Daily Market Forecast, March 28, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

GDP numbers from the U.S will have an effect on forex. The Yen has been consolidated. Gold came off highs on Tuesday as traders took advantage of known resistance.

EUR/USD: Choppy Trading Conditions Expected

The Euro met resistance on Tuesday and did come under price pressure, but in early trading this morning the Euro has seen another bounce higher and is near 1.2420 versus the U.S Dollar. Choppy trading conditions are expected today before the important U.S Gross Domestic Product data is released.

Gold: Risk Management a High Priority

Gold lost value on Tuesday as it relented to selling pressure upon touching important high water marks. The precious metal is near 1346.00 U.S Dollars this morning. The commodity remains highly valued and risk management should be a priority today for speculators who are short-term oriented.

USD/JPY: Caution Needed as a Breakout Lurks

The Yen has traded in a consolidated range as sentiment in the Asian equity markets has taken a turn for the worse again. The Japanese currency is near 105.50 and has essentially held a very solid ground the past day. Traders seeking new Yen positions should practice caution today because a breakout may be lurking.

Crude Oil: Unable to Sustain Short Term Trend

U.S Crude Oil lost value on Tuesday as it higher values were not able to sustain short-term momentum. The commodity is below 65.00 U.S Dollars per barrel. U.S Crude Oil Inventories data will be released today and could factor into trading if there is a surprising result.

GBP/USD: Pound Falls from Highs

The Pound came off of highs on Tuesday and is below the 1.42 level versus the U.S Dollar. However, the British currency remains within its higher boundaries and is certain to become speculative as the day develops and traders digest the growth numbers which will come from the States.

Yaron Mazor is a senior analyst at SuperTraderTV.

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