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BTCUSD, EURUSD, USDCAD – Forecasts May 08, 2020
BTCUSD, EURUSD, USDCAD – Forecasts May 08, 2020
Posted

By - Jamel Lahiani

Posted - 08-05-2020

Wall Streets indexes have climbed following a clutch of upbeat earnings reports led by PayPal Shares. In fact, PayPal said it expects a strong recovery in payment volumes in the second quarter as social distancing drives more people to shop online.

European shares move inside a tight range as virus news and the threat of a renewed Sino-US trade spat resulted in a caution. Experts are sceptical in the long term about the European economy due to the spiking unemployment that would likely cripple industrial and consumer demand.

In company news, the German online fashion retailer Zalando and ArcelorMittal record the most positive variation with respectively, 11.5 percent and 6.8 percent after positive expectations by investors.

Today in Focus: 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 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 nonfarm payrolls released by the US Bureau of Labor Statistics presents the number of new jobs created during the previous month, in all non-agricultural business.

Today technical analysis

  • BTCUSD (Bitcoin /US Dollar): the amount of US Dollars needed to buy one Bitcoin.
  • EURUSD (Euro /US Dollar): the amount of US Dollars needed to buy one Euro.
  • GBPUSD (British Pound /US Dollar): the amount of US Dollars needed to buy one British Pound.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (MAY 08, 2020): FORECAST, BULLISH
OPEN PRICE: 10008.19 SUPPORT: 8355.86 RESISTANCE: 10070.62
BTCUSD has a bullish movement and finding resistance near the red resistance line. The MA9 blue line is increasing with a higher high and higher low setup while the Stock RSI blue line crosses the red line from 20 levels to the upside. So we expect profitable to buy this pair if a candle closes above the red resistance line.

USD

GRAPHIC 2: EURUSD HOURLY CHART (MAY 08, 2020): FORECAST, BULLISH
OPEN PRICE: 1.08315 SUPPORT: 1.07668 RESISTANCE :1.08556
The EURUSD chart has a bullish volatile movement and finding support at the red resistance line. The chart is waiting for the nonfarm payrolls that will be published today by the US Bureau of Labor Statistics. At 12H30GMT, if the chart breaks the red resistance line to the upside or the increasing green support line to the downside then just follow the market.

USD

GRAPHIC 3: USDCAD WTI HOURLY CHART (MAY 08, 2020): FORECAST, BEARISH
OPEN PRICE: 1.39721 SUPPORT: 1.39228 RESISTANCE :1.42751
The USDCAD has a bearish quite movement under the MA9 blue line and going for lower low and lower high setup. The chart is waiting for the nonfarm payrolls that will be published today by the US Bureau of Labor Statistics. At 12H30GMT, if the chart breaks the green support line to the downside or the decreasing red resistance line to the upside then just follow the market.

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