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 tanked on Thursday due to investors’ fears about new travel restrictions to curb the coronavirus spread that rattled world markets. The crude oil price records a minimum of 30 US dollars
with a bid exceeding largely the demand.
Today in Focus
Today, we have a high impact published indicators and events:
AT 07H00GMT: HICP is an index of consumer prices calculated and published by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonized across all EU member states.
AT12H00GMT: The minutes of the BoE MPC meetings are published alongside with the committee decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee.
AT14H00GMT: The Michigan Consumer Sentiment Index released by the University of Michigan is a survey of personal consumer confidence in economic activity.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 13, 2020)
The BTCUSD chart has a bearish volatile movement inside the red channel. The chart has a lower low
and lower high movement, down to MA14 blue line with resistance at the level of 3907.82. It is expected profitable to sell this pair if a candle closes down to the half limit of the channel. The downtrend becomes stronger if a candle closes down to the red resistance line. The BTC is more weakened by coronavirus outbreak than the US dollar because it is virtual money and investors prefer sure equities and money.
GRAPHIC 2: EURUSD HOURLY CHART (MARCH 13, 2020)
The EURUSD chart has a bearish volatile movement inside the red colored channel. The chart moves
now above the MA14 blue line and tries to pullback from the top limit of the channel. So, a sell order
will be profitable if a candle closes under the MA14 blue line. While a buy order will be profitable if a
candle closes above the top limit of the channel.
GRAPHIC 3: GBPUSD HOURLY CHART (MARCH 13, 2020)
The GBPUSD chart has a bearish volatile movement inside the red-colored channel with resistance at
1.25105 level. We have a candle trying to crosses the MA14 blue line to the upside. If the candle closes above the MA14 blue line then a buy order will be expected profitable. While a sell order will be profitable if a candle closes under the red resistance line.
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