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“Risk-off” was the theme at the start of the week beginning 21st September.

Markets which had been trading sideways for some days broke to the downside as fears grew over the severity of a second COVID lockdown.

Moving averages in the GBPUSD and EURUSD offer some hope for a rebound in those particular forex pairs but the outlook for commodities is more bearish.

Instrument

Hourly

Daily

GBP/USD

1.2802

Strong Sell

Strong Sell

EUR/USD

1.1858

Strong Sell

Strong Sell

FTSE 100

6,022

Strong Sell

Strong Sell

S&P 500

3,358

Strong Sell

Strong Sell

Gold

1,958

Neutral

Strong Buy

Silver

27.35

Strong Sell

Strong Sell

Crude Oil WTI

41.01

Strong Sell

Neutral

Bitcoin

10,909

Buy

Neutral

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.