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
Wall Street gained more than 1 percent on Monday despite a decline of crude oil prices, amid a supply glut and plunging demand. In fact, investors have a hopeful eye toward several US states that are relaxing shutdown restrictions put in place to curb the spread of the COVID-19 pandemic.
Today in Focus
Today, we have a high impact published indicators and events:
AT 08H00GMT: The bank lending survey (BLS) for the euro area was launched in 2003. Its main objective is to enhance the Eurosystem’s knowledge of financing conditions in the euro area. The BLS provides input to the ECB Governing Council’s assessment of monetary and economic developments, on which it bases its monetary policy decisions.
AT 14H30GMT: The Goods Trade Balance released by the US Bureau of Economic Analysis and the U.S. Census Bureau is the difference in value between imported and exported goods during a certain month.
AT 14H30GMT: The Durable Goods Orders excluding Defense, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, excluding the defense sector.
GRAPHIC 1: BTCUSD HOURLY CHART (APRIL 28, 2020)
OPEN PRICE: 7794.22 SUPPORT: 7636.87 RESISTANCE: 7814.83
The BTCUSD chart has a ranging volatile movement between the green support line and the red resistance line. The pair is finding resistance with a breakout rejection at the bottom and takes the direction 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. Otherwise, if a breakout occurred at the top or the bottom of the range then we follow the direction of the market.
GRAPHIC 2: EURUSD HOURLY CHART (APRIL 28, 2020)
OPEN PRICE: 1.08282 SUPPORT: 1.08071 RESISTANCE: 1.08596
The EURUSD chart has a ranging volatile movement between the green support line and the red resistance line. We have a big candle that breakout the MA14 blue line to the upside supported by the Stock RSI blue line crosses the red line to the upside from 20 levels showing a profitable buy order. It is likely that the chart will reach the top of the range then declines to the downside.
GRAPHIC 3: USDJPY HOURLY CHART (APRIL 28, 2020)
OPEN PRICE: 107.234 SUPPORT: 106.991 RESISTANCE: 107.352
The USDJPY chart has a ranging volatile movement between the green support line and the red resistance line. While the Stock RSI is now under the 20 levels showing a soon profitable buy order if the red line crosses the blue line to the upside. Otherwise, if a candle closes under the green support line at the bottom a profitable sell order could be considered profitable.
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