USD INDEX
The 4th consecutive day of lower lows and lower highs adding to the well-established downtrend. Resistance sits at 99.83 with support set at 99.18. Buyers did step in late to recoup a portion of the losses, closing at 99.47. With little in the way of new data releases or trade deals, again it seems that the weight of all-round negative US sentiment continues to weigh on the USD.
S&P 500
Sellers took control from the outset and picked up momentum right through to the close. Resistance sits at 5956 with support established at 5846. The strong sell-off took out the previous 5 days lows and was enough to initiate a crossover with the EMAs now signalling a downtrend. Note the support matches the resistance reached March 25th. Interesting that the major equity markets moved (lower) in the same direction as the USDX.
GOLD
Steady demand for the safe haven commodity continued today with buyers in control for the 3rd consecutive day. Support sits at the $3287 open with resistance established at $3326. The weak USD and equity sell-off both contributed to the traditional inverse relationship between gold and those major indices. While buyers continue to look up at $3500 resistance, sellers will aim to break below $3300 as a first target on the downside.
BRENT OIL
Sellers won out in a steady sell-off from $65.95 resistance down to the $64.08 close/support level. While the push lower was enough to signal a downtrend with the EMAs crossing down, and the bias tilted to the downside, price action remains contained within a relatively narrow $2 range between $64 and $66.
BITCOIN
Bitcoin continued its strong showing and went on to setting a new record high at $109.8K. Support sits at $106.1K. The technical indicators, coupled with the positive sentiment surrounding cryptocurrencies all contributed to the upside breakout. Once buyers look above $110K and enter unchartered territory, the lack of resistance and support levels could see sharp moves higher. Pull backs and retracements will see sellers look below $106K at a minimum, to break the series of higher lows on the daily chart.
