EURUSD Reverses Near 1.2144, Will It Push Lower? 
The euro currency is trading with some modest losses on Wednesday. The declines come after price action made a rebound just a few pips above the 1.2050 technical support.
This rebound pushed prices to test their technical resistance level near 1.2144. Following this small rally, price action reversed gains.
At the moment, prices remain stuck within the 1.2144 resistance and 1.2050 support. With the stochastics oscillator moving out from the overbought levels, we expect to see a retest back to the 1.2050 level, a bit more firmly.
If the euro currency loses the support near 1.2050, then we expect a gradual decline towards the 1.1900 level next.
To the upside, a close above the 1.2177 – 1.2144 level, will open the way to further gains.
GBPUSD Briefly Rises Above 1.3700 But Fails To Hold
The British pound sterling continued its bullish rally with prices briefly rising above the 1.3700 handle once again.
However, the intraday gains were quickly scaled back as prices pulled back later in the day. As a result, the GBPUSD is currently trading within the sideways range of 1.3700 and 1.3611.
The stochastics oscillator is currently overbought but is likely to head lower. This would mean that if the cable loses the support near 1.3611, then we expect to see price action falling back to the previous lows.
This would open up the way towards 1.3506 level of technical support.
In the medium-term outlook, we expect the GBPUSD to maintain a sideways range between 1.3700 and 1.3500.
WTI Crude Oil Gains Lose Steam Near 53.77
WTI crude oil prices continue to hold a bullish front with price once again testing the 13th January and 15th January highs near 53.77.
However, the strong pace of gains is showing signs of weakening. Price action has failed to make any significant highs beyond this level.
The failure to close above 53.77 could potentially open the way for a move back lower. This would mean that the previous swing low formed near 51.85 is likely to be the short term support for the moment.
If price action breaks down below this level of support, then we could expect to see further continuation lower.
For the moment, given the bullish momentum in oil markets, we might see another attempt being made to the upside.
In the event that crude oil prices close above 53.77, then it would open the way to further gains.
Gold Prices Rise To An Eight-Day High
The precious metal has managed to rise to an 8-day high following a close above the 1850 handle on an intraday basis.
The Stochastics oscillator currently looks somewhat bullish with the possibility that the overbought conditions may persist.
If price closes above 1850 on a daily basis, then we expect to see further gains. The next key technical resistance for gold is the 1911.50 level.
In the near term, gold prices will need to establish support once again near the 1850 handle. Given that there has been a strong consolidation taking place near this technical support, there is a good chance that price action might continue to push higher.
To the downside, a close below the 1850 handle will open up to the 1817.80 level of technical support.
