By - Jamel Lahiani
Today our analysis will be concerned with:
BTCUSD (Bitcoin /US Dollar) the most popular cryptocurrency in the world exchanged to the USdollar. 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. GBPUSD (British Pound /US Dollar) is the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world.
FOREX Market Insights
International stocks fell sharply on Monday following information about imminent interest rates cut by
the Federal Reserve to near zero that fuelled anxiety over the extent of economic damage from the coronavirus pandemic. While, Bars, restaurants, theatres and movie houses were ordered shut in many
region Threatened by the coronavirus around the world.
Today in Focus
Today, we have a high impact published indicators and events:
AT09H30GMT: The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy.
AT 12H30GMT: The retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales.
AT14H00GMT: JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 17, 2020)
OPEN PRICE: 5051.41 SUPPORT: 3885.35 RESISTANCE: 6012.93
The BTCUSD chart has a bullish quite movement between the red resistance line and the green support line. The chart has a higher low and higher high movement, above MA14 blue line. It is expected profitable to sell this pair if a candle closes down to the green support line. The downtrend becomes stronger if a candle closes under MA14 blue line. The BTC is more weakened by coronavirus outbreak than the US dollar because it is virtual money and investors prefer sure equities and money.
GRAPHIC 2: EURUSD HOURLY CHART (MARCH 17, 2020)
OPEN PRICE: 1.11801 SUPPORT: 1.10535 RESISTANCE: 1.12370
The EURUSD chart has a ranging volatile movement inside the red-colored channel. The chart moves
now under the MA14 blue line. It is expected profitable to sell at the top of the range if a pullback
occurs from the red resistance line to the downside and to by this pair at the bottom of the range if a
pullback occurs from the green support line to the upside.
GRAPHIC 3: GBPUSD HOURLY CHART (MARCH 17, 2020)
OPEN PRICE: 1.22689 SUPPORT: 1.22107 RESISTANCE: 1.24226
The GBPUSD chart has a bearish quite movement inside the red-colored channel. The chart moves
under MA14 blue line. If the candle closes above the top limit of the channel then a buy order will be
expected profitable. While a sell order will be profitable if a candle closes under the green support
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