Daily Market Forecast, March 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

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Published: Mar 20, 2018, 09:08 UTC

The U.S Dollar has been weaker in forex as the Euro and Pound lost value. The Yen has been weaker versus the U.S Dollar.

Gold was able to fight off of key support levels on Monday but remains priced within the lower boundaries of its mid-term range.

EUR/USD: Upside Momentum Develops for Euro

The Euro was able to find upside momentum on Monday and is around 1.2340 versus the U.S Dollar. A German Business Sentiment report will be published this morning, but tomorrow’s U.S central bank decision looms and traders are braced for its impact. Speculators may look for more gains from the Euro, but their risk management should be in place.

Gold: Precious Metal Fights Off Lows

Gold came off its lows on Monday. The precious metal is near 1316.00 U.S Dollars an ounce. Gold remains within the lower depths of its mid-term range and traders looking for additional upside should be careful. Tomorrow’s U.S Federal Reserve monetary policy outlook will be crucial for the commodity.

USD/JPY: Yen Needs Care in Coming

The Yen has lost some value the past day and is around 106.25 against the U.S Dollar. The Nikkei Index declined today, and the political scandal engulfing Prime Minister Abe continues to rattle investors. The Yen should be treated carefully in the coming days and will be highly speculative.

Crude Oil: Gains Made to Start the Week

Crude Oil gained slightly on Monday and is back above the 62.00 U.S Dollar a barrel juncture. The commodity has been consolidated and traders need patience in order to take advantage of what may be additional range tests to come.

GBP/USD: Brexit Transition Get Agreement

On the heels of the announcement between the European Union and U.K of an arrangement for the Brexit transition, the Pound jumped in value and is above 1.40 against the U.S Dollar. Speculators may look for additional upside value near term from the British currency.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.