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
The US crude futures turned negative on Monday for the first time ever causing a huge decline of Wall Street. So traders forced to pay to unload crude as the May contract expired during a global economic slump due to the coronavirus outbreak.
Today in Focus
Today, we have a high impact published indicators and events:
AT 07H00GMT: The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force.
AT 12H30GMT: The Retail Sales released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes.
AT 14H00GMT: The Existing Home Sales, released by the National Association of Realtors provide an estimated value of housing market conditions.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 21, 2020)
OPEN PRICE: 6838.25 SUPPORT: 6758.05 RESISTANCE: 7234.23
The BTCUSD chart has a bearish volatile movement under the decreasing red resistance line. The chart breakouts the MA14 blue line but failed to breakouts the red resistance line to the upside. If a candle closes above the red resistance line then a buy order will be profitable. But if the breakout failed and a candle closes under the MA14 blue line then a strong downtrend will occur and it will be profitable to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 21, 2020)
OPEN PRICE: 1.08602 SUPPORT: 1.08256 RESISTANCE: 1.08844
The EURUSD chart has a bearish volatile movement inside the red-colored channel. The chart moves under the MA14 blue line and pullback from the top of the channel. The chart is going for lower high and lower low movement with a pine bar at the top showing a profitable order to sell this pair. The downtrend will be strong if a candle closes under the green support line. But if a pullback from the green support line to the upside occurred with a higher high movement then it is profitable to buy.
GRAPHIC 3: USDCAD HOURLY CHART (APRIL 21, 2020)
OPEN PRICE: 1.40584 SUPPORT: 1.40311 RESISTANCE: 1.41776
The USDCAD chart has a bullish volatile movement above the MA14 blue line but finding resistance at the level of the red resistance line. While the Stock RSI red line crosses the blue line to the downside from 80 levels showing an expected profitable sell order. But, if a candle closes above the red resistance line then it is profitable to buy this pair.
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