Daily Market Forecast, September 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Yen has remained weak against the U.S Dollar as the Nikkei Index gathers strength. The Pound was not able to punch through resistance against the U.S Dollar yesterday, and Gold continues to face headwinds.

USD/JPY: More Potential Weakness for Yen

The Yen has traded in range early this morning, but this follows further weakness on Monday. The Yen is trading near 111.50 against the U.S Dollar. The Nikkei Index is playing a game of catch up with other equity markets and has surged higher this morning, which signals more potential weakness for the Yen.

Gold: Risk Sentiment Shift Hitting Gold

Gold put in strong declines yesterday and broke below important support. The precious metal is near 1308.00 U.S Dollars an ounce this morning and remains a speculative battleground. As risk sentiment continues to shift in global equities, Gold has certainly been put under pressure and it may continue to face headwinds.

GBP/USD: Technical Trading Today

The Pound was not able to punch through its resistance on Monday. The British currency is near 1.35 against the U.S Dollar. Bank of England Governor Mark Carney reiterated his views yesterday about the need to raise U.K interest rates in the near term. The Pound is likely to see technical reversals based on short-term support and resistance parameters today.

EUR/USD:  German Election Approaching

The Euro has continued to inch higher and is near 1.1970 in early trading this morning. The German election which will be held this weekend is on the mind of many investors, but a victory by Angela Merkel is widely expected. The Euro is approaching important resistance but continues to look strong.

Crude Oil: More Upside Potential?

U.S Crude Oil has held its ground. The commodity made slight gains on Monday and has shown the ability to not be pushed back. The consolidated strong movement from U.S Crude Oil the past two weeks has been noteworthy. Traders may continue to look for some upside potential, but they will need patience.

Yaron Mazor is a senior analyst at SuperTraderTV.

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