Daily Market Forecast, September 5, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: Testing Support Near-Term

As investors continue to display jitters in Japan regarding the North Korea situation, the Yen has incrementally gotten stronger. The Japanese currency is trading above the 109.00 level against the U.S Dollar, but continues to show signs of testing support. Traders may attempt to sell the U.S Dollar further against the Yen near term.

Gold: Upside Sought by Traders

The precious metal has risen in value early this morning. Gold continues to punch through short term resistance and is hovering around 1340.00 U.S Dollars an ounce. Speculative traders may continue to seek upside with the precious metal, but they should have their risk management in place.

EUR/USD: Technical Reversals Expected

The Euro gained on Monday and has held its territory early. The Euro is above 1.19 against the U.S Dollar. The European Central Bank meets this Thursday and will impact the currency. Technical reversals may remain a factor for the Euro the next couple of days.

Crude Oil:  Crude Oil Keeps Pace

Crude Oil has kept its pace as it has gained. As U.S traders return to the markets after their long holiday weekend, some volatility should be expected. Crude Oil may continue to show upside potential today. 48.00 U.S Dollars a barrel looks to be resistance.

GBP/USD: Theresa May’s Speech

The Pound has been under slight pressure on Brexit whispers regarding the timetable for a speech from Prime Minister Theresa May. The Pound may range trade in the short-term until investors have more clarity regarding Brexit ramifications. The 1.29 level must be monitored for the Pound against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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