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24-hour period of selling pressure

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.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.