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BTCUSD – EURUSD – USDCAD – Forecasts April 07, 2020
BTCUSD – EURUSD – USDCAD – Forecasts April 07, 2020
Posted

By - Jamel Lahiani

Posted - 07-04-2020
  • The BTCUSD is bullish volatile at short term. Buy
  • The EURUSD is bullish volatile at short term. Buy
  • The USDCAD 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. USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.

USD

FOREX Market Insights
US stocks jump on Monday, more than 7 percent. In fact, the daily death toll in New York declines, leading optimism of the ending pandemic on the horizon. On the other side, the crude oil price declined yesterday by -7.97 percent due to the lack of agreement to limit the offer by the main producers countries.

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

AT 14H00GMT: The Ivey PMI released by the Richard Ivey School of Business captures business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada.

AT 14H00GMT: JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 07, 2020)
OPEN PRICE:  7336.96  SUPPORT:  6128.32  RESISTANCE:  8157.79
The BTCUSD chart has a bullish volatile movement inside the colored channel and crosses MA14 blue line to the upside. The chart is going for a higher low and higher high movement. The Stock RSI is less than 20 and the blue line crosses the red line to the upside. So, it is expected profitable to buy Bitcoin. Otherwise, if a candle closes under the bottom limit of the channel then it is profitable to sell this pair.

USD

GRAPHIC 2: EURUSD HOURLY CHART (APRIL 07, 2020)
OPEN PRICE:  1.07919  SUPPORT:  1.07842  RESISTANCE:  1.11454
The EURUSD chart has a bullish volatile movement inside the green-colored channel. The chart moves above MA14 blue line. It is expected profitable to buy this pair if a candle pullback from the bottom limit of the channel to the upside. If a candle closes under the bottom limit of the channel then it is expected profitable to sell this pair.

USD

GRAPHIC 3: USDCAD HOURLY CHART (APRIL 07, 2020)
OPEN PRICE:  1.41077  SUPPORT:  1.39161  RESISTANCE:  1.43559
The USDCAD chart has a bearish volatile movement inside the red-colored channel. The chart moves under MA14 blue line and going for a lower high and lower low setup. A candle closes under the half limit of the channel then it is expected profitable to sell this pair. Otherwise, if a candle closes above the top limit of the channel then the downtrend is finished and we have to sell this pair.

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