Daily Market Forecast, March 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold has been taken to critical support as it has failed to sustain upward momentum.

EUR/USD: Traders Positioning Themselves for Fed

The Euro remains near support as it trades below the 1.23 juncture versus the U.S Dollar. Trade Balance data will come from the European Union today, but traders remain focused on the upcoming U.S Federal Reserve meeting this week. The Euro may range trade near term as investors position themselves.

Gold: Bullish Speculators Growing Nervous

Gold has proven difficult for bullish investors the past week. The precious metal is near crucial support of 1313.00 U.S Dollars an ounce. Downward momentum has been plentiful in the short term, and speculators who have been embracing long positions of Gold are likely growing nervous.

USD/Yen: Yen Strong as Abe’s Troubles Grow

The Yen continues to incrementally get stronger versus the U.S Dollar. The Japanese currency is near 105.80 this morning as a political crisis causes more trouble for Prime Minister Abe. The U.S Dollar may continue to be sold against the Yen as a risk adverse trade by investors who remain nervous about Japan’s political scandal.

Crude Oil: Tight Ranges Need Patience

U.S Crude Oil has seen consolidated trading the past few weeks. The energy is below 62.00 U.S Dollars a barrel. Traders within the commodity need to be patient as ranges get tested.

GBP/USD: Pound Languishing as BoE Awaits

The Pound continues to languish in range versus the U.S Dollars as investors take a wait and see approach. The Bank of England’s Monetary Policy Summary will be released this Thursday and certainly impact the British currency.

Yaron Mazor is a senior analyst at SuperTraderTV.

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