EURUSD Falls To A Two-Month Low ✕

The euro currency continues its descent, now for the fourth consecutive session. The declines accelerated following two days of subdued price action earlier this week.

The current pace of decline opens the downside target to the 1.1900 level of support. But in the near term, the common currency could reverse losses.

A retest of the 1.2050 level to establish resistance will be ideal.

This will also potentially confirm the downside as the Stochastics oscillator is very oversold under current market conditions.

GBPUSD Rebounds On BoE Meeting ✕

The British pound sterling reversed losses in one single session, intraday. Price action posted strong gains following the BoE coming out slightly hawkish than expected on negative rates.

As a result, the GBPUSD was back near the ascending wedge breakout level of 1.3678.

While this coincides with the Stochastics oscillator recovering from just off the oversold conditions, prices are struggling to breakout higher.

Therefore, if the GBPUSD fails to move above 1.3678 then we could expect prices to continue to drift lower.

But with the recent swing low forming near 1.3585, we could expect this level to hold in the near term.

Oil Rally Takes A Pause ✕

WTI Crude oil prices are trading weaker following the previous strong bullish sessions.

Price action is reversing gains after testing the 56.00 level. The declines could, however, see near term gains once again.

For the moment, the bullish bias remains in place. If the declines continue, then oil prices could be testing the 53.77 level of support in the near term.

Establishing support here could potentially confirm the long term bias to the upside.

For the moment, above 56.00, oil prices could be testing the 57.35 level of resistance next.

Gold Prices Fall To A Two-Month Low ✕

The precious metal is down over two percent on an intraday basis.

The declines accelerated after the precious metal lost the footing near 1817.89 support.

The sharp declines could see the precious metal touching down to 1764.22 where the next key support level resides. This will put gold prices down to a three-month low.

The formation of a lower low will no doubt change the bias in gold prices to the downside.

However, we expect the declines to hold near the 1764.22 level in the medium term.