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Daily Market Charts and Analysis July 12, 2019


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



The pair is moving up the trading channel is established in late April, having broken a resistance line and now approaching another resistance level. Bullish signals are all over the place, with the pair trading higher than the 50- and 200-day moving averages, indicating an extended bullish roar in the near-to-medium term. The golden cross has also been confirmed. The pair is down for the day, though. The British pound apparently strengthened after Mark Carney’s speech at a press conference just after the release of the UK’s financial stability report for July. The UK GBP data were released by the Office for National Statistics. Carney then promised that the Bank of England would exert more effort to tackle climate change issues, although he did not confirm any interest in being the next International Monetary Fund chief. While he was at it, he also commented on the prospect of Facebook’s Libra, a cryptocurrency.



The pair is ranging below the 50- and 200-day MAs, though for the week the EUR managed to fetch decent gains against the Japanese yen. The 50-day moving average, however, is serving as a resistance to the pair, indicating the continuation of the overall bearish trend. According to the account of the meeting of the European Central Bank’s policy makers, the members agreed that there is a need to be ready to offer more stimulus to the euro zone economy as the environment of “heightened uncertainty” continues. The trade war between the US and China has already hurt euro zone exporters and the Federal Reserve is widely expected to cut its interest rate. These all put pressure on the ECB to ease its own policy again. During its June 5 to 6 meeting, the bank’s Governing Council delayed any rate hike for at least a year, and opened the door for more stimulus in the following weeks.



The Canadian dollar is gaining some strength against the greenback, as evident on the daily charts today. The pair is trading below the 50-day and 200-day MAs, which are themselves appearing to head for a death cross soon, with the 50-day MA heading south and the 200-day MA heading north, indicating a bearish momentum. This comes after US Federal Reserve Chairman Jerome Powell’s testimony to Congress and the Bank of Canada’s statement over interest rate and the Monetary Policy Report. The Bank of Canada left interest rates unchanged at 1.75%. The MPR was upbeat, with the second-quarter GDP getting upgraded to 2.3%. The report also indicated improvements in consumption, labor growth, and more balanced housing market. According to the report, there were also developments in the oil and gas sector, although it also noted some “restrictive trade” policies in terms of the US-China trade war.



The pair is going up and down between the 50-day and 200-day MAs, indicating a tight trading range, with a bias on the downside as the 200-day MA remains higher than the 50-day MA. The NZD presents a strong momentum against the greenback at the moment, though, with traders going for the 200-day MA line that serves as a solid resistance. The 50-day MA, meanwhile, serves as a solid support line. In New Zealand, weakening economies that are putting heavier pressure on central banks around the world to cut interest rates are also putting pressure on the Reserve Bank of New Zealand. Economists are betting that rates will be cut to at least 1% by year-end.  At the present, the interest-driving official cash rate in the country is at a record low of 1.5%.  Amid this, some decision makers are turning to the so-called Happiness Index, which is an index that focuses on the wellbeing of the citizens instead of an economic bottom line.




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