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BTCUSD, EURUSD, USDJPY – Forecasts May 12, 2020
BTCUSD, EURUSD, USDJPY – Forecasts May 12, 2020
Posted

By - Jamel Lahiani

Posted - 12-05-2020

Dow Jones, China stocks and European stocks closed lower on Monday, followed worries of a second wave of coronavirus cases as many countries emerge from lockdowns. In fact, Wuhan reported its first cluster of infections since the lockdown was lifted a month ago. Also, the surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors. That’s why the British Prime Minister Boris Johnson set out a cautious plan to get Britain back to work.

The health sector continues to attract investors, in this context, the American Drug distributor Cardinal Health Inc jumped 6.7 percent as the pandemic boosted third-quarter sales.

Dow

Today in Focus: a high impact published indicator:
AT 12H30GMT: The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services.

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.
  • USDJPY (US Dollar /Japanese Yen): the amount of Yen needed to buy one US Dollar.

Dow

GRAPHIC 1: BTCUSD HOURLY CHART (MAY 12, 2020): FORECAST, RANGING
OPEN PRICE: 8574.19 SUPPORT: 8171.10 RESISTANCE: 9192.82
The BTCUSD is back from 10000 USD level and becomes today ranging between the green support line and the red resistance line. So, if the Stock RSI blue line crosses the red line from 20 levels to the upside then we buy this pair. While, if the Stock RSI red line crosses the blue line from 80 levels to the downside then we sell this pair. Otherwise, If a breakout occurred then just follow the market.

Dow

GRAPHIC 2: EURUSD HOURLY CHART (MAY 12, 2020): FORECAST, RANGING
OPEN PRICE: 1.08065 SUPPORT: 1.07664 RESISTANCE: 1.08746
The EURUSD has a ranging movement between the green support line and the red resistance line. The chart breakout the MA14 blue line to the upside showing a profitable buy order supported by the Stock RSI blue line that crosses the red line from 20 levels to the upside. The best strategy is to sell at the top and to buy at the bottom. Otherwise, If a breakout occurred then just follow the market.

Dow

GRAPHIC 3: USDJPY WTI HOURLY CHART (MAY 12, 2020): FORECAST, BULLISH
OPEN PRICE: 107.633 SUPPORT: 106.204 RESISTANCE: 107.749
The USDJPY has a bullish volatile movement and finding resistance at the red resistance line with a breakout rejection at the top. The best strategy is waiting for a breakout, then if a candle closes above the red resistance line then buys. Otherwise, if a candle closes under the increasing green line then it is profitable to sell this pair.

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