Daily Market Forecast, March 15, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex produces a rather choppy trading on Wednesday, but the U.S Dollar was fractionally stronger against the Euro and Pound. Gold produced a consolidated session yesterday.

EUR/USD: Choppy Conditions Expected

The Euro is trading around 1.2380 against the U.S Dollar and has seen a rather tight range the past day. However, the Euro has experienced some downside pressure and with a European Union inflation data release scheduled tomorrow, the short term is likely to produce choppy conditions for traders.

Gold: Consolidated Mode Not Likely to Last

Gold tested values within a consolidated mode on Wednesday, and its price early is near 1327.00 U.S Dollars an ounce. Traders should not be lulled into a false sense of tranquility in Gold and should remain prepared for volatility to re-emerge. However, speculators may look for downside momentum if they can react quickly enough.

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GBP/USD: Technical Mode Dominating the Pound

The Pound came off highs yesterday but remains within eyesight of the 1.40 juncture versus the U.S Dollar. Patient traders may look for weakness in the British currency near term, but the Pound may remain locked within a technical mode the remainder of the week against the U.S Dollar.

USD/JPY: Important Support being approached for Yen

The Yen has proven one of the stronger major currencies versus the U.S Dollar in the short term. The Japanese currency is near the 106.00 level and important support lurks around the 105.50 ration, which could prove an important testing ground for the Yen if it is approached.

Crude Oil: Supply Proves Strong in States

U.S Crude Oil inventories proved many analysts wrong yesterday as supplies came in stronger than expected. However, Crude Oil remains above 61.00 U.S Dollars a barrel. Speculators may look for short-term pressure to develop for the commodity but they should have risk management in place.

Yaron Mazor is a senior analyst at SuperTraderTV.

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