Daily Market Charts and Analysis May 13, 2019

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

EURTRY

The pair found a strong support from a support line and from the “Cup Formation’s” support line, which will send the pair higher towards the nearest resistance line. Following the non-binding vote of the EU Parliament to suspend Turkey’s accession to the European Union, EU members Greece and Cyprus want to take Turkey to the European Council. Cyprus President Nicos Anastasiades and Greek Prime Minister Alexis Tsipras are expected to brief the European Union leaders about Turkey’s illegal drilling activities within the Eastern Mediterranean island’s exclusive economic zone (EEZ), which the Cypriot leader has described as tantamount to a “second invasion” – after Turkey troops landed on the island in 1974. The European Council is a collective body that defines the European Union’s overall political direction and priorities. Histogram and EMAs 13 and 21 was expected to fail to crossover.

GBPAUD

The pair was expected to continue falling down in the following days after it failed to get back on track with the uptrend channel support line. Only ten (10) days remain before the European Parliamentary Election will be held on the EU on which the United Kingdom was bound by law to participate despite its referendum that shows British people wanted to get out from the bloc. The United Kingdom was set to leave the European Union until October 31. However, its participation in the upcoming election was seen by analysts as a possibility that the UK can still revoke the Article 50 or the Brexit. This will be catastrophic for the United Kingdom as it had already signed a post-Brexit trade agreement with several countries, including some EU member states and non-EU European countries, who risks their relationship with the European Union. Histogram and EMAs 13 and 21 will crossover in the following days.

GBPCAD

The pair was expected to further go lower in the following days after it broke down from an uptrend support line. Canada was rewarded on its decision to choose the European Union over the United Kingdom in making a bilateral trade agreement after UK Prime Minister Theresa May failed to get the United Kingdom out of the European Parliamentary Election. The UK is bound by law to participate during the election. However, this move increases the possibility that the country will revoke the Article 50 or the Brexit and stay inside the bloc. This will be catastrophic for countries who signed a post-Brexit trading agreement with the United Kingdom. Aside from that, Canada shifted its focus from U.S. and China to Asia through the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Histogram and EMAs 13 and 21 was expected to further go lower in the following days.

USDDKK

The pair was expected to bounce back from a major support line, from the “Rising Wedge” support line, and from 50 MA. Denmark was left out with the created alliance between Germany and France dubbed as the “alliance of multilateralism”. Canada and Japan recently joined the alliance, which left the United States in the dark. However, the growing U.S. influence in Europe includes Denmark, which was one of the trilateral balance inside the bloc, together with Germany and France, after the United Kingdom decided to leave the European Union. Aside from that, Denmark might move toward the United States to raise the claim of Greenland, which was part of the Danish Realm, on the future of the arctic region. The arctic ocean was rising at a fast pace, which paves for an unclaimed territory to be claimed by countries surrounding it. Histogram was starting to reverse while EMAs 13 and 21 was expected to follow.