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
US stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak. While the expectation of quarterly earnings season still on the decline. The Russian and Saudi deal to abandon their oil price war after prodding from US President Donald Trump didn’t revitalize the energy sector, so crude oil price return to decline closing yesterday at the price of 20.1 US dollars.
Today in Focus
Today, we have a high impact published indicators and events:
AT 12H30GMT: The retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales.
AT 15H15GMT:BOC Governor and Senior Deputy Governor hold a press conference after the release of BOC Monetary Policy Report. The press conference has 2 parts – first a prepared statement is read, then the conference is open to press questions.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 15, 2020)
OPEN PRICE: 6875.5 SUPPORT: 6773.37 RESISTANCE: 6988.81
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. A chart tries to breaks the MA14 blue line to the downside. The Stock RSI blue line crosses the red line to the upside from 20 levels, so it is expected profitable to buy Bitcoin if a pullback occurred from MA14 blue line to the upside. Otherwise, if a candle closes under MA14 blue line then it is profitable to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 15, 2020)
OPEN PRICE: 1.09798 SUPPORT: 1.09370 RESISTANCE: 1.09902
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 to the downside. While the Stock RSI red line crosses the blue line to the downside from 80 levels. So, it will be better to sell this pair because we have a strong downward movement. If a candle closes above MA14 blue line then a buy order will be expected profitable.
GRAPHIC 3: USDCAD HOURLY CHART (APRIL 15, 2020)
OPEN PRICE: 1.32672 SUPPORT 1.38539 RESISTANCE: 1.39880
The USDCAD chart has a ranging volatile movement between the green support line and the red resistance line. The chart moves under MA14 blue line to the upside. While the Stock RSI blue line crosses the red line to the upside from 20 levels showing an expected profitable buy order. But, if a candle closes under the MA14 blue line a sell order will be expected profitable.
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