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 US dollar is stable this week with low variation while the US Senate sets rules for Trump’s impeachment trial, adopts McConnell’s plan.
Today in Focus
Today, we have a high impact published indicators:
AT 09H00GMT: The US Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products.
AT 09H30GMT: The Bank of Canada publishes a study of economic movements in Canada. It indicates a sign of new fiscal policy. Any changes in this report tend to affect the CAD volatility.
AT 10H00GMT: The US Existing Home Sales, released by the National Association of Realtors provide an estimated value of housing market conditions. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 22, 2020)
The BTCUSD chart has a bearish quite movement but fails two times to breaks the resistance line in
red color. It is expected profitable to buy this pair if the chart closes above the red line at the top. Otherwise, if the chart pullback and closes under the MA14 in blue color, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 22, 2020)
The EURUSD pair has a bearish volatile movement. The chart has failed to breaks the resistance at the top and now it moves down to MA14 in blue color. A sell order is expected profitable if the chart pullback from the MA14 line to the downside. Otherwise, if the chart closes above the MA14, it is gainful to buy this pair.
GRAPHIC 3: USDCAD HOURLY CHART (JANUARY 22, 2020)
The USDCAD pair has a bullish volatile movement inside the colored channel and finding resistance at
the level of 1.30918. The chart following a higher high and higher low movement and it breaks MA14 two times and closes to the downside. If the chart breaks the bottom limit of the channel and closes to the downside then the uptrend is finished and we have to sell this pair. Otherwise, it is expected profitable to buy this pair if the chart closes over the red resistance line at the top.
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