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, US indexes surged to record highs, alimented by solid retail sales data. So, the US dollar recognized confidence against the other currencies. Today, the data coming from China showing the boom of China’s retail sales that gives a positive implication for world economic growth.
Today in Focus
Today, we have a high and medium impact published indicator:
AT 09H30GMT: The UK retail Sales released by the National Statistics measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales.
AT 13H30GMT: The US Building Permits released by the US Census Bureau, at the Department of Commerce shows the number of permits for new construction projects.
AT 15H00GMT: JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 17, 2020)
The BTCUSD chart has a bullish volatile movement and breaks the top limit of the colored channel. The chart has resistance at the red line level of 8002.60. It is expected profitable to buy this pair if the chart closes above the green line at the top. Otherwise, if the chart closes under the red line, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 17, 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 MA14 to the downside 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 17, 2020)
The GBPUSD pair has a bullish quite movement inside the colored channel. Today, we are waiting for the publication of the UK retail sales that could lead to a strong trend. The chart following a higher high and higher low movement above MA14. So, it is interesting to buy this pair near the bottom of the channel. Otherwise, it is expected profitable to sell this pair if the chart closes under the bottom of the channel.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.