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BTCUSD, EURUSD, GBPUSD – Forecasts April 16, 2020
BTCUSD, EURUSD, GBPUSD – Forecasts April 16, 2020
Posted

By - Jamel Lahiani

Posted - 16-04-2020
  • The BTCUSD is ranging volatile at short term Sell.
  • The EURUSD is ranging volatile at short term. Buy.
  • The GBPUSD is ranging volatile at short term. Buy.

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. GBPUSD (British Pound /US Dollar) is the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world.

USD

FOREX Market Insights
US stocks fell on Wednesday as the first-quarter earnings reports aren’t going well with concerns over the extent of damage from the coronavirus outbreak. The crude oil price still declining even after the Russian and Saudi deal to abandon their oil price war prodded from US President Donald Trump and ended yesterday at the price of 19.9 US dollars. So, overall markets are sideways due to the lack of strong trends.

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

AT 12H30GMT: The Building Permits released by the US Census Bureau, at the Department of Commerce shows the number of permits for new construction projects.

AT 12H30GMT: The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance.

AT 13H30GMT: BoE’s Tenreyro speech: Silvana Tenreyro was appointed to a 3-year term on the Bank of England Monetary Policy Committee from July 2017.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 16, 2020)
OPEN PRICE: 6626.5  SUPPORT: 6465.89  RESISTANCE: 6987.46
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. A breakout was rejected from the red resistance line with a pine bar. The Stock RSI blue line crosses the red line to the upside from 80 levels, so it is expected profitable to sell Bitcoin. Otherwise, if a candle closes above MA14 blue line then it is profitable to buy this pair.

USD

GRAPHIC 2: EURUSD HOURLY CHART (APRIL 16, 2020)
OPEN PRICE: 1.09099  SUPPORT: 1.08567 RESISTANCE: 1.09906
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under MA14 blue line to the downside. While the Stock RSI blue line crosses the red line to the upside. So, it is better to waiting a pullback from the green support line to buy this pair. But If a candle closes above MA14 blue line then a buy order will be expected profitable. Otherwise, if a candle closes under the green support line a sell order will be profitable.

USD

GRAPHIC 3: GBPUSD HOURLY CHART (APRIL 16, 2020)
OPEN PRICE: 1.25127  SUPPORT: 1.24341  RESISTANCE: 1.26460
The GBPUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under MA14 blue line. While the Stock RSI blue line crosses the red line to the upside from 20 levels showing an expected profitable buy order. But, if a candle closes under the green support line then a sell order will be expected profitable.

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