Please wait while we get your page ...

BTCUSD, EURUSD and USDCAD Forecasts, December 04, 2019
BTCUSD, EURUSD and USDCAD Forecasts, December 04, 2019
Posted

By - Jamel Lahiani

Posted - 04-12-2019
  • The BTCUSD is bearish volatile at short term. Sell
  • The EURUSD is ranging quite at short term. Sell
  • The USDCAD is bullish volatile at short term. Sell

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.

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 comments of Donald Trump and Commerce Secretary Wilbur Ross concerning US-China trade war
causing US stocks sold off for a third consecutive session on Tuesday. The Manufacturing Index published yesterday by The Institute for Supply Management (ISM) relative to business conditions in the US manufacturing sector showed a decline by 0.2%. This leading the US dollar weaken face to the others currencies.

Today in Focus
Today, we have a high impact published indicator:

AT 13H15GMT: The Employment Change released by the Automatic Data Processing, Inc,
Inc is a measure of the change in the number of employed people in the US.

AT 15H00GMT: BoC Interest Rate Decision is announced by the Bank of Canada. If the BoC
is hawkish about the inflationary outlook of the economy and rises the interest rates it is
positive, or bullish, for the CAD.

AT 15H00GMT: The ISM Non-Manufacturing Index released by the Institute for Supply
Management (ISM) shows business conditions in the US non-manufacturing sector.

GRAPHIC 1: BTCUSD HOURLY CHART (DECEMBER 04, 2019)
The BTCUSD pair has a bearish volatile movement inside the colored channel and a support at the
green level of 7094.56. The pair consolidates last week by 7.3% but it makes a turning point and goes
downside on Monday. It is gainful to sell this pair near the highest limit of the channel, the Stoch RSI
indicator is more than 80 and the red line crosses the blue line. If the chart breaks the support green
line and close to the downside, then we have a strong downside movement.

GRAPHIC 2: EURUSD HOURLY CHART (DECEMBER 04, 2019)
The EURUSD pair has a ranging quite movement inside the colored range. If the chart breaks the
bottom of the range and close to the downside then the bearish movement is very plausible and a
sell order will be expected gainful. If the chart still ranging, then just sell at the top and buy at the
bottom.

GRAPHIC 3: USDCAD HOURLY CHART (DECEMBER 04, 2019)
The USDCAD pair is bullish volatile inside the colored channel. Today the pair is waiting for very
important publications from the Bank of Canada concerning interest rate decision. It is profitable to
buy at the bottom of the channel and the Stoch RSI indicator is less than 20 and the blue line crosses
the red line. If the chart is near of the top of the channel a sell order will be expected profitable.

guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x