Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair will continue going down in the following days after it failed to break out from 200 MA and broke down from 50 MA. Japan was the country who encourage Canada to shift its focus to its economy after the country was embattled with the Kingdom of Saudi Arabia and China. This advice pivots Canada to be more active with its participation of the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) and recently given a greenlight from the European Union to conduct a bilateral trade agreement. Japan had also recently ratified the EU-Japan Free Trade Deal, which became the largest trading zone in the world and leads the ratified CPTPP together with Australia. Japan and Canada had also recently joined the Germano-Franco led “alliance of multilateralism”. Histogram was expected to reverse in the following days, while EMAs 13 and 31 will continue going down.
The pair found a strong support line after it failed to penetrate from the uptrend channel support line. The extension of the Brexit and the uncertainty surrounding the Brexit deal is putting Switzerland’s future into an unknown. The withdrawal of the United Kingdom from the European Union is something that Switzerland was looking forward into after it signed a post-Brexit trade agreement, while rejecting to sign a framework deal that will incorporate the country’s 20 main bilateral agreements and 100 secondary agreements with the EU. Switzerland was neither a member of the EU’s Single Market nor the EU’s Customs Union, but its relationship with the EU was built on a series of bilateral agreements. Switzerland model was one option for the United Kingdom to adopt with as it struggles to find a common ground on how the UK should leave the EU. Histogram and EMAs 13 and 21 will fail to crossover.
The pair was expected to bounce back from a major support line after going down to the “Falling Wedge” pattern resistance line. The divorce of the United Kingdom from the European Union had forced their allies to take sides in making a trade agreement. The CANZUK (Canada-Australia-New Zealand-United Kingdom), former colonies of the British Empire, were the ones directly affected by the withdrawal. Australia imitated New Zealand on its strategy of signing a post-Brexit agreement, while maintaining its existing trade agreement with the European Union. However, New Zealand’s shift in foreign policy of abstaining or maintaining neutrality from global issues, gave it an advantage compared to Australia. The EU in return increased quotas on Australian imports hurting its economy, and the cons of doing trade with the UK cost more than the pros. Histogram and EMAs 13 and 21 will continue going up in the following days.
The pair was expected to breakout from the downtrend channel resistance line after finding a strong support line from the channel’s middle support line. The relationship between the European Union and the United States was at its lowest following US President Donald Trump’s withdrawal from global accords and pacts and declaring trade war to countries that it found were doing unfair trade practices, including the EU. The European Union on the other hand had assumed US’ role as a global leader and had promised to keep globalization at the center of its leadership. In the recent days, President Donald Trump had threatened to impose $11 Billion tariff on EU goods after the bloc had made France’s Airbus as the EU’s airline flagship and replacement to the EU-banned US’ Boeing after the 737 Max aircraft scandal. Histogram and EMAs 13 and 21 will reverse in the following days.