A further 24-hour period of selling pressure continued to dominate the metals, EURUSD and GBPUSD. There were some short-term periods of buying pressure but the bears prevailed and price appears to just be waiting for the 20 and 50 SMAs to catch up before potentially heading lower.
Equity indices showed some strength, 2020 has after all been the year in which to ‘buy the dip’.
Bitcoin and crude oil prices were unchanged over a 24-hr period. If these consolidation patterns continue it would add strength to the idea of catching the next range break out – when it finally comes.
Instrument | Hourly | Daily | |
GBP/USD | 1.2802 | Strong Sell | Strong Sell |
EUR/USD | 1.1756 | Strong Sell | Strong Sell |
FTSE 100 | 5,822 | Neutral | Strong Sell |
S&P 500 | 3,273 | Neutral | Strong Sell |
Gold | 1,882 | Strong Sell | Strong Sell |
Silver | 23.52 | Strong Sell | Strong Sell |
Crude Oil WTI | 39.46 | Strong Sell | Neutral |
Bitcoin | 10,468 | Sell | Strong Sell |
UTC:08.04
Our analysis is based on a comprehensive summary of market data. We use a range of metrics with weighting given to simple and exponential moving averages and key technical indicators.