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. 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
Wall Streets recovers on Monday as the US Federal Reserve is mobilized to shore up credit across the
economy previously proved insufficient to sooth investors fears about the swiftly-spreading coronavirus.
China and European stocks fell again on Monday as the continued spread of the coronavirus leading to
worldwide lockdowns and travel curbs to counter the coronavirus pandemic that stoked fears of a global
The UBS economists wrote in a note that recession in 2020 looking likely especially in European economy expected to shrink by 4.5 per cent this year.
Today in Focus
Today, we have a high impact published indicators and events:
AT 09H00GMT: The PMI monthly Composite Reports on Manufacturing and Services, released by Markit Economics, are based on a large number of business executives in private sector manufacturing and services companies.
AT 09H30GMT: The PMI service released by both the Chartered Institute of Purchasing & Supply and the Markit Economics is an indicator of the economic situation in the UK services sector.
AT 14H00GMT: The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 24, 2020)
OPEN PRICE: 6501.09 SUPPORT: 6981.98 RESISTANCE: 5680.39
The BTCUSD chart has a bullish volatile movement inside the green-colored channel. The chart is
moving above the MA14 blue line and going for higher high and higher low movement. It is expected
profitable to buy this pair if a candle pullback from the MA14 blue line to the upside. If a candle closes outside of the channel then just follow the trend.
GRAPHIC 2: EURUSD HOURLY CHART (MARCH 24, 2020)
OPEN PRICE: 1.07265 SUPPORT: 1.06557 RESISTANCE: 1.09862
The EURUSD chart has a bullish volatile movement inside the green-colored channel. The chart moves above MA14 blue line. It is expected profitable to sell this pair if a pullback occurred from the top of the channel to the downside. If a pullback occurred at the bottom of the channel to the upside then a buy order is expected profitable. If a candle closes outside of the channel then just follow the trend.
GRAPHIC 3: GBPUSD HOURLY CHART (MARCH 24, 2020)
OPEN PRICE: 1.15406 SUPPORT: 1.14457 RESISTANCE: 1.16952
The GBPUSD chart has a ranging volatile movement between the green support line and the red
resistance line. The chart moves above MA14 blue line. 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 a buy order will be more profitable.
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