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
U.S. stocks gained yesterday as states work to ease lockdowns and researchers race for vaccines. Furthermore, the Asian markets gain amid optimistic investors visions for global economic recovery. While European stocks pause as BMW slumps 5% on a warning. On the other side, Bitcoin surges for more than 9000 US dollars as more institutions and investors kept it as a reserve on their portfolio.
Today in Focus
Today, we have a high and medium impact published indicators and events:
AT 09H00GMT: The Retail Sales released by the Eurostat is a measure of changes in sales of the Euro zone retail sector.
AT 12H15GMT: The Employment Change released by the Automatic Data Processing, Inc, Inc is a measure of the change in the number of employed people in the US.
GRAPHIC 1: BTCUSD HOURLY CHART (MAY 06, 2020)
OPEN PRICE: 9040.00 SUPPORT: 8759.41 RESISTANCE: 9117.74
After the bullish movement, BTCUSD established a new range between the red resistance line and the green support line. The chart moving above MA14 blue line with a Stock RSI red line that crosses the blue line to the downside from 80 levels. So we expect profitable to sell this pair at the top. Otherwise, if a candle closes above the red resistance line the movement becomes bullish and we have to buy this pair.
GRAPHIC 2: EURUSD HOURLY CHART (MAY 06, 2020)
OPEN PRICE: 1.08368 SUPPORT: 1.08153 RESISTANCE: 1.09270
The EURUSD chart has a bearish volatile movement and finding support at the green support line. The MA14 blue line is decreasing with a breakout rejection at the bottom forming a pine bar while the Stock RSI blue line that crosses the red line to the upside from 20 levels. As a consequence, a buy order will be profitable if a candle closes above the MA14 blue line. Otherwise, if a candle closes under the green support line then we have just to follow the direction of the market.
GRAPHIC 3: CRUDE OIL WTI HOURLY CHART (MAY 06, 2020)
OPEN PRICE: 19.234 SUPPORT: 18.477 RESISTANCE: 19.825
The Crude Oil WTI price returns to ranging volatile movement after a bullish quite movement. 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. If a candle closes under the daily green support line then sell.
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