Daily Market Charts and Analysis April 12, 2019

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

USDHKD

The pair was expected to continue going up after finding a strong support line, sending the pair higher. Hong Kong overtook Japan as the world’s third largest stock market (by value), behind only the United States and China. Hong Kong’s stock market was valued at $5.78 trillion, while Japan’s stock market was valued at $5.76 trillion. In the recent years, China was trying to integrate Hong Kong and Macau into the mainland by building the longest sea bridge, which the United States condemned as a violation of the “one country, two system” policy of Hong Kong and Macau. In response to this, the US Department of Commerce added seven (7) Hong Kong firms under its red-flag trading list. The US also added 37 Chinese companies on the list through which the US says they “should be treated with caution”. Histogram already began going up, while EMAs 13 and 21 was expected to cross over in the following days.

USDSGD

The pair was expected to bounce back after hitting the downtrend channel resistance line, sending the pair higher towards a major resistance line. Singapore’s economy slows further to 1.3% growth in the first quarter of 2019 on manufacturing downturn. The expansion came in slightly under the expectation of 1.4% growth by analysts. This marks the weakest year-over-year quarterly growth since the second quarter of 2019 during the Global Financial Crisis. However, the Ministry of Trade and Industry stressed that Singapore was far from recession and that the country had never experienced a negative growth. This was following Australia’s first recession in almost three (3) decades. On the other hand, Singapore and the United States inked deal on Asian infrastructure to promote development and investment in the region. Histogram and EMAs 13 and 21 already crossed over.

EURDKK

The pair failed to break out twice from a major resistance line, sending the pair lower to the uptrend channel support line. The European Union was seeking independence from its long-time ally, the United States. This was after US President Donald Trump had pulled America out from the rest of the world that had led to a series of uncertainty. The EU was also planning to get rid of its dependence from the US led NATO (North Atlantic Treaty Organization) Alliance and to build an EU military. In line with these, the EU was looking for new alliances, like China, t promote globalization amid pressure from the United States. With the withdrawal of the United Kingdom from the European Union, Denmark was seen to replace the UK’s role in the trilateral balance between Germany and France. However, Denmark was seen to have a softer approach to the US. Histogram and EMAs 13 and 21 will continue falling down.

EURTRY

The pair bounced back from 200 MA and was expected to break out from a major resistance line. Turkey’s ambition to bring back the former glory of the Ottoman Empire was set to be doomed. The European Parliament voted to suspend Turkey’s accession in the European Union in a non-bonding vote. A move that had affected Turkish President Recep Tayyip Erdogan’s party in the recently held Turkish election, which saw his party to lose on major location, including his hometown. Turkey’s relationship with the United States was also embattled following its decision to purchase Russia’s S-400 ballistic missile defense system. Turkey is a member of the defense sharing agreement of the NATO (North Atlantic Treaty Organization) Alliance. The purchase of S-400 will compromise the US F-35 fighter jets and other member’s defense system. Histogram and EMAs 13 and 21 was expected to continue its upward movement.