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, the fears were amplified by news coming from US Federal Reserve that surprised investors
with a half percentage-point cut in interest rates, so investors are doubtable about the magnitude of the
coronavirus impact on the economy. This leading huge volatility to the stock markets associated with the
decline of the US dollar face to the Euro.
Today in Focus
Today, we have a high impacts published indicators and events:
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 15H00GMT: The Canadian BoC Rate Statement used to communicate with investors about monetary policy decisions, specifically those regarding interest rates.
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 (MARCH 04, 2020)
The BTCUSD chart has a volatile bearish movement between the red resistance line at the top and the green support line. The chart breaks the MA14 blue line and moves to the upside. 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 red resistance line. Otherwise, if a candle closed over the red resistance line, the upward movement returns powerfully.
GRAPHIC 2: EURUSD HOURLY CHART (MARCH 04, 2020)
The EURUSD chart has a quite bullish movement between the red resistance line at the top and the green support line. The chart fluctuates around MA14 blue line and faced with resistance at the level of 1.11958. 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 green support line.
GRAPHIC 3: USDCAD HOURLY CHART (MARCH 04, 2020)
The USDCAD chart has a quite bullish movement between the red resistance line at the top and the green support 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 resistance line at the bottom then a sell order will be gainful.
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