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. WTI Crude oil (WTI /US Dollar) is the United States’ WTI (West Texas Intermediate) crude oil price measured in US dollar. The demand for crude oil is dependent on global economic conditions as well as market speculation.
FOREX Market Insights
The international markets are tackled by the coronavirus outbreak. The risk gets a reality check as coronavirus concerns escalate leading the interbank markets to the extended holiday period and Hong Kong to suspends personal travel permits from China.
Today in Focus
Today, we have a high impact published indicators and events:
AT 13H30GMT: The Goods Trade Balance released by the US Bureau of Economic Analysis and the U.S. Census Bureau is the difference in value between imported and exported goods during a certain month.
AT 19H00GMT: the US Federal Reserve Interest Rate Decision.
AT 19H30GMT: FOMC Press Conference.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 29, 2020)
The BTCUSD chart has a bullish volatile movement with resistance at the level of 9428.26. The chart moves above MA14 and going for higher high and higher low movement. It is expected profitable to buy this pair if the chart closes the red resistance line. Otherwise, if the chart breaks the MA14 in blue color and closes to the downside, it is gainful to sell this pair. If the chart breaks the top limit of the channel then we have a strong uptrend.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 29, 2020)
The EURUSD pair has a bearish volatile movement with resistance at 1.10283 levels. The chart is going for a lower high and lower low movement. A sell order is expected profitable if the chart pullback from MA14 in blue color and closes to the downside. Otherwise, if the chart closes above the top limit of the channel, it is expected gainful to buy this pair.
GRAPHIC 3: WTI CRUDE OIL HOURLY CHART (JANUARY 29, 2020)
The WTI Crude Oil pair has a bullish quite movement and going for higher high and higher low movement. It is expected profitable to buy this pair if the chart pullback from MA14 in blue color and closes to the upside. Otherwise, if the chart closes under MA14 the suitable strategy is to sell this pair.
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