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 surprise this week is the surge of the Bitcoin as a result of a huge demand by investors. On the other side, the US stocks have bloomed as hopes for an effective COVID-19 treatment prompted a broad rally amid an investors shrug off bleak economics published US data. While the agreement between OPEP and Russia to 10 million BPD oil cut for May helped crude oil price to recognizes green color.
Today in Focus
Today, we have a high impact published indicators and events:
AT 09H00GMT: The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone.
AT 09H00GMT: The Unemployment Rate released by the Eurostat is the number of unemployed workers divided by the total civilian labor force.
AT 09H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services.
AT 12H30GMT: Following the ECB ́s economic policy decision, the ECB President gives a press conference regarding monetary policy.
AT 12H30GMT: This indicator measures the average number for the last four releases of the Initial Jobless Claims, which are released every Thursday.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 30, 2020)
OPEN PRICE: 7477.19 SUPPORT: 9023.75 RESISTANCE: 9477.19
The BTCUSD chart has a bullish volatile movement inside the green-colored channel. The chart has a breakout rejection at the bottom of the channel with a pine bar setup supported by the Stock RSI with a blue line that crosses the red line to the upside from 20 levels. So we expect profitable to buy this pair especially that we have big candles associated with big volume bars at the bottom of the graphic. If a candle closes under the bottom limit we have just to follow the direction of the market.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 30, 2020)
OPEN PRICE: 1.11280 SUPPORT: 1.08088 RESISTANCE: 1.08915
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The MA14 blue line is increasing with a breakout rejection at the top forming a pine candle favorable for a sell order decision confirmed by the Stock RSI red line that crosses the blue line to the downside from 80 levels. If a candle closes above the red resistance line then we have just to follow the direction of the market.
GRAPHIC 3: CRUDE OIL WTI HOURLY CHART (APRIL 30, 2020)
OPEN PRICE: 13.020 SUPPORT: 11.641 RESISTANCE: 14.745
The Crude Oil WTI chart has a bullish volatile movement inside the green-colored channel. The MA14 blue line is increasing showing an upward movement. It is expected that the Stock blue line will cross the red line to the upside from 20 levels. As a result, we expect a profitable buy order supported by the OPEP and Russia agreement to 10 million BPD oil cut for May.
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