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BTCUSD, EURUSD, GBPUSD – Forecasts April 23, 2020
BTCUSD, EURUSD, GBPUSD – Forecasts April 23, 2020
Posted

By - Jamel Lahiani

Posted - 23-04-2020
  • The BTCUSD is ranging volatile at short term. Sell.
  • The EURUSD is bearish volatile at short term. Buy.
  • The GBPUSD is bearish volatile at short term. Sell.

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.

Bitcoin

FOREX Market Insights
Wall Street surged on Wednesday as oil prices recovered and congress is near to approve a $US500 billion more in aid to help small businesses choked by the coronavirus crisis. This lead China stocks and European shares to rebound on the hopes of more stimulus around the world will encourage investors to overcome the crisis.

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

AT 08H00GMT: The PMI monthly Composite Reports on Manufacturing and Services, released by Markit Economics, are based on a large number of business executives in private sector manufacturing and services companies.

AT 08H30GMT: The PMI service released by both the Chartered Institute of Purchasing & Supply and the Markit Economics is an indicator of the economic situation in the UK services sector.

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 14H00GMT: The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions.

Bitcoin

GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 23, 2020)
OPEN PRICE: 7137.03 SUPPORT: 6756.01 RESISTANCE: 7231.73
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under the MA14 blue line but the Stock RSI blue line crosses the red line to the upside from 20 levels showing an expected profitable buy order. The chart will reach the red resistance line then pullback to the downside giving a good occasion to sell this pair.

Bitcoin

GRAPHIC 2: EURUSD HOURLY CHART (APRIL 23, 2020)
OPEN PRICE: 1.08230 SUPPORT: 1.07833 RESISTANCE :1.08830
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart is going for lower high and lower low movement but finding support at the bottom that can lead to a pullback movement to the upside and a profitable order to buy this pair. But if a candle closes under the green support line then we have to sell this pair.

Bitcoin

GRAPHIC 3: GBPUSD HOURLY CHART (APRIL 23, 2020)
OPEN PRICE: 1.16697 SUPPORT: 1.22465 RESISTANCE: 1.23869
The GBPUSD chart has a ranging volatile movement between the green support line and the red resistance line. While the Stock RSI blue line crosses the red line to the upside from 20 levels showing an expected profitable buy order. The movement will continue to reach the red resistance line then it will pullback to the downside showing a profitable order to sell this pair.

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