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 the downtrend channel middle resistance line, sending the pair lower towards the channel support line. Last week, US President Donald Trump gave a timeframe of four (4) weeks to end the trade war between the United States and China. The 90-day trade truce started on the sideline meeting between President Trump and Chinese President Xi Jinping during the G20 Leaders Summit in Buenos Aires, Argentina. It ended in March, but Trump had extended it as progress was seen on high-level talks between each country’s diplomats. Despite ending the trade truce, the relationship between the two (2) countries are far from being resolved. During the trade truce, Canada arrested Huawei’s CFO as part of the country’s extradition treaty with the United States. Aside from this, the US sent its yet largest military ship in the disputed South China Sea. Histogram and EMAs 13 and 21 will fall lower.
The pair was seen to continue going up in the following days and a cross over between 200 and 50 MA was expected in the following days. Turkey said that its deal with Russia to purchase S-400 air missile defense system is a done deal and said that the purchase should not trigger a US sanction. Turkey is a member of the US led NATO (North Atlantic Treaty Organization) Alliance and was planning to integrate Russia’s S-400 to US’ F-35 fighter jets, which would compromise the NATO. NATO Alliance won against the USSR (Union of Soviet Socialist Republics) during the Cold War, however, the proxy war re-emerged with the withdrawal of the US and Russia from the 1987 nuclear pact treaty, the INF (Intermediate-range Nuclear Forces). The relationship between Turkey and the United States would be vital to contain Russia in the Black Sea and its Crimea annexation. Histogram and EMAs 13 and 21 will continue to go up.
The pair was expected to bounce back from the “Rising Widening Wedge” pattern, followed by the rising 50 MA. The divorce between the European Union and the United Kingdom prompted their allies to take sides in doing trade agreements. Some non-EU countries and former British colonies had already signed with the United Kingdom, while the European Union had ratified its bilateral trade agreement with Japan that led to the creation of the largest trading zone in the world. Despite having a positive outcome on their efforts to extend their influence in Asia, the two (2) Europe’s powerhouse failed to penetrate South America. Brazilian President Jair Bolsonaro took the office in January and was planning to rule out South America. However, he was seen to have closer ties with US President Donald Trump, which could undermine EU’s effort. Histogram and EMAs 13 and 21 recently crossed over.
The pair successfully bounced back from the “Rising Widening Wedge” pattern, sending the pair higher towards it previous high. The United States had successfully lobbied Brazil and Venezuela to take military intervention in Venezuela. On his first month in the office, Brazilian President Jair Bolsonaro agreed with the possibility to host US military bases in Brazil but denied any military intervention in Venezuela. Brazil’s approval to the US plan would further increase US influence in South America. Brazil is a member of the association of five (5) emerging economies, the BRICS (Brazil-Russia-India-China-South Africa). Pulling Brazil out of the bloc will be a win for the United States who had since tried to contain the uprising of China and Russia’s military capability. The remaining members on the other hand, had backed the Maduro government. Histogram and EMAs 13 and 21 was expected to cross over.