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. 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
The US stocks indexes lost ground on Tuesday as investors moved from market-leading growth stocks into cyclical value stocks as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic. While the agreement between OPEP and Russia to 10 million BPD oil cut for May isn’t well- received by the crude oil market that required a cut of 30 million BPD to be rebalanced.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H00GMT: HICP is an index of consumer prices calculated and published by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonized across all EU member states.
AT 12H30GMT: 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.
AT 18H30GMT: The FOMC press conference is about an hour long and has 2 parts – first a prepared statement is read, then the conference is open to press questions. The questions often lead to unscripted answers that create heavy market volatility.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 29, 2020)
OPEN PRICE: 7794.22 SUPPORT: 7636.87 RESISTANCE: 7814.83
The BTCUSD chart has a bullish volatile movement inside the green-colored channel. The chart has a breakout rejection at the top of the channel so we expect a profitable sell order confirmed by the Stock RSI with a red line that crosses the blue line to the downside from 80 levels. Otherwise, if a breakout occurred at the top of the channel then we have just to follow the direction of the market.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 29, 2020)
OPEN PRICE: 1.08282 SUPPORT: 1.08071 RESISTANCE: 1.08596
The EURUSD chart has a bullish volatile movement inside the green-colored channel. The chart moves aboveMA14 blue line to the upside while the Stock RSI blue line crosses the red line to the upside from 20 levels showing a profitable buy order. The last big candle shows that it is profitable to but this pair. But is a candled closes under the bottom of the channel then a sell order will be expected profitable.
GRAPHIC 3: CRUDE OIL WTI HOURLY CHART (APRIL 29, 2020)
OPEN PRICE: 12.089 SUPPORT :11.631 RESISTANCE :13.192
The Crude Oil WTI chart has a ranging volatile movement between the green support line and the red resistance line after a huge decline. The Stock RSI blue line crosses the red line to the upside from 20 levels giving a pulse to the upside above MA14 blue line showing a profitable buy order. Yesterday, the agreement between OPEP and Russia to 10 million BPD oil cut for May consolidates crude oil price but if the green support line is breakout then the price return to decline.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.