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.
WTI Crude oil (WTI /US Dollar) is the United States’ WTI (West Texas Intermediate) crude oil price
measured in US dollar. The demand for crude oil is dependent on global economic conditions as well
as market speculation.
FOREX Market Insights
Yesterday, The US Treasury Secretary Steven Mnuchin said an initial US-China trade deal would be
signed in early January leading Wall Streets major indexes resumed their rally. Today, the US dollar has
a quite ranging movement following the impeachment process of Donald Trump. In the other side, the
crude oil passed the 60 dollar limit and notched 61,2 US dollar.
Today in Focus
Today, we have a high impact published indicator:
AT 09H30GMT: The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity.
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.
AT 13H30GMT: The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time.
GRAPHIC 1: BTCUSD HOURLY CHART (DECEMBER 20, 2019)
The BTCUSD pair has a ranging quite movement inside the colored channel. The BTCUSD pair consolidates after yesterday upside correction. It is expected gainful to sell this pair if the chart is close to the top limit. In the other side, if the chart is close to the bottom limit a buy order will be expected gainful.
GRAPHIC 2: EURUSD HOURLY CHART (DECEMBER 20, 2019)
The EURUSD pair has a bearish volatile movement and finding a support at the green line level of
1.11110. If the chart breaks the red line at the top and closes to the upside then the bullish movement will be expected strong and it is gainful to buy. If the chart breaks the green support line and closes to the downside then a sell order is expected profitable. If there is a pullback from the two sides, the movement still ranging between the two limits then sell at the top and buy at the bottom.
GRAPHIC 3: WTI CRUDE OIL HOURLY CHART (DECEMBER 20, 2019)
The GBPUSD pair has a trending bullish quite movement inside the colored channel. The pair finding
a resistance at the red line level of 61.37. If the chart closes up to the red resistance line then a buy order will be expected profitable. If the chart pullback from the red line limit and closes to the downside then a Sell order will be expected profitable.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.