Daily Market Forecast, September 27, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Euro and Pound continued to have their mid-term strength tested against the U.S Dollar as selling battered both currencies on Tuesday. Gold experienced fast trading which led to a sharp downward reversal.
EUR/USD: The Search for Equilibrium
The Euro produced a tough downward trajectory on Tuesday as the currency’s slide grew intense. The Euro is trading below 1.18 against the U.S Dollar and will continue to be tested. With little major economic data on the calendar today, the Euro will likely see speculative trading as a search for a technical equilibrium escalates.
Gold: Elevator Ride Movement
Gold experienced ‘elevator ride’ like movement yesterday. Having put in a strong gain early, the precious metal promptly began to decline. Early trading this morning has hinted at some buying, but Gold remains near 1295.00 U.S Dollars an ounce. Traders may continue to test the precious metal for further weakness.
GPB/USD: Short-Term Reversal Tempting
The Pound lost value against the U.S Dollar yesterday like many major currencies. The Pound is near the 1.3450 juncture against the U.S Dollar. Having put in solid gains the past few weeks, the British currency’s short-term reversal may begin to tempt traders who believe it has been oversold.
USD/JPY: Speculative Price Action Not Done
The Yen produced whipsaw trading on Tuesday. After becoming stronger early, the Yen turned and began to weaken. The Japanese currency is now near 112.50 against the U.S Dollar, and its speculative price action is likely not done.
Crude Oil: Supply Numbers from U.S. Today
Crude Oil remains positioned within its higher short-term boundaries. Crude Oil Inventories data will be released from the States today which could prove important. It has now been about three weeks since Hurricane Harvey, and supply numbers for U.S Crude will be intriguing and could shake the market.
Yaron Mazor is a senior analyst at SuperTraderTV.
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