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. 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.
FOREX Market Insights
Dow Jones tumbled for a second straight day as a collapse in US oil prices and glum forecasts by companies worsened fears of a deep economic downturn due to the coronavirus outbreak.
Today in Focus
Today, we have a high impact published indicators and events:
AT 06H00GMT: The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services.
AT 12H30GMT: Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 22, 2020)
OPEN PRICE: 6857.7 SUPPORT: 6761.81 RESISTANCE: 6967.43
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves above the MA14 blue line but failed to breakouts the red resistance line to the upside. While the Stock RSI red line tries to crosses the blue line to the downside from 80 levels showing an expected profitable sell order. But if a candle closes above the red resistance line then a strong uptrend will be plausible with a profitable buy order.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 22, 2020)
OPEN PRICE: 1.08559 SUPPORT: 1.08162 RESISTANCE: 1.08969
The EURUSD chart has a bearish volatile movement between the green support line and the red resistance line. The chart is going for lower high with a three decreasing pine bars at the top showing a profitable order to sell this pair. The downtrend will be strong if a candle closes under the MA14 blue line. But if a candle closes above the first pine bar the movement of the chart becomes higher high then it is profitable to buy.
GRAPHIC 3: GBPUSD HOURLY CHART (APRIL 22, 2020)
OPEN PRICE: 1.22898 SUPPORT: 1.22461 RESISTANCE: 1.24877
The GBPUSD chart has a bearish volatile movement and tries to revert to a bullish movement by crossing the 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 MA14 blue line then the bearish movement persists and it is profitable to sell this pair.
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