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BTCUSD, EURUSD, GBPUSD – Forecasts May 07, 2020
BTCUSD, EURUSD, GBPUSD – Forecasts May 07, 2020
Posted

By - Jamel Lahiani

Posted - 07-05-2020
  • The BTCUSD is ranging volatile at short term. Sell.
  • The EURUSD is bearish volatile at short term. Sell.
  • 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
The US stock fell on Wednesday as declines in financials and defensive groups countered gains in tech shares amid investors concerns about US private employers data published yesterday. In company news, General Motors automaker topped first-quarter profit expectations and Co jumped 3.0 percent after the outlined plans for a May 18 restart of most of its North American plants.

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

AT 06H00GMT: The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector.

AT 09H00GMT: BoE’s Governor Bailey speech.

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.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (MAY 07, 2020)
OPEN PRICE: 9157.3 SUPPORT: 8920.3 RESISTANCE: 9416.26
BTCUSD has a bullish movement and finding resistance near the red resistance 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 continues to be bullish and we have to buy this pair.

USD

GRAPHIC 2: EURUSD HOURLY CHART (MAY 07, 2020)
OPEN PRICE: 1.07925 SUPPORT: 1.07812 RESISTANCE: 1.08485
The EURUSD chart has a bearish volatile movement and finding support at the green support line. The chart moves under the MA14 blue line with a breakout rejection at the top forming a pine bar while the Stock RSI red line crosses the blue line to the downside from 80 levels. As a consequence, a sell order will be profitable if a candle closes under the green support line. Otherwise, if a candle closes above the red declining resistance line then we have just to follow the direction of the market.

USD

GRAPHIC 3: GBPUSD WTI HOURLY CHART (MAY 07, 2020)
OPEN PRICE: 1.23377 SUPPORT: 1.23108 RESISTANCE: 1.24503
The GBPUSD price returns to ranging volatile movement after a bearish quite movement. The chart crosses the MA14 blue line to the upside 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 MA14 blue line then sell.

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