Here are the latest market charts and analysis for today. Check them out and know what’s happening to the market today.
AUDJPY
The pair was expected to fail to break out of the down trend channel resistance line and from 50 MA, sending the pair lower to its middle support line. Australia and Japan were two (2) regional powers in the Asia Pacific. The two (2) countries also led the effort to ratify the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Aside from the alliance of these two (2) countries, they were competitors to dominate the pacific rim trade pact. The two (2) countries were also the evidence of the effort of the United Kingdom and the European Union to extend their influence in Asia after their divorce. Australia choose the United Kingdom, while Japan ratified its Free Trade Agreement with the European Union, creating the largest trading zone in the world. However, the UK was struggling to control its future with a No Deal Brexit and Australia entered a recession. Histogram and EMAs 13 and 21 was seen to reverse.
EURNZD
The pair will fail hold into a major support line and from the down trend channel middle support line. New Zealand was the first country to express its willingness to make bilateral trade relations with the United Kingdom once it officially leaves the European Union, for trade continuity. Despite this, New Zealand managed to maintain its existing trading relationship with the European Union, while Australia faced scrutiny from the EU after doing the same thing with New Zealand. The European Union supported New Zealand with the recent Christchurch mosque shooting, however, names of medieval Serbian, Hungarian and Bulgarian knights were scrawled on the magazine rifles belonging to the attacker behind New Zealand’s worst-ever mass shooting. This can also prove the disapproval of some EU nations to German Chancellor Angela Merkel’s policy on immigration. Histogram and EMAs 13 and 21 will continue to fall.
EURCAD
The pair was seen to further go up towards the uptrend channel’s support line to get back on its uptrend movement. The European Union and Canada’s agricultural trade made a huge increase in 2018 despite the withdrawal of the United Kingdom from the European Union. This could be a catalyst for Canada to side with the EU on making a bilateral trade agreement, together with Japan whom it shares the biggest agricultural trade inside the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Boris Johnson, an MP, dubbed the EU’s trading relation with Canada as “super-Canada”, which could also become a model for the United Kingdom’s relationship with the EU once it officially withdraws from the bloc. This was after UK Prime Minister Theresa May’s second deal failed to be approve by the UK Parliament, leading the UK to an uncertain future. Histogram and EMAs 13 and 21 will fail to crossover.
NZDJPY
The pair bounced back from the “Rising Wedge” support line to retest its resistance line for the fourth time. New Zealand was seen taking over Australia to become a regional power. This was after Australia entered a recession for the first time in thirty (30) years. The country will also face an impending federal election, which could greatly affect Australia’s future. On the other hand, Japan was another regional power that was competing with New Zealand to become the biggest agricultural producer inside the pacific rim trade, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Both Japan and New Zealand had an existing free trade agreement with the European Union. However, New Zealand was taking another step higher as New Zealand Prime Minister Jacinda Ardern was set to meet Chinese President Xi Jinping this week. Histogram and EMAs 13 and 21 will crossover in the following days.
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