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 stock markets plunged on Thursday within strong volatility as worries of investors is
intensified by headlines about coronavirus, especially a report from the IMF saying that the outbreak
will decline the international economic growth, this leading the crude oil price to decrease.
Today in Focus
Today, we have a high impacts published indicators and events:
AT 08H55GMT:The Unemployment Change in Germany 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 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.
AT 13H30GMT: The Goods Trade Balance released by the US Bureau of Economic Analysis and the U.S.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRAURY 28, 2020)
The BTCUSD chart has a ranging quite movement inside the blue colored channel. The chart breaks the MA14 blue line. The Bitcoin is more weakened by the Coronavirus outbreak than the US dollar because it is virtual money, more elastic to the market psychological factors. So, it is expected profitable to sell this pair if a candle pullback from the top limit of the channel. Otherwise, if a candle closed under the bottom limit of the channel, the downward movement returns powerfully.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 28, 2020)
The EURUSD pair has a bullish quite movement inside the green-colored channel with higher low and
higher high movement. This shows that the US dollar is weaker to the coronavirus outbreak than the Euro. The chart is faced with resistance at the level of 1.09096. So, it is expected profitable to buy this pair if a candle closes above the red resistance line. While a sell order will be profitable if a candle closes under the MA14 blue line.
GRAPHIC 3: USDCAD HOURLY CHART (FEBRAURY 28, 2020)
The USDCAD pair has a bullish quite movement inside the green-colored channel above the MA14 blue line. If a breakout of the red resistance line at the top occurred, then it is expected profitable to buy this pair. Otherwise, if a candle closes under the bottom limit of the channel then a sell order will be gainful.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.