Daily Market Forecast, March 29, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold’s short-term selling trend has continued as the U.S Dollar has become stronger.

EUR/USD: Euro Loses Value and Support Level Insight

The Euro lost value after U.S Gross Domestic Product numbers came in stronger than projected. The European currency is near 1.2325 against the U.S Dollar. Support lurks near the 1.23 level and traders may be tempted to look for more downside action today.

Gold: Selling Trend Picks up Power

A short-term selling trend in Gold picked up the power on Wednesday. The commodity is near 1328.00 U.S Dollars an ounce. After making strong gains last week, Gold has found the road tougher the past few days as the U.S Dollar has rebounded. Speculators may attempt to sell the precious metal near term.

USD/JPY: Weaker Yen Helps Nikkei Index

The Yen has weakened and is near 106.50 versus the U.S Dollar. The Japanese currency is challenging the weaker realms of its mid-term range and resistance hovers around the 107.00 juncture. The Nikkei Index has made cautious gains this morning and has likely been helped by the weaker Yen.

Crude Oil: Entrenched within Tight Range

Crude Oil is trading near 64.50 this morning. The commodity has been in a consolidated position the past couple of days. U.S Crude Oil appears to be entrenched within a tight range, and before the long holiday weekend starts some traders may be tempted to sell the energy, but patients may be needed.

GBP/USD: Pound Falters as U.S Dollar Rebounds

The Pound is below the 1.41 juncture after losing value upon the solid results from the U.S GDP data. The British currency remains within the stronger realms of its mid-term range and some traders may believe it has the potential to erode near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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