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. XAUUSD (Gold /US Dollar) is widely followed by traders around the world, it measures the Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
FOREX Market Insights
The US stocks rallied for a third straight day on encouraging US economic data and waning fears of the
financial fallout from the corona virus in China. This leading the US dollar to appreciate against the Euro
and stopped the Gold price increase rally.
Today in Focus
Today, we have a high impact published indicators and events:
AT 08H00GMT: ECB’s President Lagarde speech.
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. In other words, it provides a measure of strength in the labor market.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRAURY 06, 2020)
The BTCUSD chart has a bullish volatile movement between the red resistance line and the green support line. It is expected profitable to sell this pair if the chart closes up to the red colored line. Otherwise, if the chart closes under the green support line, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 06, 2020)
The EURUSD pair has a bearish volatile movement between the red resistance limit and the green support line. The chart is going for a lower high and lower low movement. It is expected gainful to sell this pair if the chart closes under the green support line. Otherwise, a buy order is expected profitable if the chart closes above the resistance line at the top.
GRAPHIC 3: XAUUSD “GOLD” HOURLY CHART (FEBRAURY 06, 2020)
The XAUUSD pair has a ranging quit movement in the blue colored channel. A suitable strategy, in
this case, is buying at the bottom of the channel and selling it at the top of the channel. Otherwise, if the chart closes outside the limits of the range it is expected profitable to enter the market in the direction of the break.
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