Equities and gold rally as dollar resumes weakness

Euro Back Near July Highs

The common currency resumed its bullish momentum after a brief consolidation near the 1.1750 handle.

With support firmly established, EURUSD is back trading close to the 1.1900 level, marking the July 31 highs.

A close above this level is required for the bullish momentum to continue further.

Above the 1.1900 level, the next key target will be the 1.2000 handle. This will mark another major milestone in tHE EURUSD currency pair that has only managed to rise since late May.

To the downside, the 1.1750 level is likely to see prices holding on to the floor.

GBP/USD Trades Above The 1.3122 Level

The British pound sterling managed to recover from the brief weakness. Price reversed losses around the trend line to push back higher.

With the 1.3122 level now being tested, further gains are likely. However, the Stochastics oscillator suggests a possible weakness in these gains.

Therefore, if prices slip back below the 1.3122 handle, we might expect GBPUSD to potentially break down lower.

For now, the initial support is seen at the recent swing low of 1.2986.

Is Crude Oil Breaking Out Of Its Range?

Oil prices managed to gather some bullish momentum on Wednesday.

Prices rose over 3% intraday as WTI crude oil breached past the 42.00 handle eventually. The gains come amid a hawkish inventory report for the commodity.

Still, doubts linger especially on the demand for the commodity amid the current scenario. For now, the 42.00 handle might be tested for support.

This would potentially confirm further upside in oil prices. The next major target for crude oil will be the $50.00 handle which could be tested if the momentum holds up.

Gold Shoots Past $2000

The precious metal continued with its bullish onslaught on Wednesday. After breaking the $2000 threshold earlier, gold prices continued higher.

Intraday prices saw gold rising toward the 2050 level before making a modest pullback.

The gains in the precious metal come in tandem with equity markets also trading in the positive.

For the moment, the next key level might very well be the $3000 handle if the momentum holds up.