Daily Market Forecast, March 8, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro has seen a tight range the past day, the Yen has weakened slightly. Gold has slumped in value and is near important support.

EUR/USD: Will Draghi Try To Sound Dovish?

The Euro ground out a steady range on Wednesday and is trading above the 1.24 level against the U.S Dollar. Today’s European Central Bank Press Conference is being heavily anticipated and will impact forex. Even as E.U economic data appears to be improving, it is expected ECB President Draghi may try to sound rather dovish. If that turns out to be a reality, the Euro could trade lower.

Gold: Tranquil Markets Hurting Gold

Gold has traded lower and is near 1328.00 U.S Dollars an ounce. Global markets have become more tranquil and risk on trading appears to be in vogue. The precious metal is once again trading above a rather well-practiced support level, which has occasionally been broken the past month. Speculators may look for downside values from Gold in the near term.

USD/JPY: Bank of Japan Monetary Policy Tomorrow

The Yen has gotten weaker as risk appetite has improved among global traders in the past twelve hours. The Japanese currency is above 106.00 versus the U.S Dollar and may test resistance around 107.00 near term. Tomorrow’s Bank of Japan Monetary Policy Statement should be monitored.

Crude Oil: Established Range Being Tested

U.S Crude Oil is hovering above the 61.00 U.S Dollars a barrel level and appears to face stiff headwinds short term. The consolidated range of the commodity has been noteworthy the past couple of weeks and its established range may see a test of support near 60.00 U.S Dollar.

GBP/USD: Pound Steady as Speculators Lurk

The Pound was able to incrementally add value the past day and is above the 1.39 level against the U.S Dollar. While economic data from the U.K has been rather lackluster, the British currency has been able to maintain a fairly steady range. Speculators looking for downside potential near-term could not be blamed.

Yaron Mazor is a senior analyst at SuperTraderTV.

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