Daily Market Forecast, March 12, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro and Pound showed the ability to stay above important support levels late last week. Gold has been steady this morning after reversing off lows on Friday.

EUR/USD: Support Levels Hold and Euro Steady

The Euro has opened in steady fashion this morning and is near 1.2325 against the U.S Dollar. Traders who believe the European currency has an opportunity to put in gains near term may find courage because the Euro showed the ability to stay above significant support levels late last week.

Gold: Upside Potential Short Term

Gold has produced a tight range early today, as it remains near 1322.00 U.S Dollars an ounce. The precious metal was able to bounce from key low water marks on Friday and speculators may look for upside potential short term.

USD/JPY: Incremental Gains for Yen

The Yen has added incremental value against the U.S Dollar. The Japanese currency is near 106.40. The Nikkei Index has made impressive gains this morning as risk appetite has clearly increased in the Asian markets. The Yen may be ready to strengthen further.

Crude Oil: Strong Reversal for U.S Crude Oil

U.S Crude Oil jumped in value on Friday as it reversed off its lower values. The commodity is around 62.00 U.S Dollars a barrel and may be ready to now test prices within the higher realms of its mid-term range.

GBP/USD: Bullish Report Coming Tomorrow?

The Pound has remained within the weaker ground of its mid-term range but has shown an ability to not fall below crucial support as it remains comfortably above the 1.38 level. Tomorrow’s Annual Budget Release from the U.K may prove bullish for the Pound short term.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.