By - Jamel Lahiani
Today our analysis will be concerned with:
BTCUSD (Bitcoin /US Dollar) the most popular cryptocurrency in the world exchanged to the US dollar. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors.
EURUSD (Euro /US Dollar) is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999. USDJPY (US Dollar / JAPANESE YEN) is one of the most traded pairs in the world. The relative value of these currencies is mostly affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
FOREX Market Insights
US stocks bloom on Thursday as an oncoming solution of the crude oil price war between Saudi Arabia and Russia to decrease oil output drove gains. So, the negative impact of the jobless claims jumps in the USA due to coronavirus-led lockdowns was limited.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H30GMT: The nonfarm payrolls released by the US Bureau of Labor Statistics presents the number of new jobs created during the previous month, in all non-agricultural business.
AT 12H30GMT: The Average Hourly Earning released by the US Bureau of Labor Statistics is a significant indicator of labor cost inflation and of the tightness of labor markets.
AT 12H30GMT: The Unemployment Rate released by the US Bureau of Labor Statistics is a percentage that surges from dividing the number of unemployed workers by the total civilian labor force.
AT 14H00GMT: The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector.
AT 14H00GMT: The ISM Non-Manufacturing PMI released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector, taking into account expectations for future production, new orders, inventories, employment and deliveries.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 03, 2020)
OPEN PRICE: 6946.86 SUPPORT: 6160.52 RESISTANCE: 7272.34
The BTCUSD chart has a trending volatile movement under the green support line. The chart moves above MA14 blue line and going for higher low and higher high movement. It is expected profitable to sell this pair if a pullback occurred from the red resistance line. If a candle closes above the red resistance line then it is expected profitable to buy this pair. Otherwise, if a candle closed under MA14 blue line with a lower high setup then we have a strong downtrend.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 03, 2020)
OPEN PRICE: 1.08527 SUPPORT: 1.07887 RESISTANCE: 1.09630
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under MA14 blue line and waiting for important data relatives to US Non-Farm Payrolls and employment. So, it is expected profitable to sell this pair if a candle closes under the green support line. If a pullback occurred from the green support line or a candle closes above MA14 blue line then it is expected profitable to buy this pair.
GRAPHIC 3: USDJPY HOURLY CHART (APRIL 03, 2020)
OPEN PRICE: 108.222 SUPPORT: 106.916 RESISTANCE: 108.723
The USDJPY chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves above MA14 blue line and going for higher high and higher low setup and waiting for important data relatives to US Non-Farm Payrolls and employment. It is expected profitable to sell this pair if a pullback occurred from the red resistance line at the top of the graphic. If a candle closes above the red resistance line then it is expected profitable to buy this pair. Otherwise, if a candle closes under MA14 blue line then we have to sell this pair.
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