Here are the latest movements in the currency markets. Check out our technical charts and market analysis!
The pair was expected to further climb in the following days. The Crown Prince Mohammed bin Salman (MbS), Saudi Arabia’s de facto leader, will be the one to represent the Kingdom ahead of the G20 Leaders Summit in Buenos Aires, Argentina. The Kingdom of Saudi Arabia was sanctioned by its allies, the United States and the European Union, regarding the killing of Jamal Khashoggi, and was reported that the Crown Prince requested a meeting with President Recep Tayyip Erdoğan to discuss the issue. Saudi Arabia is in a negative position after admitting that the journalist was killed in its consulate, and was affected by the plunging price of oil. Histogram shows exhaustion, and MA’s 13 and 21 was about to cross over, but analyst expected it to be another whipsaw.
The pair will go up in the short term, but still intact in a down trend. The United States had sanctioned South Africa for helping North Korea to acquire oil. The United States had used economic sanctions to step up pressure on North Korea to give up its nuclear weapons and ballistic missile program amid the growing relationship between the Democratic People’s Republic of Korea (North Korea) and the Republic of Korea (South Korea). The African continent was seen shifting alliance, after China had given grants and soft loans to cash-strapped African nations. Histogram shows exhaustion, while EMAs 13 and 21 was on the oversold region.
The pair was expected to fall following its third failed attempt to break the resistance. Russia and China were both dumping the US Dollar by selling US Government’s bonds and treasuries. Amid economic sanctions from the United States and the European Union, Russia was able to develop its military, specifically its Intelligence Unit, to counter advanced US military equipments. Trump retaliated by saying that it was willing to withdraw from the INF (Intermediate-Range Nuclear Forces), which prevent the two countries from developing a next generation military equipment, signed during the Cold War. Histogram shows that investors are skeptical in buying the pair, while EMAs 13 and 21 was about to reverse.
The pair was seen to bounce back from the support line. UK Prime Minister Theresa May had been vocal that the only option after the deal she negotiated with the European Union was a “No Deal”, and she invited Labour Leader Jeremy Corbyn for a live TV debate regarding Brexit. Corbyn argued that the deal negotiated was not what the United Kingdom had voted during the referendum. The members of the European Union already approved the negotiated deal, with only the UK Parliament’s approval needed to be official. Histogram and EMA’s 13 and 21 were pointing for a near reversal.