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Daily Market Charts and Analysis November 19, 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.


The pair bounced back up after touching with the 50-day moving average level, going near its one-month high, although traders’ sentiment still appears reluctant to go full-on bullish, as the yen appeared to be broadly stronger against other currencies. The Japanese yen is a safe-haven currency, meaning it gets stronger with negative news. It rose today after a news report said China may be pessimistic about reaching a trade deal because of US President Donald Trump’s hesitance to roll back tariffs. Over in the eurozone, new ECB President Christine Lagarde faces a similar challenge as Japan. The European Commission this month revised eurozone growth forecast lower for 2019 and 2020, with Lagarde facing looming risks such as the adverse impacts of the US-China trade war, Brexit, the EU trade row with America, and the German automobile industry’s crisis. Lagarde is popular for her pragmatic approach and high political skills in her years in the IMF.



The is currently sitting at the 50-day moving average price, with the prices slumping after reaching a weekly high last week before reversing below the 200-day MA. The price could continue going lower until it hits the support level that held prices early in November. Over in Canada, two heavy hitters at the Bank of Canada will deliver speeches this week. Senior Deputy Governor Wilkins will speak today, while Governor Poloz will speak on Thursday. This week, CAD traders will also keep close tabs on the October CPI data to be released on Wednesday. Retail sales data will be due on Friday. Meanwhile, dollar traders are watching as China builds up its shadow reserves to counter its dependence on the US dollar. To be exact, the Asian country is reducing its holdings of US Treasurys, in which it is heavily invested in. It is also buying a lot of gold, silently diversifying its reserves.



The NZDUSD pair is trading above its 50-day moving average but below a key resistance line. Trading has been done in tight ranges with the aforementioned moving average serving as a pretty solid support line. Over in New Zealand, the country said it plans to widen its government powers to block foreign investment on national security grounds. It will also ramp up the oversight of strategically crucial industries that are already subject to screening. The planned action would let the government intervene in investments that are not usually subject to screening but may trigger concerns, like media entities and developing military technology. The plan comes at a time when there are heightened concerns in western nations on the risk of countries like China obtaining tech that has both military and civilian uses. Meanwhile, associate minister of finance David Parker said that the changes are not aimed at any specific country and were not “anti-China.”



The pair recently converged with the 50-day moving average, showcasing a pullback in the prices. Now it’s trading lower in the red but still not far away from the 50-day MA. The Australian dollar weakened after the release of the minutes of the Reserve Bank of Australia’s latest policy meeting. The minutes showed that central bankers have considered slashing rates this month. The country’s central bank has “agreed a case could be made” for another reduction in the 0.75% cash rate during its November meeting because of the weakness in wages growth and inflation. The RBA the decided to hold rates steady, partly because of concerns that further easing could harm savers and confidence. Since June, the RBA has cut rates three times, pushing the rate to historic lows. The Australian dollar also reeled last week after data showed that Australian employment recorded its sharpest fall in three years in October, highlighting the need for stimulus.



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In the first quarter, Plus500 reported a $215.6 million revenue, marking a 4% rise Y-o-Y and a 14% increase Q-o-Q. Customer income was $169.6 million, with $30.6 million coming from customer trading performance. The