Daily Market Forecast, September 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The U.S Federal Reserve and the upcoming German Election are certain to influence the broad markets. Global equities remain a vital barometer for investors as they gauge their risk sentiment.
EUR/USD: German Election Shadows
The Euro has continued to add value early this week. The U.S Federal Reserve and the upcoming German election are influencing the European Currency. Traders may continue to look for upside potential from the Euro against the U.S Dollar. But the question is if the European currency can sustain its gains, and not be pushed down by headwinds which have proven stiff the past month when new highs have been reached.
Gold: Global Equities as a Barometer
Gold has been pushed around early this week but has not fallen through important support near 1300.00 U.S Dollars an ounce. Global equities remain an important barometer for the precious metal, and if caution begins to emerge on the major equity Indexes Gold buyers could resume their speculative positions.
GBP/USD: Flurry Sustains Value
The Pound has put in a large flurry and remains within its higher boundaries. Even as a slight sell off occurred early this week, the Pound held onto its better values against the U.S Dollar. The Pound could continue to gain in the near term, but traders need to be patient and cautious, as reversals develop when the British currency gets tested by speculative elements.
USD/JPY: Nikkei Index the Key
The Yen remains within its weakened range against the U.S Dollar after the strong gains made on the Nikkei Index. However, if Japanese equities begin to see profit taking after its recent surge, the Yen could find itself getting stronger against the U.S Dollar in the near term.
Crude Oil: Additional Ground to Advance
Crude Oil may continue to produce consolidated trading. The mid-term range between 47.00 and 51.00 U.S Dollars a barrel has not changed much. U.S Crude is within its upper realm but may have some additional ground to advance in the short-term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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