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 Dow Jones Industrial Average moved slightly lower on Thursday as investors are worried about no concrete signs of progress on US-China relations. This morning, The Gross Domestic Product published by the Statistisches Bundesamt Deutschland showing a stability in economics activities in Germany. We are waiting for the information concerning market manufacturing PMI.
Today in Focus
Today, we have a high impact published indicators:
AT 09H00GMT: The 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. Data is usually released on the third working day of each month. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs.
AT 09H30GMT: The 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. It captures an overview of the condition of sales and employment.
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 (NOVEMBER 22, 2019)
The BTCUSD pair is bearish volatile and moving inside the colored channel. The chart is going for lower high and lower low movement. The charts are down to MA14, we expect a strong bearish trend. The arrow place shows a good selected entry.
GRAPHIC 2: EURUSD HOURLY CHART (NOVEMBER 22, 2019)
The EURUSD pair has a ranging volatile movement inside the colored channel. The pair is waiting for important information during this day. If the chart breaks the MA14 and goes to the downside; a Sell order is expected to be profitable. If the chart breaks the bottom of the channel to the downside then the downside movement will be strong. If the publication hasn’t strong impact the movement will be oscillating between the two limits of the range.
GRAPHIC 3: USDCAD HOURLY CHART (NOVEMBER 22, 2019)
The USDCAD pair has a ranging volatile movement inside the colored range. In fact, the USA dollar failed to wins against the Canadian dollar and has a resistance at the top of the range. A good sell entry is expected at the top of the channel. If the chart breaks the bottom of the channel and close to the downside then a sell entry will be expected profitable.
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