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.
GBPUSD (British Pound /US Dollar) is the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world.
FOREX Market Insights
Yesterday, The Ivey PMI published by the Richard Ivey School of Business about the business conditions in Canada indicating a fall in business activities. So the Forex Market becomes sleepy with no strong trend waiting for the important news upcoming today from Britain and the USA.
Today in Focus
Today, we have a high impact published indicators:
AT 12H00GMT: The Asset Purchase Facility is the value of money the BoE plans to create and inject into the economy through open market bond purchases as a way to influence long-term interest rates.
AT 12H00GMT: BoE Interest Rate Decision is announced by the Bank of England. If the BoE is hawkish about the inflationary outlook of the economy and raises the interest rates it is positive, or bullish for the GBP.
AT 12H00GMT: The Bank of England quarterly publishes a report of the detailed economic analysis and inflation projections on which the Bank’s Monetary Policy Committee bases its interest rate decisions, and presents an assessment of the prospects for UK inflation over the following two years.
AT 13H30GMT:The US Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance.
GRAPHIC 1: BTCUSD HOURLY CHART (NOVEMBER 7, 2019)
The BTCUSD pair is bearish volatile and moving inside the colored channel and has a support at the level of 9192.96. We can buy this pair if the chart breaks the top of the channel and close to the upside. If the chart breaks the down of the channel and close to the downside a sell order will be profitable. In the case of a pullback from the down limit of the channel to the upside a buy order will be profitable.
GRAPHIC 2: EURUSD HOURLY CHART (NOVEMBER 7, 2019)
The EURUSD pair has a bearish volatile movement inside the colored channel and has a support at the level of 1.10557. A sell order will be very profitable if the Stock RSI is higher than 80 and the red line cross the blue or if the chart crosses the MA line in blue color and close to the downside. The arrow place shows a good selected entry.
GRAPHIC 3: GBPUSD HOURLY CHART (NOVEMBER 7, 2019)
The GBPUSD pair has a bearish volatile movement inside the colored channel. If the chart is at the top of the channel and close to the upside then we can buy this pair. If the chart is at the top of the channel, the Stock RSI is higher than 80 and the red line crosses the blue then we can sell this pair. In the case of crossing the MA14 to the downside another sell order will be profitable.
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