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. USDJPY (US Dollar / JAPANESE YEN) is one of the most traded pairs in the world. The relative value of these currencies is mostly affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
FOREX Market Insights
US stocks bloom on Thursday despite investors worried about the impact of the coronavirus pandemic on first-quarter earnings. This is the result of a recovering global investor sentiment especially that death tolls globally eased, adding to signs that the pandemic was plateauing in the world. on the other side, the US dollar still weakened by the crude oil price decline.
Today in Focus
Today, we have a high and medium impact published indicators and events:
AT 02H00GMT: The Gross Domestic Product (GDP) released by the National Bureau of Statistics of China studies the gross value of all goods and services produced by China.
AT 09H00GMT: The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco.
AT 09H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 17, 2020)
OPEN PRICE: 7121.46 SUPPORT: 6468.29 RESISTANCE: 7217.95
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The chart failed to breakouts the red resistance line and return under MA14 blue line. The chart will try probably one other time to breakout the red resistance line. If a candle closes above the red resistance line then a buy order will be profitable. But if the breakout failed then a strong downtrend will be occurred and it will be profitable to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 17, 2020)
OPEN PRICE: 1.08373 SUPPORT: 1.08159 RESISTANCE: 1.09056
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 and finding support to the upside at the green line level. While the Stock RSI red line crosses the blue line to the downside. If a pullback from the green support line to the upside occurred then it is profitable to buy this pair. But if a candle closes under the green support line then a sell order will be expected profitable.
GRAPHIC 3: USDJPY HOURLY CHART (APRIL 17, 2020)
OPEN PRICE: 107.914 SUPPORT: 107.163 RESISTANCE: 108.078
The USDJPY chart has a ranging volatile movement between the green support line and the red resistance line. The chart has just moved above MA14 blue line. While the Stock RSI blue line crosses the red line to the upside from 20 levels showing an expected profitable buy order. The plausible scenario is that the chart will moves to the resistance line then a pullback will be occurred to the downside with a profitable sell order. But, if a candle closes above the red resistance line then it is profitable to buy.
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