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.
USDZAR (US Dollar / South African Rand) the Rand is the South Africa money from 1950. After the
apartheid era sanctions the Rand experienced a great deal of volatility and depreciation.
FOREX Market Insights
US stocks pulled back on Monday from near-record levels with small negative correction to the crude oil
price. These, leading to a small fall of the US dollar. Today, the data published by China, showing a
positive increase of the Consumer Price by 4.5% and a good performance of the Chinese economy.
Today in Focus
Today, we consider two published indicators in focus: the first from Germany and has high
impact level, the second from South Africa and have low impact level.
AT 10H00GMT: The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic.
AT 11H00GMT: The Manufacturing Production Index released by the Statistics South Africa Head Office measures the manufacturing output in South Africa.
GRAPHIC 1: BTCUSD HOURLY CHART (DECEMBER 10, 2019)
The BTCUSD pair has a bearish volatile movement inside the red colored channel. The pair win last
week 1.51% and has a small fall on Monday. The pair goes for lower low and lower high movement at
hourly data. It is gainful to sell this pair near the highest limit of the channel, the Stoch RSI indicator
is more than 80 and the red line crosses the blue line. If the chart breaks the top limit of the channel
and close to the upside, then there is a plausible return to the uptrend.
GRAPHIC 2: EURUSD HOURLY CHART (DECEMBER 10, 2019)
The EURUSD pair has a bearish volatile movement and pines bars at the top. The pair goes for lower
low and lower high movement at hourly data. It is profitable if we sell this pair after a pullback from
the red bearish line near the red arrow. If the chart breaks the red line at the top and close to the
upside then the upside movement will be strong and it is gainful to buy.
GRAPHIC 3: USDZAR HOURLY CHART (DECEMBER 10, 2019)
The GBPUSD pair is ranging volatile inside the colored channel. Today the pair is waiting for The
Manufacturing Production Index released by Statistics South Africa. If the chart breaks the top of the
channel and close to the upside then a buy entry will be expected profitable. If the chart breaks the
bottom of the channel and close to the downside then a sell order will be expected profitable. If the
chart still ranging between the two blue limits then we sell at the top and buy at the bottom.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.