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Daily F.X. Analysis, April 20 – Eyes on E.U. Trade Balance & German Buba Report!  

Daily Market AnalysisApril 20, 2020
On Monday, the eyes will remain on the German PPI, current account, and Trade balance figures. But these are low impact economic events and may not be able to drive sharp price action today. The U.S. President Donald Trump showed some willingness for another relief package while also pushing for an economic reopen plan. Economic Calendar During the weekend, the BTC/USD price traded sharply bullish to crossover the next resistance level of $7,200, soaring towards the next resistance level of $7,293 to briefly escape the resistance cluster the price has been trapped within since April 6. The traders are currently focusing focused on pushing the price over the $7,258 resistance to aim for the next resistance level of $8,000. On the way, the Bitcoin may find next resistance, and the strongest one, if I must say, $7,400 is the next significant level. The Bitcoin prices are crossing over the resistance level of 7,140, which opens up a room for further buying until 7,430 resistance levels. In any case, the BTC/USD price is stable above $7,000, but a violation of this level could cause a drop until $6,500, the support level from the last week. Support Resistance 6,999 7,130 6,936 7,196 6,806 7,327 Pivot Point 7,066 BTC/USD – Daily Forecast On Monday, the Bitcoin prices are crossing over the resistance level of 7,140, which opens up a room for further buying until 7,430 resistance levels. For now, the support may be seen around 7,020 level if 7,140 level gets violated. Recently, the Bitcoin is forming neutral candles such as doji and spinning top, which is suggesting indecision among traders. Hence, buying can be seen at over 7,140 level today. The EUR/USD currency pair flashing red and dropped to 1.0857, having faced rejection at a crucial resistance on Friday. However, the currency pair representing 0.20% losses on the day, mainly due to the risk-off market sentiment, which tends to weaken the shared currency and provides support to the U.S. dollar. The EUR/USD is trading at 1.0855 now and consolidates in the range between the 1.0857 - 1.0878. By the way, the trendline resistance is located at 1.0897, which is also housing the 10-day average. As per the latest forecasted report, the EUR/USD currency pair could be dropped to 1.06 level from the 1.08 level, mainly due to the on-going concerns of Eurozone growth in the wake of intensifying coronavirus fears. The increase in debt rates also weakens the shared currency. Meanwhile, investors can understand the worse outlook of the whole world and would continue to put bids in the U.S. dollar. So, the future efforts of the U.S. dollar turned out to be one of the key factors behind why the euro could test its three year low of 1.0636 versus the U.S. dollar. The coronavirus outbreak has brought to the fore the deep divides among the member states on fiscal spending. Italy and Spain have blamed northern nations led by Germany and the Netherlands - of not doing enough. Support Resistance 1.0826 1.0907 1.0779 1.094 1.0698 1.1021 Pivot Point 1.0859 EUR/USD – Daily Forecast On Monday, the EUR/USD has broken the upward trendline at 1.0885. Now, the EUR/USD currency pair continues to trade below this level 1.0885 level, which is working as strong resistance for the EUR/USD. On the higher side, the next resistance holds at 1.0859 an 1.0930. While below 1.0859 level, the market has strong odds of falling further until the next support level of 1.0765. The downward breakout of 1.08230 can trigger a sell-off of up to 1.0725. Today, consider selling below 1.0859. Today in the early Asian trading hours, the GBP/USD currency pair failed to continue its Friday's gains and dropped to a fresh low of 1.2455, representing 0.30% losses on the day mainly due to broad-based U.S. dollar strength in the wake of risk-off market sentiment. As well as, the fresh rise in the U.K. death toll and lockdown fears from coronavirus also undermine the British Pound. The GBP/USD currency pair is currently trading at 1.2458 and consolidates in the range between the 1.2455 - 1.2504. At the USD front, the U.S. dollar continues to take bids mainly due to its safe-haven demand in the wake of intensified coronavirus fears. As per the latest report that the United States death toll rose above 40,000, whereas SkyNews mentions the U.K. has a bit over 16,000 people who died from the virus. On the other hand, the report came that the United Kingdom PM Boris Johnson is still cautious about lifting lockdown because the latest headlines from the Financial Times (F.T.) suggest above 21,000 Uk business companies collapsed during March than the same month a year ago, while the first proof of the damage by coronavirus is taking on companies. Support Resistance 1.2433 1.2544 1.2365 1.2586 1.2254 1.2697 Pivot Point 1.2475 The GBP/USD is exhibiting selling bias on Monday, as the upward channel has already been violated. The channel supported the pair at 1.24785, and this opens up further room for selling in the GBP/USD, which may lead its prices towards the next support level of 1.2300 and 1.2150. On Monday, the GBP/USD will determine the next movement upon the breakout of this sideways channel, which is supporting Sterling at 1.2420 area along with resistance around 1.2525. The bearish bias remains strong today. Good luck!
