Daily Market Charts and Analysis March 11, 2019

Here are the latest market charts and analysis for today. Check them out and know what’s happening to the market today.

NZDCHF

The pair will continue its rally to reach its 10-month high and to retest the uptrend channel middle resistance line. New Zealand was dubbed as the “Switzerland of the East”. Just like Switzerland, many sees New Zealand to have neutral stand over global issues, particularly with the Venezuelan crisis after it abstained from backing neither the Maduro government nor the self-proclaimed interim president Juan Guaido. However, with the current turmoil in Europe, Switzerland was forced to choose sides between the United Kingdom and the European Union. Switzerland was not part of the EU, but their relationship was built on a series of bilateral trading agreements, which the European Union hopes to be incorporated into a single framework. Switzerland signed a post-Brexit trading agreement, while leaving its signature blank with the EU’s single framework. Histogram and EMAs 13 and 21 will continue to go up.

USDHKD

The pair was expected to fail to break out of the resistance line, which could send the pair to its all-time high. Despite the United States and China’s effort to reach a deal that would end the trade war, there were still issues blocking the two (2) countries to end their rivalry. In December 02, the United States and China held a sideline meeting during the G20 Leaders Summit in Buenos Aires, Argentina to end the trade war, which resulted to the two (2) countries agreeing to a 90-day trade truce. However, on the same day, Canada arrest Chinese technology company Huawei’s Global Chief Finance Officer Wang Meng Zhou as part of its extradition treaty with the US. Now, US Religious Freedom Ambassador speech in Hong Kong was blocked by the state media. It was noteworthy that China was accused of ethnic cleansing with the Uighur Muslim minority. Histogram and EMAs 13 and 21 will fall.

USDSGD

The pair was expected to break out from a neutral channel resistance line after bouncing back from 50 MA. The United States, Singapore, and Thailand will meet together this March as part of the 25th annual COPE Tiger exercise. COPE Tiger is an annual multilateral aerial exercise in Asia. The event was aimed to prepare the US allies from protecting themselves during times of war as these countries use a military aircraft manufactured in the United States. This was after Singapore announced its plan to buy four (4) US F-35 fighter jets as part of building its next generation of Singapore Armed Forces. Singapore and Thailand can buffer China’s ambition on the Indian Ocean as China won a 99-year leased on Sri Lanka’s biggest port, which could become a Chinese military strategic location. Histogram and EMAs 13 and 21 will fail to crossover and will continue its upward movement.

EURDKK

The pair will continue to fall lower in the following days with the looming “Death Cross”, sending the pair to its 7-month low. With the departure of the United Kingdom from the European Union, Denmark was seen to replace the UK’s role inside the EU to maintain a power balance. Denmark gets the highest approval rating in the EU for countries that are satisfied being a member of the European Union. Danish Prime Minister Lars Løkke Rasmussen also made a remarked about the UK’S  political crisis due to the Brexit, warning his people that the country will experience the similar faith if it decided to withdraw from the bloc. Denmark was also the UK’s closest friend inside the bloc, making Denmark in favour over Germany and France to lead the European Union in the future. Denmark was also in a strategic position to block Russia from entering the North Atlantic Ocean. Histogram and EMAs 13 and 21 already crossed over.`