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.
USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.
FOREX Market Insights
Today, The Bank of Japan published a study of economic movements in Japan to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. The markets absorb the latest Global Times headlines amid ongoing trade optimism and broad USD strength. The BOJ minutes have virtually no impact on the JPY markets.
Today in Focus
Today, we have a high impact published indicators:
AT 15H00GMT: The Ivey PMI released by the Richard Ivey School of Business captures business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada.
GRAPHIC 1: BTCUSD HOURLY CHART (NOVEMBER 6, 2019)
The BTCUSD pair is volatile and moving inside a disjoint angel. We can buy this pair if the chart is at the low blue limit; the Stock RSI is lower than 20 and the blue line cross the red. We can sell this pair if the chart is at the high blue limit; the Stock RSI is higher than 80 and the red line cross the blue.
GRAPHIC 2: EURUSD HOURLY CHART (NOVEMBER 6, 2019)
The EURUSD pair has a bearish volatile movement inside the colored channel. 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: USDCAD HOURLY CHART (NOVEMBER 6, 2019)
The USDCAD pair has a ranging volatile movement inside the colored channel. 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. If the chart is at the bottom of the channel, the Stock RSI is lower than 20 and the blue line crosses the red then we can buy this pair.
Follow us on Twitter @aprecon
Follow on Instagram @_aprecon
Like our Page on FB @aprecon
Copyright © The African Progressive Economist 2019. All Rights Reserved.