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
Yesterday, US stocks ended higher on Wednesday, but the investor’s sensitivity to any signs coming from
the Middle East still existent. Any decision of President Donald Trump could have a great impact on all
markets. The crude oil prices stopped up the rally and now below to 60$.
Today in Focus
Today, we have a high impact published indicator:
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.
AT 13H30GMT: The Building Permits released by the Statistics Canada shows the number of permits for new construction projects. It implies the movement of corporate investments (the Canadian economic development).
AT 13H30GMT: 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. In other words, it provides a measure of strength in the labor market.
AT 19H00GMT: Canadian BoC’s Governor Poloz speech
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 09, 2020)
The BTCUSD pair has a bullish volatile movement and has support at the green line level. The chart is
moving below the MA14 showing a consolidation period. It is gainful to buy this pair if the chart breaks MA14 line in blue color and closes to the upside. If the pair crosses the green support level to the downside a sell order will be expected profitable.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 09, 2020)
The EURUSD pair has a bearish volatile movement inside the colored channel. Now, the chart is near
to the top limit of the channel and tries to breaks the MA14 to the downside. If the chart closes below MA14 then we have to sell this pair. If the chart breaks the green support line to the downside then we have a strong downtrend. If the chart closes belong the top limit of the channel then the downtrend is finished and we have to buy this pair.
GRAPHIC 3: USDCAD HOURLY CHART (JANUARY 09, 2020)
The USDCAD has a bullish quite movement and tries to closes up to the red resistance line at the level of 1.30441. If the chart closes up to the red resistance line then we have a confirmation of the uptrend and we have to buy this pair. If the chart closes down to the green support line then the uptrend is finished and we have to sell this pair.
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