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BTCUSD, EURUSD and GBPUSD Forecasts, January 07, 2020
BTCUSD, EURUSD and GBPUSD Forecasts, January 07, 2020
Posted

By - Jamel Lahiani

Posted - 07-01-2020
  • The BTCUSD is bullish volatile at short term. Sell
  • The EURUSD is bearish volatile at short term. Sell
  • The GBPUSD is bullish volatile at short term. Buy

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
Yesterday, the Wall Street stocks shrugged up but investors still looking whether escalating US-Iran
tensions would significantly affect the economy. At the moment the Crude oil price is up to 62$ with a
possible booming to the upside.

Today in Focus

Today, we have a high impact published indicator:
AT 10H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone.

AT 13H30GMT: The Trade Balance released by the Bureau of Economic Analysis and the U.S. Census Bureau is a balance between exports and imports of total goods and services.

AT 15H00GMT: The Ivey PMI released by the Richard Ivey School of Business captures business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada.

AT 15H00GMT: The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector.

GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 07, 2020)
The BTCUSD pair has a bullish volatile movement but finding a resistance at the level of 7931.65.The
volume chart is low showing a possible consolidation. It is gainful to sell this pair if the chart closes to
the MA14 in blue color. If the pair crosses the resistance line in red and closes to the upside a buy
order will be gainful.

GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 07, 2020)
The EURUSD pair has a bearish volatile movement inside the colored channel. The pair is going for
lower low and lower high movement. The charts is down to MA14 leading to a plausible movement
to the downside then it is expected gainful to sell this pair. If the chart breaks the red line at the top
and closes to the upside then the bullish movement will be expected strong and it is gainful to buy.

GRAPHIC 3: GBPUSD HOURLY CHART (JANUARY 07, 2020)
The GBPUSD pair has bullish movement and breaks the top of the colored channel. It is gainful to buy
this pair. If the chart closes to the downside of MA14 in blue color then a Sell order will be expected
profitable.

 

 

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