Here’s the most recent chart analysis and movements for today in the forex market. Check them out!
The pair is expected to bounce back from MA 200 after the pair entered the “Golden Cross”. Analysts have been bullish about the United Kingdom, despite the struggle that the country is facing due to Brexit. In 2023, it was expected that the United Kingdom will surpass France as Europe’s biggest economy, even if the Brexit will lead to the secession of Scotland and Northern Ireland from the United Kingdom. In 2030, it was reported that the five (5) largest economy in the world will come from one (1) European country and four (4) Asian countries. In the recent months, Australia was stepping up to reclaim its dominance in Asia Pacific with the ratification of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) and military integration together with New Zealand, Canada, Japan, the United States, and the United Kingdom, to counter China’s aggression in Asia Pacific. However, the impending Australian Federal Election might derail this plan as the incumbent prime minister, Scott Morrison, was widely expected to lose in the election. Histogram and EMAs 13 and 21 shows a continue upward movement.
The pair broke two (2) major resistance line since November 1, and was seen to break another resistance line to formally get out of the down trend, and to start the up trend with the impending “Golden Cross”. Canada was expected to enter 2019 with signs of weakness after its arrest of Huawei’s Global Chief Finance Officer received retaliation from China by detaining three (3) Canadian citizens. Aside from that, Canada was also threatened with US President Donald Trump’s statement that it will withdraw from the “current” NAFTA (North American Free Trade Agreement) if the “new” NAFTA, or USMCA (United States-Mexico-Canada Agreement), will not be passed by the US Congress. Investors become optimistic with the report that the United Kingdom was expected to lead Europe and the world to become one of the most powerful economies by 2030.
The pair was seen to go lower in the following days after the pair broke out of the “Rising Wedge” pattern. As the 90-day truce of the trade war between the United States and China will enter its second month on Januray 01, 2019, China announced that it will host a face-to-face meeting with the United States to resolve a 6-month trade war. It was noteworthy that on the day that the United States and China declared a trade war truce, was also the same day that Canada arrested Huawei’s Global Chief Finance Officer amid US pressure to the Five Eyes Intelligence Alliance members to ban the company’s 5G technology due to security concerns. This marks the escalation of the trade war from economics to politics. The trade war began with Trump’s decision to tackle Chinese regime’s practice of Intellectual Property (IP) theft. This will defy Beijing’s “Made in China 2025” economic blueprint—the ambitious game plan for China to dominate several cutting-edge technology industries and become an advanced manufacturing powerhouse by the year 2025. Histogram was already in a selling pressure, while EMAs 13 and 21 already crossed over.
The pair was expected to reverse after it touches MA 50. In the recent days, New Zealand was seen to be more proactive when it comes to global issues. It is one of the ratifiers of the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), which was expected to cover 1/3 of the global export, a member of the Five Eyes Intelligence Alliance, together with Australia, Canada, the United States, and the United Kingdom, one of the countries who plans to integrate their military to counter China aggression in Indo-Pacific, together with Australia, Japan, Canada, the United Kingdom, and the United States. But what makes them shine the most was its re-opening of the Irish Embassy, in preparation for the United Kingdom’s withdrawal from the European Union. However, although the divorce and withdrawal of the United Kingdom from the EU was expected to cost $10 Billion, analyst expect that by 2023, the United Kingdom will surpass France as the biggest economy in the European region. Histogram and EMAs 13 and 21 was about to reverse.