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Daily Market Charts and Analysis May 8, 2019

Market Charts and Analysis

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

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USDZAR

The pair was expected to continue its decline towards the 200 MA after it failed to break out from a major resistance line. South Africa will head to polling station today, May 08, as the country will hold its sixth time post-apartheid election. The current ruling party of President Cyril Ramaphosa, the African National Congress (ANC) currently holds 249 seats, with only 201 seats needed to win the majority. However, the party was facing its toughest election this year after it ruled South Africa for 25 years, with the country contending with corruption and surging unemployment. The change in leadership will be seen as favorable to the United States as South Africa pivoted to China, who grants soft loans to the African nations. This pivot can also be partially attributed to US President Donald Trump’s withdrawal of support to war-torn countries. Histogram and EMAs 13 and 21 already crossed over.

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USDRUB

The pair failed to sustain its strength, sending the pair lower towards a major support line. The United States and Russia was seen to be starting a proxy war in Syria and Venezuela as the two (2) countries withdraw from the 1987 nuclear pact treaty, the INF (Intermediate-range Nuclear Forces). In the Syrian civil war and the Venezuelan crisis, the United States backs the oppositions, while Russia defends the incumbent governments. The scenario replicates a new era of Cold War between the NATO (North Atlantic Treaty Organization) Alliance and the USSR (Union of Soviet Socialist Republics) and its satellite states. In line with this, a US’ ally, Turkey, who connects the West and the East, was shifting to Russia after its strained relationship with the United States following the US decision to back the Kingdom of Saudi Arabia in the murder of Jamal Khashoggi. Histogram and EMAs 13 and 21 was expected to reverse back.

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USDCZK

The pair will continue its upwards movement as the pair sits on a strong support line, sending the pair higher towards a major resistance line. Czech Prime Minister Andrej Babis was set to visit the United States and to meet US President Donald Trump on Monday, May 13, to further strengthen the deepening relationship of the two (2) countries. This was after PM’s Babis visit to China and his meeting with Chinese President Xi Jinping to explore the opportunities of the Belt and Road Initiative. However, this meeting between Czech Republic and China might derail US plan to control Europe as it was currently backing the Eastern and Nationalist bloc, the Visegrad group. It was reported that Czech Republic is planning to buy more than $1 Billion worth of attack and utility helicopters. The US was also planning to sell F-35 fighter jets to Poland and Romania. Histogram and EMAs 13 and 21 will crossover in the following days.

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EURCHF

The pair was seen to continue its rally in the following days and to breakout from the short-term downtrend resistance line. The head of Switzerland’s powerful labor union federation, Pierre-Yves Maillard, rejected a draft treaty with the European Union, also known as “framework deal” and called for restarting negotiations with the country’s most important trading partner. This was after Switzerland signed a post-Brexit trade agreement, while it left the European Union hanging with its proposed framework deal, which will incorporate 20 main bilateral trade agreements and 100 secondary agreements in a single framework. Switzerland is not a member of the European Union but was able to access EU’s Single Market and Customs Union through a series of bilateral trade agreement. This decision by Switzerland might hurt its economy once the EU retaliated back. Histogram and EMAs 13 and 21 was expected to reverse in the following days.

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