The U.S. .dollar is gaining bullish momentum in the wake of mixed retail sales data; however, on Thursday, the greenback could lose its bids during the U.S. trading hours if President Trump surprises markets by announces guidelines for an early restoring of the economy at a news conference on Thursday. While Trump said that we had passed the peak on new cases, and it’s fascinating. Let’s look at today’s analysis.

 Economic Calendar     

  


BTC/USD – Daily Analysis

The BTC/USD has spent the week striving to profit from the fall it confronted during the previous week amid a drop from $7,441. The digital asset took a breather over $6,500 and even improved topping levels past $6,900. 

Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another lower improvement on Wednesday pushed Bitcoin beneath various support levels of $6,800 and $6,600. 

The bearish bias spread below $6,500 before obtaining cover at the 38.2% Fibonacci retracement mark taken within the last swing high at $10,567 to a swing low $3,854. A slight bounce from this mark catapulted BTC/USD over $6,600. However, the next short term, hurdle at $6,700, is still attaining in the way. 

BTC/USD – Daily Technical Levels

Support Resistance 

6,644        6,881

6,552        7,027

6,315         7,264

Pivot Point 6,790

BTC/USD – Daily Forecast

On Thursday, the BTC/USD price is holding around 6,643 area, bouncing off above the previously suggested support level of 6,577. This support level is extended by the double bottom area on the 4-hour timeframe. 

Above this, the Bitcoin has shown slight bullish correction until the next resistance level of 7000. Today violation of 7,000 levels can extend buying until the next resistance level of 7,400. But in case of a bearish breakout, we may see BTC/USD prices dropping until 6,154 area.

 


EUR/USD – Eyes On Eurozone’s Industrial Production

Today in the early Asian session, the EUR/USD currency pair extends its previous declines streak and dropped below the 200-hours average at 1.0895, representing 0.25% losses on the day mainly due to the broad-based U.S. dollar continue to taking bids as a global reserve currency in the wake of risk-off market sentiment. 

The EUR/USD currency pair is currently trading at 1.0875 and consolidates in the range between the 1.0865 – 1.0913. However, traders are cautious about placing any big position ahead of Eurozone’s Industrial Production data.

As we already mentioned that the market sentiment seems heavy as the market remains focused on possibilities of global economic slowdown due to coronavirus pandemic. Whereas, the S&P 500 futures representing the 0.50% decline as well as the Asian stocks have come under pressure. For example, Japan’s Nikkei index is flashing a 1.6% drop at press time. 

At the USD front, the greenback continues to getting support as a safe-haven asset. Although, the deadly virus recession fears are forcing investors to save cash, preferably in the form of the greenback. 

On Thursday, the greenback could lose its bids during the U.S. trading hours if President Trump surprises markets by announces guidelines for an early restoring of the economy at a news conference on Thursday. While Trump said that we had passed the peak on new cases, and it’s fascinating. 

EUR/USD – Daily Technical Levels

Support Resistance 

1.0851     1.0973

1.0792     1.1037

1.067       1.116

Pivot Point 1.0915

EUR/USD – Daily Forecast

On Thursday, the EUR/USD continues to trade above the upward trendline 1.0885 after violating the symmetric triangle pattern, which can be seen in the 4 hours timeframe. On the higher side, immediate resistance lingers nearby 1.0960 an 1.1030. 

While an upward breakout of 1.1030 resistance can drive the EUR/USD prices higher until 1.1135, alternatively, the downward breakout of 1.08275 can trigger a sell-off up to 1.0725. Today, consider buying above 1.08500 and selling below the same. 


GBP/USD –  Broad-Based USD Strength – Eyes On US Data! 

Today in the Asian session, the GBP/USD currency pair failed to stop its previous day declining streak and dropped to 1.2480, representing 0.32% declines on the day mainly due to the broad-based U.S. dollar strength in the wake of intensifying fears of global recession from the coronavirus crisis. 

The GBP/USD currency pair is currently trading at 1.2470 and consolidates in the range between the 1.2461 – 1.2530. However, U.S. Jobless Claims and British review of social distancing data will join the virus updates for fresh direction.

At the coronavirus front, the U.K.’s death losses have recently decreased by 761 against 778 the previous day. On the other hand, the highest single-day rise in the United States death toll keeps the risk-off sentiment in the market.

In the meantime, U.S. President Donald Trump and the U.K.’s Chief medical officer Chris Whitty still confident about the nearness to the peak of the deadly virus. Apart from virus headlines, the Brexit negotiators from both sides EU-UK have agreed to continue talks after the break due to the coronavirus. 

They decided that the next round will be started from next week, with further talks scheduled for the weeks of May 11 and June 1. As in result, the market’s risk-tone remains heavy with shares in Asia and the U.S. stocks registering losses on the day.


GBP/USD – Daily Technical Levels

Support Resistance 

1.244        1.2612

1.2353      1.2697

1.2181       1.2869

Pivot Point 1.2525

GBP/USD – Daily Forecast

The GBP/USD is exhibiting choppy sessions over the triple top resistance to become a support level of 1.2435. 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, the GBP/USD has solid chances of showing a bullish trend over 1.2445 level until the resistance areas of 1.2525, and above this, the next resistance will hold around 1.2658. Whereas, a bearish breakout of 1.2445 can lead the GBP/USD prices until 1.2345 and 1.2200. 

Good luck! 

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