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
US stocks tumbled on Thursday, with air companies collapse as the coronavirus hits demand for air travel leading weaken economic situation on the world and increasing fears of investors.
Today, investors eyes are on the coming soon publication of the Non-Farm payrolls that can lead to
strong volatility on the market.
Today in Focus
Today, we have a high impacts published indicators and events:
AT13H30GMT: The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force.
AT13H30GMT: The nonfarm payrolls released by the US Bureau of Labor Statistics presents the number of new jobs created during the previous month, in all non-agricultural business.
AT13H30GMT: The Average Hourly Earning released by the US Bureau of Labor Statistics is a significant indicator of labor cost inflation and of the tightness of labor markets.
AT13H30GMT: The Trade Balance released by the Bureau of Economic Analysis and the U.S. Census Bureau is a balance between exports and imports of total goods and services.
GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 07, 2020)
The BTCUSD chart has a bullish volatile movement inside the green channel with resistance at the level of 9167.73. The MA14 blue line has a bullish trend. 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 07, 2020)
The EURUSD chart has a bullish volatile movement with resistance at the level of 1.12453. The chart
fluctuates above the MA14 blue line and waiting for the publication of non-farm payrolls at 13.30 GMT. So, it is expected profitable to sell this pair if a pullback occurred after the publication of the non-farm payrolls publication. While a buy order will be profitable if a candle breaks the red resistance line to the upside after the non-farm payrolls publication.
GRAPHIC 3: USDCAD HOURLY CHART (MARCH 07, 2020)
The USDCAD chart has a ranging volatile movement between inside the blue channel. The chart is
waiting for the publication of non-farm payrolls at 13.30 GMT. If a breakout of the range occurred, at the top then it is expected profitable to buy this pair. If a breakout of the range occurred, at the bottom then it is expected profitable to sell this pair.
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