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.
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
US President Trumps more upbeat comments about progress on trade talks with China caused negative
impact to US stocks and US dollar. Yesterday, two US indicators were published by the US authority: The Employment Change released by the Automatic Data Processing, Inc and The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) showing negative evolution to the US economy.
Today in Focus
Today, we have a high impact published indicator:
AT 10H00GMT: The Gross Domestic Product released by the Eurostat is a measure of the total value
of all goods and services produced by the Eurozone.
AT 13H30GMT: The Trade Balance released by the Bureau of Economic Analysis and the U.S. Census
Bureau is a balance between exports and imports of total goods and services.
AT 15H00GMT: 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.
AT 15H00GMT: The Ivey PMI released by the Richard Ivey School of Business captures business
conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall
economic condition in Canada.
GRAPHIC 1: BTCUSD HOURLY CHART (DECEMBER 05, 2019)
The BTCUSD pair has a ranging volatile movement inside the colored channel. The pair marked a
turning point and goes downside on Monday and finally it return consolidating within a range. 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 pair is near the lowest limit of the channel, the Stoch RSI
indicator is less than 20 and the blue line crosses the red line a buy order will be expected profitable.
GRAPHIC 2: EURUSD HOURLY CHART (DECEMBER 05, 2019)
The EURUSD pair has a ranging quite movement inside the colored range with one fake break. If after
the publication of the data in focus, the chart breaks the top of the range and close to the upside
then the bullish movement is very plausible and a buy 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 05, 2019)
The USDCAD returns to bearish volatile movement. Today the pair is moving below MA14 in blue
color and waiting for very important publications of the Ivey PMI released by the Richard Ivey School
of Business. It is profitable to buy if the chart breaks the top of the channel after the publication of
data and close to the upside. If the lower low and lower high movement persist then a sell order will
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