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. USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.
FOREX Market Insights
Wall Street rebounded on Tuesday, as the Federal Reserve took more steps to boost liquidity amid a
market tackled by business and travel disruptions in the wake of the coronavirus pandemic. While China stocks and European shares fell in line with global markets as investor sentiment remained fragile after coordinated efforts by central banks failed to ease worries over the coronavirus impact and kept financial markets on edge. Most company decliners on the STOXX 600 are Airbus, British Airways parent IAG, EasyJet, Ryanair, and Air France-KLM.
Today in Focus
Today, we have a high impact published indicators and events:
AT12H30GMT: Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products.
AT 12H30GMT: The Building Permits released by the US Census Bureau, at the Department of Commerce shows the number of permits for new construction projects. It implies the movement of corporate investments (US economic development).
AT18H30GMT: The FOMC press conference is about an hour long and has 2 parts – first a prepared statement is read, and then the conference is open to press questions. The questions often lead to unscripted answers that create heavy market volatility.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 18, 2020)
OPEN PRICE: 5340.95 SUPPORT: 4441.74 RESISTANCE: 6001.52
The BTCUSD chart has a ranging volatile movement between the two limits of the range. The chart is
moving under MA14 blue line. It is expected profitable to sell this pair if a candle pullback from the top limit of the range. A buy order is expected profitable if a pullback occurs from the bottom limit of the range. 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 18, 2020)
OPEN PRICE: 1.09962 SUPPORT: 1.09551 RESISTANCE: 1.12313
The EURUSD chart has a ranging volatile movement between the red resistance line and the green support line. 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: USDCAD HOURLY CHART (MARCH 18, 2020)
OPEN PRICE: 1.42025 SUPPORT: 1.39551 RESISTANCE: 1.42802
The USDCAD chart has a bullish volatile movement inside the green-colored channel. The chart moves under MA14 blue line. If the candle closes above the red resistance line then a buy order will be expected profitable. While a sell order will be profitable if a candle closes under the bottom limit of the channel.
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