Daily Market Charts and Analysis August 29, 2019

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

EURCZK

The pair managed a comeback to the upside as prices rose to back to the parallel channel zone and then broke above both the 50-day moving average and 200-day moving average. It also broke a number of resistance levels, and now it’s attempting to break the upper band of the channel. If it manages that, prices will continue to go up, as indicated by the upside trajectory of the 50-day MA. Over in Czech Republic, Czech Finance Minister Alena Schillerova and Defence Minister Lubomir Metnar had an agreement on August 21 that the national defence spending would be increased by CZK 1.2 billion, or $52 million. According to the ministry, the increase will be poured into army modernization. Meanwhile in the eurozone, the monetary growth came unexpectedly good. The annual growth rate M3 sped up to 5.2% in July, from 4.5% in June, beating consensus estimates of just 4.7% growth.

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USDHUF

The pair is going for an upward trajectory on the upper portion of the trading channel, with prices moving bullishly for the dollar. The 50-day MA also appears poised to continue its bullish momentum. Right now, the price is resting on top of a support line. A break below this level would probably lock the pair within the lower ranges of the channel but will still continue an upward overall direction. In the US, Treasury Secretary Steven Mnuchin said that the Trump administration doesn’t have any plans to intervene in the dollar right now. On the other hand, he signaled that he’d prefer any future move to be aligned with the Federal Reserve and global allies. Meanwhile, the National Bank of Hungary left key interest rates unchanged, as markets largely expected. Expectations have it that the country will put interest rates on hold this year and the next. The forint may be up for further weakening.

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USDMXN

The pair is aiming for a bullish run, with prices reaching multi-month highs as the dollar further strengthens against Latin American currencies. The 50-day moving average is very close to confirming a golden cross with the 200-day moving average, indicating bullish sentiment from traders of the US dollar against the Mexican peso. Over in Mexico, the central bank cut its growth forecast for the year and predicted the weakest expansion since the 2009 financial crisis as demand slips and global and domestic uncertainty dominate the markets. Policymaker said in their quarterly inflation report that this year’s expansion would be in the range of 0.2% and 0,7%, down from 0.8% to 1,8% as earlier predicted. The gross domestic product figure was left unchanged, while Mexican President Andres Manuel Lopez Obrador pledged to increase economic growth to an average of 4%.

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USDNOK

The greenback similarly strengthened against the Norwegian krone, which is seeing record lows against the US dollar. The pair is treading the highest in several months, with the 50-day moving average indicating extreme bullishness on the part of the traders. Over in Norway, the central bank says that it believes that a limit of 1% of the equity portfolio would be enough to address the intentions behind the investment. Recently, suggestions arose that Norway’s $1 trillion sovereign wealth fund, which is the biggest in the world, should have more freedom to invest in unlisted equities, according to its manager. The proposal could help the fund better capture the growth of US tech firms. The world’s largest sovereign wealth fund pools Norway’s revenues from oil and gas production in stocks, bonds, and real estate abroad. At present, it’s only allowed to invest in unlisted equities if a listing appears to be imminent.

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