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
The international stocks market jumped yesterday as fears of a heavy coronavirus outbreak economic
impact waned. In fact, the world health organization considers the outbreak hasn’t a worldwide impact.
So, confidence returns to the international market.
Today in Focus
Today, we have a high and medium impact published indicators and events:
AT 12H15GMT: ECB’s President Lagarde speech.
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 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 13H30GMT: The Canadian International Merchandise Trade released by the Statistics Canada is the difference in the value of its imports and exports of Canadian goods excluding intangibles like services.
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 (FEBRAURY 05, 2020)
The BTCUSD chart has a bearish volatile movement inside the red-colored channel. It is expected profitable to sell this pair if the chart is at the top of the channel, the Stoch RSI indicator is more than
80 and the red line crosses the blue line. Otherwise, if the chart closes above the top limit of the channel, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 05, 2020)
The EURUSD pair has a bearish volatile movement inside the red channel. The chart is going for a
lower high and lower low movement. It is expected gainful to sell this pair when the Stoch RSI indicator is more than 80 and the red line crosses the blue line. Otherwise, a buy order is expected profitable if the chart closes above the top limit of the channel.
GRAPHIC 3: USDCAD HOURLY CHART (FEBRAURY 05, 2020)
The USDCAD pair has a bullish volatile movement. The chart is going for a higher high and higher high
movement but looking for resistance at the level of 1.33061. It is expected profitable to sell this pair
if the chart closes under the MA14 blue line. The downtrend becomes very strong if the chart closes under the green support line. Otherwise, if the chart closes above the red resistance line at the top,
the suitable strategy is to buy this pair.
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