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. 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.
FOREX Market Insights
Oil prices drop, on Tuesday, erasing any tentative for gains from the signs of the coronavirus outbreaks may be leveling in some of the biggest US hot spots. So, the US stocks decline in opposition with European and Asian stocks that bloom, profiting from crude oil price decline.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H30GMT: The Building Permits released by the Statistics Canada shows the number of permits for new construction projects. It implies the movement of corporate investments (the Canadian economic development).
AT 18H00GMT: FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 08, 2020)
OPEN PRICE: 7203.87 SUPPORT: 7074.71 RESISTANCE: 7467.37
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves above MA14 blue line near the top of the range. The Stock RSI is less high than 80 and the red line crosses the blue line to the downside. So, it is expected profitable to buy Bitcoin if a candle closes above the red resistance line. Otherwise, if a candle closes under the MA14 blue line then it is profitable to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 08, 2020)
OPEN PRICE: 1.08913 SUPPORT: 1.07827 RESISTANCE: 1.09245
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under MA14 blue line with lower low and lower high movement. The Stock RSI takes a downward movement showing the beginning of a downtrend. So, it is expected profitable to sell EURUSD. Otherwise, if a candle closes above the red resistance line then it is profitable to buy this pair.
GRAPHIC 3: USDCAD HOURLY CHART (APRIL 08, 2020)
OPEN PRICE: 1.39923 SUPPORT: 1.39452 RESISTANCE: 1.40808
The USDCAD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves above MA14 blue line with a breakout rejection leading to a pine bar at the top. So, it is expected profitable to sell this pair. Otherwise, if a candle closes above the top limit of the channel then we have to sell this pair.
Copyright © MMXVI - MMXX. Africa 360 Degrees | African Economics | Business | and Political affairs 360 degrees coverage | Independent | Analysis | Insight | africa360degrees.com. All Rights Reserved.