On Thursday, the U.S. dollar is getting stronger day by day due to coronavirus outbreak. The coronavirus cases are not showing any sign of slowing down, somewhat increased fears of a global economic recession. 

At the data front, the U.S. initial jobless claims data, which is scheduled to release at 12:30 GMT, is anticipated to report the number of people filing first-time claims for state unemployment insurance of over 4.45 million in the week ended March 27 against preceding week’s figure of 3.283 million as per the forecasted report. 

Economic Calendar    

 


BTC/USD – Daily Analysis

The BTC/USD seems to have violated the double top resistance level of 6,525, and closing of these candles over this level is suggesting chances of further buying in the Bitcoin pair. The BTC/USD price levels up to the $6,500 but lack bullish momentum to maintain profits towards the next resistance level of $7,000. 

Most of the technical indicators follow in support of the bulls who look forth to a growing triangle breakout to $8,000 mark. The BTC/USD price bearish action over the weekend covered the substantial support at $5,800, averting potential losses to $5,000. 

On Monday overcame several resistance levels, including $6,200 and $6,400. BTC/USD also stepped above the key $6,500 zone but formed an intraday high at $6,525. The largest cryptocurrency has adjusted downwards to trade at $6,442. Intriguingly, the trend remains strongly bullish, but the volatility is low due to reduced trading volume.

BTC/USD – Daily Technical Levels

Support Resistance 

6,110        6,727

5,747       6,980

5,130       7,597

Pivot Point 6,364

BTC/USD – Daily Forecast

On Thursday, the leading crypto pair BTC/USD seems to have violated the double top resistance level of 6,525, and closing of these candles over this level are suggesting chances of further buying in the Bitcoin pair. This opens up further room for buying until the next resistance level of 6,700 and 6,858. While the pair may find support around 6,385 and 6,150. Leading indicators, such as RSI and Stochastic, are in a bullish zone, suggesting chances of buying in Bitcoin.

 


EUR/USD –   4th-Consecutive Day Declining Streak 

Today in the early Asian session, the EUR/USD currency pair continued its fourth-day declining streak and hit the fresh below the 1.0950. Greenback continues to take bids for the 4th-consecutive day as a safe haven-demand in the risk-off market sentiment. However, the EUR/USD currency pair recently lost its more than 40% gains from 1.0636 to 1.1148, seen in the five trading days to March 27. 

The EUR/USD pair is trading at 1.0941 and consolidates in the range between the 1.0931 – 1.0969. At the USD front, the U.S. dollar is getting stronger Day by Day, mostly due to the risk-off market sentiment over concerns about the coronavirus outbreak. 

The coronavirus cases are not showing any sign of slowing down, rather increased fears of a global economic recession—eventually, these fears keeping the U.S. stocks under pressure yesterday.

Later today, the U.S. initial jobless claims data, which is scheduled to release at 12:30 GMT is likely to exhibit the number of people filing first-time claims for state unemployment insurance passed 4.45 million in the week ended March 27 against preceding week’s figure of 3.283 million as per the forecasted report. We may see some buying in the EUR/USD pair. 

EUR/USD – Daily Technical Levels

Support Resistance 

1.0999       1.1096

1.0957       1.1149

1.086         1.1245

Pivot Point 1.1053

EUR/USD – Daily Forecast

The major currency pair EUR/USD has violated intraday support level of 1.0962, and closing of 4-hour candles below this level is supporting odds of more selling in the pair. On the lower side, the EUR/USD has chances of falling further until 1.0835. The bearish bias remains strong today.


GBP/USD –   Escalating Coronavirus Concerns

During the early Asian session, the GBP/USD currency pair flashing green and trading above the 1.2400 despite the broad-based greenback strength. The GBP/USD pair trader keeps their eyes on the coronavirus headlines while traders wait for the U.S. Jobless Claims while representing moderate gains of 0.10% above 1.2400. The GBP/USD pair is trading at 1.2403 and consolidates in the range between the 1.2367 – 1.2409.

At the U.K. front, the United Kingdom government continues to struggle and using all possible ways to stop the deadly outbreak because the coronavirus concerns showing no sign of slowing down with the death toll marked the most significant rise on Wednesday. As per the latest report, the total number of confirmed coronavirus infections rose to 29,474 as of morning from 25,150 on Tuesday, and the death toll increased to 2,352 from 1,789.

Meanwhile, the United Kingdom Prime Minister Boris Johnson shared the home view while saying, this was a very depressive day. At the USD front, the U.S. dollar is getting stronger day by day and taking benefits as safe-haven demand mainly due to the risk-off market sentiment in the wake of intensifying concerns about coronavirus outbreak.


GBP/USD – Daily Technical Levels

Support Resistance 

1.2324      1.2448

1.2258      1.2508

1.2134       1.2632

Pivot Point 1.2383

GBP/USD – Daily Forecast

On Thursday, the GBP/USD consolidates around 1.2400 level, but it manages to trade bearish, falling to 1.2450 level. On Thursday, the GBP/USD’s pivot point support stays around 1.2383 level, which also marks the 50% Fibonacci support level for the Sterling. At the moment, the GBP/USD is holding below a strong resistance level of 1.2513 level. 

On the 4-hour timeframe, the Sterling a pair is likely to find support at 1.2350 violation of which can open further room for selling until 1.2305 and 1.2090, which marks 38.2% Fibo level. The leading indicators, such as RSI and Stochastics, are holding in the overbought zone, which supports the odds of selling bias or retracement in the GBP/USD pair. The GBP/USD pair may trade in selling below 1.2360 and buying above the same level today. Good luck! 

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