Daily Market Charts and Analysis April 2, 2019

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

EURGBP

The pair was seen to further go lower in the following days after it failed to breakout from the down trend channel middle resistance line. The European Union and UK Prime Minister Theresa May agreed to make a Brexit extension until March 12 as the UK Parliament turned down PM May’s third deal despite the parliament also failing to agree on alternatives to the PM’s deal. The extension will be a lost for the EU who was seen compromising its own time to prevent the UK from crashing out of the European Union without a deal. However, as time goes by, a “No Deal Brexit” scenario was the most likely to prevail with EU’s Chief Brexit Negotiator stating that the UK leaving the EU without a deal is more possible with the Brexit extension. Today, April 02, PM May will host a cabinet meeting to once again persuade the Members of the Parliament to back her deal. Histogram and EMAs 13 and 21 was expected to reverse in the following days.

EURAUD

The pair was expected to bounce back after it found a strong support line, sending the pair higher towards the uptrend channel support line. Australia was facing challenges inside and outside the country. The country was set to hold its election on or before May 18, with the incumbent Australian Prime Minister Scott Morrison was expected to lose during the election, which will elect the 6^th Prime Minister in a decade. The new members of the 46^th Parliament of Australia will also face a weakening Australian economy after the country enters a recession for the first time in thirty (30) year. Aside from that, the United Kingdom was experiencing a deadlock on the Brexit deal, which might further derail the post-Brexit trading agreement signed by the two (2) countries. This will push Australia to compromise with its bilateral trade agreement with the European Union. Histogram and EMAs 13 and 21 was seen reversing.

EURCHF

The pair was seen to reverse back and retest the downtrend channel resistance line after being heavily sold down in the past few days. With the European Union being seen as a safer partner to make a bilateral trade agreement after the Brexit deadlock, Switzerland might be pressured to sign its framework deal with the European Union. Switzerland is neither part of the EU’ Single Market nor the EU’s Customs Union, but its relationship with the EU was built on a series of bilateral trade agreements, which allows the country to access the European market. The divorce between the European Union and the United Kingdom had forced their allies to take sides in dealing with trading agreements. Non-EU members and the former British colonies took side with the United Kingdom as the EU faced rebellion from its member countries. Histogram and EMAs 13 and 21 was seen to crossed over in the following days.

EURJPY

The pair failed to breakout from a major resistance line, sending the pair towards its nearest support line. Despite the European Union and Japan striking a deal that was known to be the largest trading zone in the world, with the EU-Japan Free Trade Agreement, Japan was still turning to the United States when it comes to its military needs. The US and Japan signed an agreement to protect each other if attacked by a foreign country. Japan also passed a law to allow the reinterpretation of the Article 9 of the Japanese Constitution that prohibits the country from building military equipment. Japan was currently in dispute with China and Russia over some island chains. The European Union was also planning to establish an EU military to stop its dependence from the US led NATO (North Atlantic Treaty Organization) Alliance. Histogram and EMAs 13 and 21 was seen to crossed over in the following days.