more damage to the U.S energy sector infrastructure have decreased as Hurricane Irma appears to have been less destructive than anticipated. U.S Crude Oil is near 48.00 U.S Dollars a barrel and may continue to see some speculative buying.

Yaron Mazor is a senior analyst at SuperTraderTV.

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