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Daily F.X. Analysis, April 17 – Eurozone CPI Figures In Focus

Daily Market AnalysisApril 17, 2020
The U.S. dollar continues to lose its buying momentum across the board, as the U.S. stocks futures and the Asian equities are flashing green as the renewed hopes for coronavirus treatment. The U.S. dollar slipped on Friday following a news report showing a sign of success in a COVID-19 treatment medication trial, while fresh proposals to reopen the U.S. economy prompted fresh optimism and risk appetite. Economic Calendar Following a narrow trading session for the previous few days between $6800 – $7000, it initially began with a sharp drop below the critical $6600 support. Whereas the daily low was around $6472, which is the next-mentioned support level we had stated here yesterday. However, it was only a quick glitch below the $6600 because, for the following hours, we saw Bitcoin trading safely above the fundamental level. Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another improvement on Thursday pushed Bitcoin beneath various support levels of $6,800 and $6,600. Currently, the BTC/USD trades slightly over $7,000. Following the breach of the $7,000 trading level, along with the descending trendline, as can be observed on the subsequent 4-hour chart, BTC/USD is likely to face resistance around $7150 – $7200 at first. Besides, the next resistance can prevail around a 10-day peak at around $7400 – $7500. The latter is the highest-level Bitcoin price had witnessed considering the COVID-19. Support Resistance 6,676 7,376 6,238 7,638 5,977 8,076 Pivot Point 6,938 BTC/USD – Daily Forecast A day before, the BTC/USD prices slipped below 6,510 support area but failed to give us closing under this level. Consequently, the BTC/USD prices soared sharply to trade around 7,050 level, holding right below an immediate resistance level of 7,140 level. Closing of candles below 7,140 level can drive selling bias in Bitcoin; elsewhere, we may see bullish trend continued until the next resistance level of 7,430. On the lower side, supports stay around 6,550. Today in the early Asian session, the EUR/USD currency pair stops its previous day losses. The pair found fresh bids near 1.0850 one hour ago, having hit the high of 1.0880, mainly due to fresh broad-based weakness in the greenback. Most of the weakness came in the wake of risk-on market sentiment, while the risk-on tone triggered by the headline from STAT news that Gilead Sciences' experimental drug redeliver is seeing fast recoveries in fever and respiratory symptoms associated with the coronavirus. Currently, the EUR/USD currency pair is currently trading at 1.0873 and consolidates in the range between the 1.0835 - 1.0880. At the USD front, the U.S. dollar continues to lose its buying momentum across the board, as the U.S. stocks futures and the Asian equities are flashing green as the renewed hopes for coronavirus treatment. On the other hand, the United States President Donald Trump's step to reopening the economy could add some bullish pressure around the equities. While China reported a bigger-than-expected 6.8% decrease in the gross domestic product for the first quarter during the Asian trading hours. Support Resistance 1.0851      1.0973 1.0792      1.1037 1.067        1.116 Pivot Point 1.0915 Pivot Point 1.0859 EUR/USD – Daily Forecast The EUR/USD has violated the upward trendline at 1.0885, and now it continues to trade below this level, which is working as strong support for the EUR/USD. On the higher side, immediate resistance lingers nearby 1.0859 an 1.0930. While below 1.0859 level, the market has strong odds of falling further until the next support level of 1.0765. Breakout of 1.0859 resistance can drive the EUR/USD prices higher until 1.0930; alternatively, the downward breakout of 1.08230 can trigger a sell-off up to 1.0725. Today, consider selling below 1.08500. During the Friday's Asian trading hour, the GBP/USD currency pair stop its 2-day declining streak and rose above 1.2500 level, representing 0.30% gain on the day mainly due to the broad-based U.S. dollar weakness. The dollar weakened in the wale of risk-on market sentiment. Whereas, the reason behind the risk-on market sentiment is the headline from STAT news that Gilead Sciences' experimental drug redeliver is seeing fast recoveries in fever and respiratory symptoms associated with the coronavirus. Currently, the GBP/USD is trading at 1.2479 and consolidates in the range between the 1.2450 - 1.2522. At the USD front, the U.S. dollar continues to lose its selling momentum across the board, as the U.S. stocks futures and the Asian equities are flashing green mainly after the renewed hopes for coronavirus treatment. Despite the high death toll in the U.S., United States President Donald Trump's decision to reopening the economy could also be the reason behind the risk-on market sentiment. At the U.K. front, the United Kingdom's economy decided to extend its lockdown for at least three weeks while the death toll rose to 13000. Lastly, the deputized leader Dominic Raab also declared that it could no longer be "business as usual" with China, as the superpower had "questions to answer" over its handling of the coronavirus pandemic. With this, the Sterling may face resistance to surge higher. Support Resistance 1.244        1.2612 1.2353      1.2697 1.2181       1.2869 Pivot Point 1.2525 The GBP/USD is exhibiting choppy sessions despite the violation of upward channel, and now the Sterling is trading within a narrow trading range of 1.2520 - 1.2440. On the 4 hour timeframe, the cable is retesting the support level of 1.2435 and has also entered into the oversold zone as you can see, the RSI value is dropping below 50. Today on Friday, the GBP/USD will determine the next movement upon the breakout of this sideways channel. The immediate resistance holds around 1.2525, and above this, the next resistance will hold around 1.2658. Whereas, a bearish breakout of 1.2425 can lead the GBP/USD prices until 1.2345 and 1.2200. Good luck!
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