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.
The EURUSD is the most traded currency pair in the world. This pair represents the world’s two largest economies and has faced most volatility since the inception of the euro in 1999.
|Last week variation||0,00361||0,33||-192,61||-2,39|
|This week variation||0,00046||0,04||292,61||3,72|
FOREX Market Insights
Yesterday, the trade war was intensified. In fact, the US imposed visa restrictions on Chinese officials. So, the US stocks ended down sharply and the EURUSD declines face to the EURO. The Controversy dominates the situation by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.
Today in Focus
Today, we have a high impact and medium published indicator:
AT 14H00 GMT: JOLTS US Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers, including retailers, manufacturers and different offices each month.
AT 14H30 GMT: The US EIA Crude Oil stockpiles report is a weekly measure of the change in the number of barrels in stock of crude oil and its derivatives, and it’s released by the Energy Information Administration.
GRAPHIC 1: EURUSD HOURLY CHART (OCTOBER 9, 2019)
The EURUSD pair has a sideways volatile movement inside the colored channel between two limits. This explained by the controversy that dominates the US economy about US trade strategy and the US-China trade war.
If the movement persists inside of the channel we can use the Stock RSI indicator to select a good entry. If the Stock RSI is lower than 20 and the blue line cross the red we can buy this pair. If the Stock RSI is higher than 80 and the red line cross the blue, we can sell this pair.
GRAPHIC 2: BTCUSD HOURLY CHART (OCTOBER 9, 2019)
The BTCUSD pair follows a bearish movement inside the colored channel. The movement is consolidation after a strong uptrend. It is interesting to sell, when the Stock RSI indicator is higher than 80 and the red line cross the blue line or when the chart crosses the MA14 in blue color and close to the downside. If the chart breaks the top of the channel and close to the upside, then we have the return of the uptrend we have just to follow the trend.
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