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
Yesterday, The Dow Jones closed at a record high above 29,000. In fact, the US and China signed a phase one trade agreement and pledged to resolve a tariff dispute that has roiled Wall Street for over a year. The market is waiting for important data from the US related to the retail sales indicator.
Today in Focus
Today, we have a high impact published indicator:
AT 13H30GMT: The retail Sales released by the US Census Bureau measures the total receipts of retail stores.
AT 13H30GMT: The 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 18H00GMT: The European Central Bank’s President Christine Lagarde, born in 1956 in France, has formerly served as Managing Director of the International Monetary Fund, and minister of finance in France.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 16, 2020)
The BTCUSD pair has a ranging quite movement between the red and green limits with many failed
breaks at the top. It is expected profitable to buy this pair if the chart is near the support line in green
color. If the chart closes up to the resistance line in red color the uptrend could be plausible.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 16, 2020)
The EURUSD pair has a bullish quite movement inside a disjoint angle. Traders are waiting for the
retailer sales publication at 13.30 GMT. So, a break of angle limit will be very plausible. If the chart closes under the bottom limit of the angle then a sell order will be expected profitable. Otherwise, if the chart closes above the top limit of the angle, it is gainful to buy this pair.
GRAPHIC 3: GBPUSD HOURLY CHART (JANUARY 16, 2020)
The GBPUSD pair has a bullish quite movement and a resistance at the level of 1.30553. If the chart
breaks the red resistance line and closes to the upside a buy order will be expected profitable. Otherwise, if the chart closes under the support line in green color, it will be expected gainful to sell this pair.
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