Daily Market Forecast, February 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold remains in choppy conditions and near support, but U.S Crude Oil has continued it short term surge and its ten-day trend upwards has not gone unnoticed by speculators in the energy sector.

EUR/USD: Vicious Trading in Euro Could Continue

The Euro has been in a firefight since February the 15^th and the currency remains near low water marks.  European Central Bank President Mario Draghi will be speaking this afternoon. Investors have been whipsawed by the Euro versus the U.S Dollar the entire month of February and this week’s trading may prove vicious also, particularly if Mario Draghi sounds cautious this afternoon.

Gold: Relatively Calm but Danger Remains

Gold has produced a challenging month of results. The precious metal opened near important short-term support this morning. However, Gold maintained calm trading before going into the weekend. But with important speeches coming from central bank leaders this week, the commodity will react and U.S Dollar sentiment will a key again.

Crude Oil: Solid Short Term Range and Gains

U.S Crude Oil gained well on Friday and is comfortably above 63.00 U.S Dollars a barrel early. The commodity has enjoyed a solid short-term range and put in fairly consistent gains the past week and a half. Resistance near term may be around 65.00 U.S Dollars, and speculators may be willing to try their luck with additional buying positions.

USD/JPY: Yen Looks Strong and Speculative

The Yen has reversed well off of weakness the past few trading sessions. The Yen continues to attract speculation. Manufacturing data will come from Japan mid-week, and next week the Bank of Japan will issue its monetary policy. Important support looks to be around 105.70 for the Yen versus the U.S Dollar.

GBP/USD: Troublesome Range for Short-Term Traders

The Pound finished fractionally stronger on Friday. However, the British currency has faced a torrent of whipsaw action. The range of the Pound for short-term traders has certainly been troublesome, but traders with a long-term approach may still be comfortable. The Pound will be affected heavily towards the end of this week when Prime Minister May delivers a Brexit speech on Friday.

Yaron Mazor is a senior analyst at SuperTraderTV.

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