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 surged on Tuesday and rebounding to the high as hopes of government stimulus restored investors’ confidence after the fears surrounding the coronavirus and growing signs of an imminent recession.
Today in Focus
Today, we have a high impact published indicators and events:
AT12H30GMT: The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 11, 2020)
The BTCUSD chart has a ranging quite movement inside the blue channel. The chart is moving around the MA14 blue line, which is a sign of stability. It is expected to be profitable to sell this pair if a candle pullback from the top of the range. In fact, the BTC virtual money is more weakened by the coronavirus outbreak than the US dollar.
GRAPHIC 2: EURUSD HOURLY CHART (MARCH 11, 2020)
The EURUSD chart has a bullish volatile movement and just closes above the MA14 blue line and the red resistance line. So, the uptrend returns powerfully and a buy order will be profitable. While a sell order will be profitable if a candle pullback from the MA14 blue line and closes to the downside.
GRAPHIC 3: XAUUSD (GOLD) HOURLY CHART (MARCH 11, 2020)
The XAUUSD chart has a bullish volatile movement. After a correction movement to the downside, now the chart crosses the MA14 blue line and the red resistance line to the upside. So, the uptrend returns powerfully and a buy order will be profitable. In fact, at the period of crisis investors prefer sure equities and money, while Gold is the most asked by investors because it is very sure. If the chart returns under to the red resistance line the correction movement persists.
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