By Orbex
EURUSD Rises To A Two-Year High
The euro currency hit a two-year high on Wednesday, boosted by a weaker greenback and the EU Covid-19 relief package.
Price action is now into its fifth consecutive weekly gains. The common currency quickly breached past the 1.1550 handle.
Given the current momentum, EURUSD is now looking quite close to hitting the 1.1600 handle.
The sharp pace of gains, however, put the common currency at risk of a pullback.
A breakdown of the minor rising trend line could confirm this. The initial support is at 1.1500. It is yet to be tested.
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GBPUSD Established Support At 1.2643
The cable is trading flat for the day, following a pullback after Tuesday’s gains.
GBPUSD pared gains to fall back to the price level of 1.2643. As a result, support is now established at this level, evident from the rebound off this level.
For the moment, GBPUSD will need to break past the recent highs of 1.2768 to confirm further upside.
Gains might stall near the upper resistance level of 1.2813. However, if the bullish momentum prevails, we might expect to see GBPUSD breaking past this level as well.
For the moment, the downside risks continue to fade.
WTI Crude Oil Fails To Breakout Above 42
Oil prices surged ahead with the gains on Tuesday as price briefly traded above the 42.00 handle.
However, failure to build upon the momentum saw prices being rejected, pushing crude oil to close below 42.00.
At the time of writing, price action is once again testing this level. A breakout above 42.00 will potentially clear the way for crude oil to continue pushing higher.
The next key target in the medium term will be the 50.00 level. This will see oil prices recovering nearly 70% of the declines from earlier this year.
Can Gold Prices Reach A 10-Year High?
The precious metal is quite bullish resuming its strong uptrend. Following days of consolidation, the precious metal surged ahead, logging four consecutive sessions of gains.
While price has broken past the 1850 level, it is still shy of the all-time highs of 1920.80.
In the near term, support could likely form at the 1850 handle in case of a pullback.
A strong breakout from the rising price channel will potentially suggest the bullish continuation.
By Orbex
