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The pair will continue to go lower. The rising nationalism in the European Union was putting the pact’s existence at risk. In November 11, European Union President Donald Tusk and the de facto leader of member countries in the European Union, French President Emmanuel Macron, warned that nationalist sentiment will lead to a fundamental threat in the EU, during the celebration of the end of World War One. On the other side, Asia Pacific embraces integration and cooperation with the rise of ASEAN and the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Australia is a member of ASEAN PLUS 6, and was seen leading the ratified CPTPP. Histogram and EMAs 13 and 21 were pointing to a continued decline.
The pair shows small movement toward the support line. Investors and Traders are waiting for a catalyst that will move the price of the pair. It was notable that Trump’s trade war didn’t only affect China, but also its allies Japan and Canada. The two were now seeking bilateral trade relation with China that undermines Trump’s agenda of imposing tariffs. Trade war was one of the topics that will be discussed during the summit. The United States and China will also have a sideline meeting to discuss the trade war. Histogram and EMAs 13 and 21 were flat, and no price reversal signal was seen in the short term.
The pair is expected to further go down in the following days. In the recent months, Australia was seen to be more aggressive in countering the effect of trade war and to counter China’s aggression in the South China Sea. Together with Japan, Australia leads the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), and it warned Pacific Nations during the APEC (Asia-Pacific Economic Cooperation) Summit not to accept grants and soft loans from China. But Investors and Traders are wary with how the May 18, 2019 Australian Election will affect its stance toward China. New Zealand also considers China as its major trading partner, but was skeptical in criticizing the country. Histogram is near to be exhausted, while EMA’s 13 and 21 was still near the oversold region.
The pair is expected to break the channel’s resistance line and continue its rally. Australia had been vocal about its dismay over the trade war, which derail the global supply chain. It was also taking a more aggressive stance towards China, and was expected to lead the efforts to protect globalism and counter China’s aggression in Asia Pacific. Canada on the other hand, was pressured to take sides between the United States and China. If Canada pursues China for a bilateral trade agreement, it will need to depart from the ratified USMCA (United States, Canada, Mexico) Agreement, and will expect retaliation from Trump. The USMCA however, favors the United States, which causes an increase tariff for Canadian goods imported in the US. Histogram and EMAs 13 and 21 shows buying pressure from Investors.