Daily Market Forecast, September 7, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: A Test of Resistance via ECB?

The European Central Bank will wrap up their meetings today and conduct their Press Conference with Mario Draghi. The Euro has continued to maintain a strong stance. Traders need to be vigilant as fast conditions emerge. And investors may continue to look for upside and perhaps a re-test of the 1.20 juncture against the U.S Dollar if bullish sentiment proves strong.

Gold: Swift Trading Expected

Gold has experienced headwinds the past twelve hours as speculators grow cautious. Risk appetite has shown signs of life in Asia this morning, which has sparked some selling of the precious metal as it traverses near 1335.00 U.S Dollars an ounce. However, Gold remains highly valued and appears ready for additional swift trading to develop as its range gets tested.

Crude Oil: Speculative Conditions Coming

Crude Oil did past the 49.00 U.S Dollar a barrel mark on Wednesday. The commodity has continued to incrementally gain short term. U.S Crude Oil Inventories data will be released today and impact from Hurricane Irma will become a factor in the market. Speculative trading conditions are certain to develop in U.S Crude Oil near term.

USD/JPY:  Yen Weakens as Sentiment Improves

The Yen has traded weaker against the U.S Dollar this morning. The Japanese currency is above the important 109.00 level. Gross Domestic Product numbers will come from Japan tomorrow. The Nikkei Index has gained this morning as risk sentiment has improved in Asia.

GBP/USD: Steady and Strong

The Pound has remained strong the past day. The Halifax Home Price Index will come from the U.K today, but the Pound could be more influenced by the outcome of the ECB pronouncements. Traders should be on the lookout for technical reversals today. The Pound is above the 1.30 mark against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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