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BTCUSD – EURUSD – USDCAD – Forecasts April 09, 2020
BTCUSD – EURUSD – USDCAD – Forecasts April 09, 2020
Posted

By - Jamel Lahiani

Posted - 09-04-2020
  • The BTCUSD is ranging volatile at short term. Buy
  • The EURUSD is ranging volatile at short term. Buy
  • The USDCAD is ranging 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
The US stock markets jumped on Wednesday on raising signs that the coronavirus outbreak will be shortened by the deployed efforts and the hopes of a production cut by OPEC and its allies during the Thursday meeting at 19H00GMT. So, the currencies market is sideways ranging and waiting for upcoming news from the OPEC summit.

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

AT 11H30GMT: ECB Monetary Policy Meeting Accounts contain an overview of financial market, economic and monetary developments. It’s followed by a summary of the discussion, in an unattributed form, on the economic and monetary analyses and on the monetary policy stance.

AT 12H30GMT: The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force.

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: Fed’s Chair Powell speech.

AT 19H00GMT: OPEC Meeting.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 09, 2020)
OPEN PRICE: 7365.38  SUPPORT: 7078.36  RESISTANCE: 7467.67
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart is fluctuating around MA14 blue line. The Stock RSI red line crosses the blue line to the upside from 20 levels, so it is expected profitable to buy Bitcoin. Otherwise, if a candle pullback from the red resistance line then it is profitable to sell this pair.

USD

GRAPHIC 2: EURUSD HOURLY CHART (APRIL 09, 2020)
OPEN PRICE: 1.08565  SUPPORT: 1.08306  RESISTANCE: 1.09243
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. This pair is waiting for the upcoming news from the OPEP summit today for a crude oil production cut. So, it is expected profitable to sell this pair at the top of the range and to buy at the bottom. If a candle closes outside of the range then just follow the trend.

USD

GRAPHIC 3: USDCAD HOURLY CHART (APRIL 09, 2020)
OPEN PRICE: 1.07919  SUPPORT :1.07842  RESISTANCE: 1.11454
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. This pair is waiting for the upcoming news from the OPEP summit today for a crude oil production cut. So, it is expected profitable to sell this pair at the top of the range and to buy at the bottom. If a candle closes outside of the range then just follow the trend.

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