Daily Market Charts and Analysis March 19, 2019

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

USDSGD

The pair was expected to go up in the following days to compete the “Triple Bottom” formation. Singapore’s Trade and Industry Minister Chan Chun Sing said that the country will maintain a neutral approach and is focused on finding ways on how the city-state can add value to both the United States and China as a partner. However, it cannot be ignored that Singapore was heavily reliant on the United States when it comes to fighter jets and other military equipment. This allowed the United States to explore the two (2) countries strategic partnership to shrug off China’s aggression in the South China Sea. Last year, the news that the largest Sri Lankan port was leased to China after it failed to pay off its debts worried investors as this was seen as an escalation of power in the South China Sea and Indian Ocean. Histogram already started to reverse, while EMAs 13 and 21 was expected to follow in the following days.

EURDKK

The pair was seen trading between MAs 50 and 200, which indicates a future crossover that will result to the creation of the “Death Cross”. Denmark had replaced the United Kingdom’s role in the trilateral balance with Germany and France, indicating a bigger influence for the country when making policies for the 27-nation bloc. Denmark was also the United Kingdom’s closest friend in the bloc, which could help to smoothen the transition of the withdrawal of the UK from the European Union. It was also blocking the Baltic Sea to prevent Russia from entering the North Atlantic Ocean. Survey shows that Denmark has the highest satisfactory rating among the 27 EU members when it comes to its membership in the European Union. However, the ability of the country to lead the bloc was still in question as Germany and France dominates the EU politics. Histogram and EMAs 13 and 21 was expected to reverse in the following days.

EURTRY

The pair was slowly gaining momentum with the price action projecting an upward movement for the pair. The European Parliament held a non-binding vote to suspend the accession of Turkey from the bloc after the country was accused of violations of human right and the rule of law. In 2017, then Turkish Prime Minister Recep Tayyip Erdogan proposed to change the country’s constitution from Parliamentary to Presidential, which gave him more influence over the government institutions as he holds the title of Turkey’s President. Turkey is a geopolitical strategic location as it gates the West and the East. However, it failed to convince the United States and the European Union that it can be an ally as it maintains strong relations with its fellow BRICS members (Brazil-Russia-India-China-South Africa), Russia and China. Histogram and EMAs 13 and 21 was expected to continue its upward movement.

GBPAUD

The pair will continue to trade on the uptrend channel and revisit its 33-month high from July 2016. The United Kingdom had lobbied its former colonies, the CANZUK (Canada-Australia-New Zealand-United Kingdom) to sign a post-Brexit trading agreement that will ensure its trade continuity with the country. However, only Australia responded with certainty as the country was set to face an impending Federal Election, which will determine Australia’s future leadership. This March, Australia entered a recession for the first time in three (3) decades, which could spark the 21^st century’s Global Financial Crisis. The United Kingdom must also hold to its allies as the Brexit was expected to cause recession in the UK and a possibility of cessation by Scotland and Northern Ireland, whose jurisdiction had both declined the withdrawal of the UK from the EU.