Here are the latest market charts and analysis for today. Check them out and know what’s happening to the market today.
The pair failed to break out from a major resistance line and from 200 MA, sending the pair lower to a downtrend support line. Chinese investment in Australia went down by 36%, to $6.2 Billion from $10 Billion. This was following the strained relationship of Australia and China amid the pressure from the United States to avoid making trade with China or face tariff from the US. Australia was now the only remaining country, except from the United States, among the Five Eyes Intelligence Alliance, to ban the Chinese technology company Huawei amid security concern. Australia recently entered a recession (based on GDP per capita) for the first time in 27 years and will hold its election this year, which could sit the country’s sixth prime minister in just a decade, following the reports that the incumbent Prime Minister Scott Morrison was expected to lose during the election. Histogram and EMAs 13 and 21 will reverse.
The pair was expected to break out from the downtrend channel middle resistance line, sending the pair towards the channel’s major resistance line. With only three (3) days remaining before the United Kingdom was set to leave the European Union, the UK had set its contingency plan as a “No Deal Brexit” was the most imminent result of the delay. Yesterday, April 09, UK Prime Minister Theresa May met with German Chancellor Angela Merkel and French President Emmanuel Macron to discuss PM Mays plan to ask the remaining 27-member states today, April 10, to approve the UK to remain inside the European Union until June 30. However, remaining in the European Union will allow the UK to vote on the European Parliament. This was immediately countered by President Macron who demand for the removal of the post of British European Commissioner. Histogram and EMAs 13 and 21 will continue going up.
The pair was expected to rally in the following days after two (2) support lines prevented the pair from further going down. The divorce between the European Union and the United Kingdom had made their allies to choose making trade relations between them. Australia choose the United Kingdom, New Zealand was Neutral, while Canada was expected to ratify its bilateral trading agreement with the European Union as advised by Japan who recently ratify the EU-Japan Free Trade Deal, which became the largest trading zone in the world. Aside from this, Australia was also an ally of the United States. The two (2) allied countries, the United States and the European Union, are taking different paths after US President Trump withdraw America from the rest of the world prompting the European Union. Histogram and EMAs 13 and 21 already crossed over.
The pair will continue its rally after it found a strong support line from the “Pitchfork Pattern” fourth resistance line. With the withdrawal of the United Kingdom from the European Union, two (2) countries are expected to become a model of a post-Brexit: Switzerland and Norway. Norway was not a member of the European Union, but its membership in the EFTA (European Free Trade Agreement) allows the country to access EU’s Single Market. Switzerland on the other hand, was neither a member of the EU’s Single Market nor the EU’s Customs Union, but its relationship with the European Union was built on a series of bilateral trade agreement through which the EU wants to incorporate into a single framework. However, Switzerland is yet to sign the framework, despite signing a post-Brexit agreement with the United Kingdom. Histogram and EMAs 13 and 21 was expected to continue the upward movement.