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
International concerns about the coronavirus outbreak and how widely it spreads impact worldwide. The US stock markets are tackled by the first annual loss of Boeing for more than two decades as the 737 Max crises continue to hit the firm.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H00GMT: The Monetary Policy Summary, released by BOE, contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes.
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 13H30GMT: The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 30, 2020)
The BTCUSD chart has a bullish quite movement with resistance at the level of 9422.16. The chart upward movement was tackled by the red resistance line. It is expected profitable to buy this pair if the chart closes above the red resistance line. Otherwise, if the chart closes under MA14 in blue color, it is gainful to sell this pair. The downtrend becomes strong if the chart closes under the green support line.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 30, 2020)
The EURUSD pair has a bearish volatile movement with resistance at 1.10211 levels. The chart is going for a lower high and lower low movement. if the chart closes above the red resistance line at the top, it is expected gainful to buy this pair. Otherwise, a sell order is expected profitable if the chart closes under MA14 in blue color.
GRAPHIC 3: GBPUSD HOURLY CHART (JANUARY 30, 2020)
The GBPUSD pair has a bearish volatile movement and going for lower high and lower low movement. It has support at the green line level of 1.29783. It is expected profitable to sell this pair if the chart pullback from the red resistance line to the downside. The downtrend becomes very strong if the chart closes under the green support line. Otherwise, if the chart closes above the red resistance line the suitable strategy is to buy this pair.
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