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The pair was expected to fall after it failed to break out of the resistance line, and after the “Golden Cross” failed to cross over. Australia and Japan were a good ally and are both leaders of their respective regions. Australia and Japan lead the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), and were part of the military integration, together with New Zealand, Canada, the United Kingdom, and the United States, that aims to counter China’s aggression and rapid expansion in the South China Sea. Due to the trade war between the United States and China, Japan ratified its trading relations with the European Union to promote globalism. The European Union alone comprises 1/3 of the Global GDP, same as with the ratified CPTPP, which was expected to start on March 01, 2019. However, the impending Australian Election makes investors wary with the future of Australian leadership. Histogram and EMAs 13 and 21 was expected to reverse in the following days.
The pair was expected to retest its previous highs after it failed to break out of a major support line that brings back the pair inside the “Widening Wedge” pattern. The European Union was trying to lure Canada to improve their current trading relations amid rising call for the integration on CANZUK (Canada-Australia-New Zealand-United Kingdom), which consider Queen Elizabeth II as their de facto Head of State, after the United Kingdom will officially withdraw from the European Union on March 29, 2019. Canada was trying to grab what it can after the trade war between the United States and China had made the country as their battle ground with Trump threatening that he will withdraw the United States from the “current” NAFTA (North American Free Trade Agreement), and China retaliated over Canada’s detention of Chinese technology company, Huawei, accused of spying for the Chinese government party. Histogram and EMAs 13 and 21 was expected to reverse.
The pair was seen to continue to go down after it failed to break out of the resistance line. The EU promised to be the leader of globalism after Trump isolated the United States to promote his “America First” policy. But the European Union was way too distracted with the Brexit, with which the United Kingdom was expected to withdraw from the bloc on March 29, 2019. The United Kingdom is the second most powerful country in the European Union. The European Union will also face an election, which will shape the EU’s future role and relation to other countries and the world. German Chancellor Angela Merkel decided to no longer run as her party’s leader, and was expected to stepped down from her Chancellorship in 2021, after her immigration policy became unpopular with the member states of the EU. The current de facto leader and French President Emmanuel Macron was also facing backlash in his home country with protests dubbed as “Yellow Vest”, prompted Macron to declare a State of Emergency. Histogram and EMAs 13 and 21 will continue to decline.
The pair was expected to go lower in the following days to continue the “Falling Wedge” pattern. As New Zealand was emerging as a world power, Japan was already making a move to regain its regional dominance. In the recent months, New Zealand was seen to emerge from being Australia’s shadow to becoming a country that is taking advantage with the current global issues taking place. New Zealand was the first country to express its willingness to make trading relations with the United Kingdom once it officially withdraw from the European Union on March 29, 2019. It was also a member of the Five Eyes Intelligence Alliance, and was among the countries integrating their military to counter China’s aggression in the Asia Pacific. However, Japan was more proactive with the ratification of the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) and EU-Japan Trade Agreement, which accounts for 2/3 of the Global GDP. Histogram and EMAs 13 and 21 was expected to continue going down.