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
All three main US stock indexes fell back from gains of over 1 percent on Thursday after the Financial Times reported that a Chinese trial showed that Gilead Science’s remdesivir did not improve patients’ condition or reduce the pathogen’s presence in the bloodstream. Gilead said the results from the study were inconclusive as it was terminated early. As a result, an increasing economic uncertainty has leads Chinese stocks to end weaker with share prices kept under pressure.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H30GMT: The Durable Goods Orders, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances.
AT 14H00GMT: The Michigan Consumer Sentiment Index released by the University of Michigan is a survey of personal consumer confidence in economic activity. It shows a picture of whether or not consumers are willing to spend money.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 24, 2020)
OPEN PRICE: 7520.00 SUPPORT: 7034.76 RESISTANCE: 7776.5
The BTCUSD chart has a bullish volatile movement with an increasing MA14 blue line. The pair is finding resistance with a breakout rejection at the top. While the Stock RSI red line crosses the blue line to the downside from 80 levels showing an expected profitable sell order. Otherwise, if a candle closes above the red resistance line then we have a good occasion to buy this pair.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 24, 2020)
OPEN PRICE: 1.07764 SUPPORT :1.06374 RESISTANCE :1.08474
The EURUSD chart has a bearish volatile movement inside the red-colored channel. The chart is going for lower high and lower low movement under MA14 blue line with two pine bars at the top showing a profitable sell order. But if a candle closes under the top of the channel above MA14 blue line then it is plausible to buy this pair.
GRAPHIC 3: GBPUSD HOURLY CHART (APRIL 24, 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 is now under the 20 levels showing a soon profitable buy order if the red line crosses the blue line to the upside. Otherwise, if a candle closes under the green support line at the bottom a profitable sell order could be considered.
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