Daily Market Forecast – All Eyes on the Fed

Gold fell again in value on Tuesday, but it has seen a reversal in early trading this morning after attracting some buyers. U.S Crude Oil lost some value yesterday but trading higher today.

EUR/USD: Euro Selloff and U.S Fed Statement

The Euro’s selloff continued on Tuesday as it sank below 1.20 and continues to hover near this ratio versus the Dollar. The U.S Federal Reserve’s Monetary Policy will rattle forex later, and the Euro is near crucial long-term support. Brave traders should have their risk management activated if they are looking for sudden reversals today.

Gold: Reversal Higher Creates Skepticism

Gold has attracted buyers early this morning, but the precious metal’s value is near 1311.00 which is a signal it is still vulnerable. Gold remained under pressure most of Tuesday, and its climb higher the past couple of hours may be looked at with skepticism by speculators.

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Crude Oil: Commodity near Important Support

U.S Crude Oil lost value on Tuesday and remains below 68.00 Dollars a barrel. The commodity is still positioned within the higher realms of its value and may continue to attract traders who believe it can climb. Crude Oil displayed good support at its current price levels last week.

USD/JPY: Yen Remains Weak as Traders Search for Change

The Yen’s weakness has not changed and it is trading below the 110.00 mark against the U.S Dollar. Early trading on the Nikkei Index has been negative. Traders looking for the Yen to get stronger should be careful, but cannot be faulted.

GBP/USD: Poor Manufacturing and Lending Data Hurt Pound

The Pound dropped below the 1.37 juncture versus the U.S Dollar on Tuesday following poor manufacturing and lending data in Britain. The Pound continues to falter through support levels and will face additional tests as the U.S interest rate outlook is published later today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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