Daily Market Charts and Analysis March 22, 2019

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

USDRUB

The pair will continue its steep decline following its break down from a major uptrend support line and the crossed over between MAs 50 and 200. Tension was rising between the United States and Russia after the two (2) countries pulled out from the 1987 nuclear pact agreement, the INF (Intermediate-range Nuclear Forces) Treaty, which prohibits the country from deploying nuclear warheads and ballistic missiles in Europe. With the US withdrawal, it has deployed its military in Romania to face Russia over Crimea annexation and to Poland, a former satellite states of the Soviet Union. Russia on the other hand, says it had already built the fastest ballistic missile that can reach the United States. The US also wants the NATO (North Atlantic Treaty Organization) to focus the increasing military of China and blamed the country and Russia for space arms race. Histogram and EMAs 13 and 21 was expected to continue falling down.

USDNOK

The pair shows a strong recovery after it completed the “Harmonic Gartley” pattern, making the pair to bounce back towards the nearest resistance line. The United States had already lobbied the Kingdom of Denmark, which included Greenland to counter Russia’s strategy in the Arctic Ocean as the region’s ice melts at a fast pace, paving way for another conflict between several countries. Russia had already built military bases to explore the region and raise its claim over the majority of the ocean. The major issue for the United States was with Norway’s Svalbard archipelago which was part of the Kingdom of Norway. The signatories of the Spitsbergen Treaty recognize sovereignty of Norway, but the signatories, including the US and Russia, were given equal rights to engage in commercial activities. As of the moment, only Russia are making use of this right. Histogram and EMAs 13 and 21 was seen reversing back.

GBPUSD

The pair shows a strong “Rising Wedge” pattern after the pair bounced back from its lows and was expected to revisit another resistance line before it retests the pattern’s resistance line. As the United States relationship with the European Union sours, it was ideal for the country to sign a post-Brexit trading agreement with the United Kingdom. Aside from these, the US had already lobbied the Visegrad Group, and Eastern and Nationalist bloc inside the European Union to further strengthen its presence in the region. Its action was aimed to deploy its military in Europe after the United States and Russia pulled out from the 1987 nuclear pact treaty, the INF (Intermediate-range Nuclear Forces). In line with this, the United States send a nuclear-capable B-52 bombers to Europe to conduct military training with NATO (North Atlantic Treaty Organization) allies. Histogram and EMAs 13 and 21 was expected to reverse.

EURUSD

The pair was back once again on the downtrend channel after it failed to sustain its strength to penetrate the uptrend channel after being stopped by three (3) major support lines. The United States was seen breaking the European Union apart with its plan to sign a post-Brexit trading agreement with the United Kingdom and to back the Easter and Nationalist bloc, the Visegrad Group. Aside from these, the trade talks between the United States and the European Union was falling apart, which makes investors to worry that US President Donald Trump might impose the long-awaited auto-tariffs to EU’s car manufacturing industry. In line with these, the EU said it did not recognize Israel’s sovereignty over Golan Heights. The EU will also host Chinese President Xi Jinping’s visit to its member states, a move that will defy the United States pressure. Histogram and EMAs 13 and 21 started to reverse downwards.