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 Street falls on Tuesday. In fact, a report announced that the US would likely maintain tariffs on Chinese goods until after November presidential election. Early this morning, the Bank of Japan Governor said that BOJ’s Kuroda says he won’t hesitate to ease further as risks loom large.
Today in Focus
Today, we have a high impact published indicator:
AT 13H30GMT: The UK Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 15, 2020)
The BTCUSD pair has a bullish volatile movement. The chart has a resistance at the red line level of 8861.82 and a support at the green line level. It is expected profitable to buy this pair if the chart closes above MA14 in blue color. Otherwise, if the chart breaks the green support line and closes under, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 15, 2020)
The EURUSD pair has a bearish volatile movement. The chart has resistance at the decreasing red line
and support at the increasing green line. Now, it breaks the green line to the downside. If the chart closes under the green line then a sell order will be expected profitable. Otherwise, if the chart closes above the red resistance line, it is gainful to buy this pair.
GRAPHIC 3: GBPUSD HOURLY CHART (JANUARY 15, 2020)
The GBPUSD pair moves inside a disjoint angle and has a bullish quite movement. Today, the publication of the UK Consumer Price Index could lead to a strong trend. So, a break of the red resistance line or the green support line is very plausible. If the chart closes under the support line in green color, it is gainful to sell this pair. Otherwise, it is expected profitable to buy this pair if the chart closes above the red resistance line.
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