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 Nasdaq closed high on Thursday, helped by a jump in Netflix, while the market was tackled by news coming from China about the coronavirus outbreak spreading.
Today in Focus
Today, we have a high impact published indicators:
AT 09H00GMT: The EU PMI monthly Composite Reports on Manufacturing and Services, released by Markit Economics, are based on a large number of business executives in private sector manufacturing and services companies.
AT 09H30GMT: The UK PMI service released by both the Chartered Institute of Purchasing & Supply and the Markit Economics is an indicator of the economic situation in the UK services sector.
AT 10H30GMT: ECB’s President Lagarde speech.
AT 13H30GMT: The Retail Sales released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 24, 2020)
The BTCUSD chart has a bearish volatile movement down to MA14. The chart fails many times to breaks the support line in green color to the downside. It is expected profitable to sell this pair if the chart closes to the downside of the green support line. Otherwise, if the chart breaks the MA14 and closes to the upside for higher high movement, it is gainful to buy this pair.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 24, 2020)
The EURUSD pair has a bearish volatile movement and going for lower high and lower low movement. The chart has the first resistance line in blue color at the top and the second resistance red line and now it moves down to MA14 in blue color. A sell order is expected profitable if the chart breaks the green support line and closes to the downside. Otherwise, if the closes upside of MA14 in blue color, it is expected gainful to buy this pair.
GRAPHIC 3: USDCAD HOURLY CHART (JANUARY 24, 2020)
The USDCAD pair has a ranging volatile movement between the green and red limits. The pair has a resistance line in red color at the level of 1.31651 and support at the level of 1.31234. It is expected profitable to sell this pair if the chart breaks the support line and closes to the downside. Otherwise, if the chart still ranging between the two limits the suitable strategy is selling at the top limit and buying at the bottom limit.
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