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
Wall Street was attacked by coronavirus outbreak causing a collapse similar to the biggest 2008 financial
crisis and investors’ worries tumbling oil prices with a loomed global recession.
Today in Focus
Today, we have a high impact published indicators and events:
AT 10H 00 GMT: The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 10, 2020)
The BTCUSD chart has a bearish volatile movement inside the red channel. The chart is moving above MA14 blue. It is expected profitable to sell this pair if a candle crosses MA14 blue line and closes to the downside. 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 10, 2020)
The EURUSD chart has a bullish volatile movement with resistance at the level of 1.14830. The chart
moves now under the MA14 blue line and tries to breakout this line. So, a buy order will be profitable if a candle breaks the MA14 blue line and closes to the upside. While a sell order will be profitable if a candle pullback from the MA14 blue line.
GRAPHIC 3: XAUUSD (GOLD) HOURLY CHART (MARCH 10, 2020)
The XAUUSD chart has a bullish volatile movement down to the red resistance line and MA14 blue line. If a breakout of the red resistance line to the upside occurred then a buy order is expected profitable. In fact, at the period of crisis investors prefer sure equities and money, while the Gold is the most asked by investors because it is very sure.
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