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’s two largest economies and has faced most volatility since the inception of the euro in 1999.
USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.
FOREX Market Insights
The US markets were closed for the Thanksgiving holiday and will close early on Friday.
Today in Focus
Today, we have a high and medium impact published indicators:
AT 08H55GMT: The Unemployment Change released by the Bundesagentur für Arbeit and published by the German Statistics Office is a measure of the absolute change in the number of unemployed people in Germany using seasonally adjusted data.
AT 09H00GMT: The Unemployment Rate released by the National Institute of Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Italian economy.
AT 10H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the EuroZone.
AT 10H00GMT: The core Consumer Price Index released by the Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco.
AT 13H30GMT: The Gross Domestic Product released by the Statistics Canada is a measure of the total value of all goods and services produced by Canada. The GDP is considered as a broad measure of Canadian economic activity and health.
GRAPHIC 1: BTCUSD HOURLY CHART (NOVEMBER 29, 2019)
The BTCUSD pair has a ranging quite movement inside the colored channel. The pair decline last week by -18.72% and it returned to consolidate and established a new range. It is gainful to sell this pair near the highest limit of the range, the Stoch RSI indicator is more than 80 and the red line crosses the blue line. If there is a break of the tow limits of the range then we just follow the trend.
GRAPHIC 2: EURUSD HOURLY CHART (NOVEMBER 29, 2019)
The EURUSD pair has a bearish volatile movement inside the colored channel and going for lower high movement. Today the pair is waiting for very important publications from Germany and Italy concerning the unemployment. If the chart breaks the top of the channel to the upside then the upside movement will be strong and it is gainful to buy. If the chart breaks the bottom of the channel and close to the downside then the bearish movement continued and the downtrend is very plausible.
GRAPHIC 3: USDCAD HOURLY CHART (NOVEMBER 29, 2019)
The USDCAD pair is trending bearish volatile inside the colored channel. Today the pair is waiting for very important publications from Canada concerning the great domestic product. If the chart is at the top of the channel and breaks the MA14 and close to the downside then a sell entry will be expected profitable. If the chart breaks the top of the channel and close to the upside then a buy order will be profitable.
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