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
Yesterday, The Dow reached a record of 0.66 as the latest signs of progress in US-China trade relations relieved investors that leads to appreciate the US dollar against the others currencies especially the Euro. The U.S. unemployment published yesterday is hovering near a five-decade low and workforce participation is at the highest level in six years showing a good recovery of the US economy.
Today in Focus
Today, we have a high impact published indicators:
AT 13H30GMT: The Building Permits released by the Statistics Canada shows the number of permits for new construction projects.
AT 13H30GMT: The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Canadian Economy.
AT 13H30GMT: The employment Change released by the Statistics Canada is a measure of the change in the number of employed people in Canada.
AT 15H00GMT: The Michigan Consumer Sentiment Index released by the University of Michigan is a survey of personal consumer confidence in economic activity.
GRAPHIC 1: BTCUSD HOURLY CHART (NOVEMBER 8, 2019)
The BTCUSD pair is bearish volatile and moving 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 2: EURUSD HOURLY CHART (NOVEMBER 8, 2019)
The EURUSD pair has a bearish volatile movement inside the colored channel and going for lower low and lower high movement. 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 8, 2019)
The USDCAD pair has a bullish volatile movement inside the colored channel. 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. Otherwise, if the chart crosses the bottom of the channel and close to the downside a sell order will be profitable.
Follow us on Twitter @aprecon
Follow on Instagram @_aprecon
Like our Page on FB @aprecon
Copyright © The African Progressive Economist 2019. All Rights Reserved.