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
US stocks lost ground on Thursday as investors take profits and go away from the market due to grim US economic data. While the US economy will soon start recovering from crushing restrictions enacted to curb the coronavirus pandemic. The crude oil price stills a great problem for the US and the main producers of crude oil amid a lack of international demand.
Today in Focus
Today, we have a high impact published indicators and events:
AT 14H00GMT: The Institute for Supply Management (ISM) Manufacturing Index show business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US.
AT 14H00GMT: The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector, taking into account expectations for future production, new orders, inventories, employment and deliveries.
GRAPHIC 1: BTCUSD HOURLY CHART (MAI 01, 2020)
OPEN PRICE: 8629.72 SUPPORT: 8414.38 RESISTANCE: 9512.19
After huge jumps, the BTCUSD consolidates inside a ranging movement between the green support line and the red resistance line. The chart has a breakout rejection at the bottom 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 a candle closing above the MA14 blue line. Otherwise, if a candle closes under the green support line the movement becomes bearish and we have to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (MAI 01, 2020)
OPEN PRICE: 1.09520 SUPPORT: 1.08324 RESISTANCE: 1.09736
The EURUSD chart has a bullish volatile movement and finding resistance at the top. 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. The sell order will be more plausible if a candle closes under the MA14 blue line. Otherwise, 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 (MAI 01, 2020)
OPEN PRICE: 13.020 SUPPORT: 11.641 RESISTANCE: 14.745
The Crude Oil WTI chart has a bullish volatile movement above the green angle line of 9°. The MA14 blue line is increasing showing an upward movement supported by the Stock RSI blue line that crosses 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. If a candle closes under the green angle line of 9° then we have just to follow the direction of the market.
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