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. USDJPY (US Dollar / JAPANESE YEN) is one of the most traded pairs in the world. The relative value of these currencies is mostly affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
FOREX Market Insights
US stocks return to confidence on Monday, explained by the unexpected good performance of the US
manufacturing activity, following the negative impact of the spreading coronavirus economic concerns.
Today in Focus
Today, we have a high and medium impact published indicators and events:
AT 08H00GMT: The Unemployment Survey released by the Spanish Government shows the number of unemployed workers added during the previous month.
AT 15H00GMT: The US Factory orders released by the US Census Bureau is a measure of the total orders of durable and non-durable goods such as shipments (sales), inventories and orders at the manufacturing level which can offer insight into inflation and growth in the manufacturing sector.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRAURY 04, 2020)
The BTCUSD chart has a bullish volatile movement with support at the green line level. It is expected
profitable to buy this pair if the chart closes above the red resistance line. Otherwise, if the chart closes under the support line in green color, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 04, 2020)
The EURUSD pair has a bullish volatile movement and moving around MA14. The chart is going for a
higher low movement. It is expected gainful to buy this pair when the chart closes above the red resistance line. Otherwise, a sell order is expected profitable if the chart closes under the green support line.
GRAPHIC 3: USDJPY HOURLY CHART (FEBRAURY 04, 2020)
The GBPUSD pair has a bearish volatile movement. The chart is going for a lower high movement. It is
expected profitable to sell this pair if the chart closes under the MA14 blue line. The downtrend becomes very strong if the chart closes under the green support line. Otherwise, if the chart closes above the red resistance line, the suitable strategy is to buy this pair.
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