Daily Market Charts and Analysis December 17, 2018

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Market Charts and Analysis

Here are the most recent and most important charts and analysis for today. Check them out!

market chart and analysis

AUDUSD

The pair is seen to further go lower in the following days. Looking for United States’ support with the upcoming Australian Federal Election, Australian Prime Minister Scott Morrison acknowledges West Jerusalem as Israel’s capital city. In June 2017, Russia first recognizes West Jerusalem as Israel’s capital, while the United States historically supported the establishment of an international regime for Jerusalem. It officially recognized Jerusalem as Israel’s capital in December 2017. Aside from that, Australia is the only country to join US at Pro-Coal event at COP24 Climate Talks. The United States withdraw from the Paris Agreement on June 01, 2017. The Paris Agreement or Paris Accord is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC), dealing with greenhouse-gas-emissions mitigation, adaptation, and finance, starting in the year 2020. Analyst expects that PM Morrison will lose on the 2019 election. Histogram and EMAs 13 and 21 shows a continued decline with the pair.

chart showing AUDUSD movement

EURGBP

The pair is expected to go lower after former British Prime Minister Tony Blair was accused by UK Prime Minister Theresa May of campaigning for a second referendum in Brussels, which PM May says was an insult to Brexit voters by undermining her negotiations with the European Union. Last December 10, 2018, the European Union suggested that the United Kingdom can unilaterally revoke the Article 50 or the Brexit, without notifying the 27 leaders of the European Union, after PM May cancelled the UK Parliament’s vote over Brexit. On the same day, the “No Confidence Vote” was triggered by PM May’s own government, that nearly cost her Premiership. The European Union will also be at a lost if there will be a second referendum as companies had already transferred their offices either in the United Kingdom or in the EU. Historgam was already in a selling pressure, while EMAs 13 and 21 was about to cross over.

chart showing EURGBP

EURAUD

The pair was seen to go lower after it entered the “Death Cross”. While FTA (Free Trade Agreement) negotiations have started between the Australian government and the European Union, and both the United Kingdom and Australia have expressed their willingness to pursue an FTA post-Brexit, a disorderly exit poses a range of short-term risks to Australian red meat exports. However, a deal with both the European Union and the United Kingdom will make Australia the winner as long as the UK will depart from the EU. Australia was also extending its effort in countering China’s aggression over the Asia Pacific, while the European Union was seen losing its influence over the region due to the internal and external issues that the bloc is facing. Histogram and EMAs 13 and 21 shows sign of reversal.

chart showing EURAUD movement

EURJPY

The pair was expected to reverse after the candle touches MA 50. After a month  ratification, the European Union and Japan had finally reached a revised agreement which was expected to come into effect on February 01, 2019. The agreement was dubbed as “the world’s biggest trade deal”, covering economies that represent a third of global GDP. This was a rebuke to US President Donald Trump, a.k.a “Tariff Man”, who pulled out of the international trade agreements to promote “America First” policy. Trump withdraws from TPP (Trans-Pacific Partnership) last January 23, 2017, of which Japan is a member. On March 08, 2018, the remaining members ratified the agreement with Japan and Australia’s leadership, which was expected to start on December 30, 2018. Aside from Japan, the European Union was also eyeing to make trading relations with Mexico and China.

chart showing EURJPY

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