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 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 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
Yesterday, the US stocks edged higher on Wednesday with a consolidation of the major stock markets. The crude oil WTI increases by 2.73% and reaches 56.0. Today we have the publication of many European manufacturing indexes in Italy, Germany and all the EU the published results aren’t good and imply a weakness of the European economy that have a negative impact on the Euro.
Today in Focus
Today, we have a high impact published indicators:
AT 08H00 GMT: The EU 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 11H45 GMT: The EU deposit rate, announced by European Central Bank, is the interest rate paid on the surplus liquidity that credit institutions may deposit overnight in an account with a national central bank that is part of the Eurosystem.
AT 11H45 GMT: ECB Interest Rate Decision is announced by the European Central Bank. Usually if the ECB is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the EUR.
AT 12H30 GMT: The US Nondefense Capital Goods Orders Excluding Aircraft, released by the US Census Bureau, measures the cost of orders received by manufacturers for capital goods (capital goods are durable goods used in the production of goods or services), which means goods planned to last for three years or more, excluding the defense and aircraft sectors.
AT 12H30 GMT: The US Durable Goods Orders, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances.
AT 13H30 GMT: The US Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance.
AT 14H45 GMT: The US number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions.
GRAPHIC 1: BTCUSD HOURLY CHART (OCTOBER 24, 2019)
The BTCUSD pair is trending bearish volatile inside the colored channel with the existence of a support at the level of 7298.74. We can sell this pair if the chart is at the top of the channel; the Stock RSI is higher than 80 and the red line cross the blue. If the chart crosses the support green level and close to the downside then the bearish movement will be very significant and a sell order will be very profitable.
GRAPHIC 2: EURUSD HOURLY CHART (OCTOBER 24, 2019)
The EURUSD pair try to have a new uptrend but failed because the existence of a resistance expressed by a pine bar. If the pair crosses the trending line in green and close to the downside then a sell order will be very profitable.
GRAPHIC 3: GBPUSD HOURLY CHART (OCTOBER 24, 2019)
The GBPUSD pair try to have a new uptrend but failed because the existence of a resistance. If the pair crosses the trending line in green and close to the downside then a sell order will be very profitable.
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