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BTCUSD, EURUSD, Crude Oil – Forecasts April 10, 2020
BTCUSD, EURUSD, Crude Oil – Forecasts April 10, 2020
Posted

By - Jamel Lahiani

Posted - 10-06-2020
  • The BTCUSD is bearish volatile at short term. Sell
  • The EURUSD is ranging volatile at short term. Buy
  • The Crude Oil WTI is bearish volatile at short term. Sell

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.

USD

FOREX Market Insights
Yesterday, the OPEC summit output was the reduction of May and June crude oil productions. That is seen smaller than some investors and analysts had expected, and oil prices gave up earlier gains. So, the efforts deployed by the Trump administration to increases the Crude Oil price to sustain the US crude oil producers was failed. By consequence, the US dollar was weakened faces the main other currencies.

Today in Focus
Today, we have a high impact published indicators and events:

AT 12H30GMT: The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 10, 2020)
OPEN PRICE: 7312.01  SUPPORT: 6677.70  RESISTANCE: 7369.50
The BTCUSD chart has a bearish volatile movement inside the red-colored channel. The chart is fluctuating under the MA14 blue line showing a strong trend. The Stock RSI red line crosses the blue line to the downside from 80 levels, so it is expected profitable to sell Bitcoin. Otherwise, if a candle closes above the red resistance line at the top then it is profitable to buy this pair.

USD

GRAPHIC 2: EURUSD HOURLY CHART (APRIL 10, 2020)
OPEN PRICE: 1.09252  SUPPORT: 1.08389  RESISTANCE: 1.09530
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The OPEP output was seen smaller than some investors and analysts had expected to lead a weakened US dollar. So, it is expected profitable to buy this pair if a candle closes above the top of the range and. If a pullback occurred from the red resistance line then a sell order will be expected profitable.

USD

GRAPHIC 3: CRUDE OIL WTI HOURLY CHART (APRIL 09, 2020)
OPEN PRICE: 26.093  SUPPORT: 22.495 RESISTANCE: 28.256
The crude oil WTI chart has a bearish volatile movement. The chart moves under MA14 blue line showing a strong downtrend. In fact, the OPEP output was seen smaller than some investors and analysts had expected to lead a decrease in crude oil price. So, it is expected profitable to sell this pair at the bottom if a candle closes under the green support line. If a candle pullback from the green support line with a higher high setup then a buy order will be expected profitable.

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