Here’s this day’s most important price movements and charts. Check them out!
EURCAD
The pair is set to continue its rally after it broke out of the “Rising Wedge” pattern. The trade war between the United States and China had escalated from economics to politics. On December 01, the United States and China agreed to a 90-day truce during the sideline meeting on the G20 Leaders Summit held in Buenos Aires, Argentina. On the same day of the truce, Canada had arrested Huawei’s Sabrina Meng. Canada is the only country among the Five Eyes Intelligence Alliance; with Australia, New Zealand, the United Kingdom, and the United States; that didn’t ban Huawei following security concerns. China retaliated and arrested three (3) Canadian citizens. Britain, France, Germany, the European Union and the United States have all supported Canada as it calls for the release of the three (3) Canadians who have been unfairly and inhumanely jailed in China. The issue became an opportunity for the European Union to make trade agreement with Canada, as Canada tries to pivot to China due to increased tariffs from the United States. Histogram and EMAs 13 and 21 shows continued upward movement.
EURNZD
The pair was seen to reverse after it rallied in the recent days. A New Zealand businesswoman has been convicted and fined an amount of 274,000 New Zealand Dollar for faking wine export papers to the European Union, a crime which a judge and wine growers say may damage the industry’s reputation. The issue weakened the New Zealand Dollar against the Euro. But analysts still have an optimistic view with New Zealand. In the recent months, New Zealand was seen stepping up its global diplomacy, a move to get out of Australia’s shadows. The Five Eyes Intelligence Alliance, except for Canada, had banned Huawei’s 5G technology amid security concerns. China retaliated to Canada by arresting three (3) Canadian citizen, after Canada arrested Huawei’s No. 2 and Global Chief Finance Officer. China first warned New Zealand of retaliation, but didn’t make any move so far, indicating Canada as the weakest among the group. Histogram and EMAs 13 and 21 was about to reverse.
NZDJPY
The pair is expected to bounce back after it was heavily sold in the past few days. New Zealand’s wine industry was expected to gain the most benefit from the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Japan will begin to cut 15% import tariff on New Zealand’s wine on December 30, 2018, with the full elimination set for 2025. This will give New Zealand the chance to beat its European Union’s counterpart to become the dominant player in wine export, after Japan ratifies its trading relation with the European Union that was expected to account for 1/3 of the global GDP. New Zealand and Japan was seen increasing their trading relations with other countries, as well as their military capability. In 2030, it was expected that one (1) European Union country, and four (4) Asian countries will be named as the world’s five (5) largest economies. Histogram and EMAs 13 and 21 already started to reverse.
NZDUSD
The pair was preparing to reverse after it hits the support line. New Zealand was seen increasing its presence in the international diplomacy after it signed the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) to counter the United States protectionism. It is also increasing its military integration with Australia, Japan, Canada, the United Kingdom, and the United States, to counter China’s aggression in the Indo-Pacific. But reaching out to the United Kingdom to make bilateral trade negotiation after it will withdraw officially from the European Union on March 29, 2019 was the most notable move from the country, signaling that it was ready to get out of Australia’s shadows and lead the world as the trade war between the United States and China had caused the reshuffling of the global order. Histogram was already exhausted wile EMAs 13 and 21 was about to cross over.
COMMENTS