Daily Market Charts and Analysis May 14, 2019

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

AUDNZD

The pair was expected to move lower in the following days after it failed to breakout from a major resistance line and from 200 MA. With only five (5) days remaining before the Australian Federal Election was set to hold, and ten (10) days for the European Parliamentary Election to start, Australia’s future was in uncertain path. Australia recently entered a recession (base on GDP per capita) for the first time in 27 years. Aside from that, the EU had punished the country from signing a post-Brexit trade agreement with the United Kingdom, while maintaining its existing trade relations with the bloc. The incumbent prime minister Scott Morrison was expected to lose during the election, which paves way for the possibility that the country might sit its 6^th prime minister in just a decade. Histogram and EMAs 13 and 21 will move lower in the following days.

EURBRL

The pair was expected to move higher and bounce back from the “Rising Widening Wedge” support line. Brazil’s Foreign Trade Secretary Lucas Ferraz said that the largest trading bloc in the world, the European Union, and South America’s largest trading bloc, the Mercosur, was likely to close a trade agreement in the future, adding that the two parties had advanced more in four (4) months than in twenty (20) years. This will add to the EU’s list of accomplishment this year as it had successfully signed a free trade agreement with Japan from Asia, which created the largest trading zone in the world. It had also signed with another regional power in Asia, Australia, who headed the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), together with Japan. Histogram and EMAs 13 and 21 will continue its upward movement.

USDRON

The pair was seen to bounce back from 50 MA after it broke down from the “Rising Wedge” support line. After the relationship between the United States and Turkey fall out, the U.S. was seen shifting its focus to Romania and Poland. Poland was a member of the Eastern and Nationalist bloc, the Visegrad Group, while Romania was the nearest NATO (North Atlantic Treaty Organization) ally in the Black Sea. The United States announced that it will sell the F-35 fighter jets to these two (2) countries, which will become the buffer from Russia’s aggression on its border with Europe. Aside from this, Romania’s Prime Minister Viorica Dancila has reiterated her commitment to relocate the country’s embassy from Tel Aviv to Jerusalem, following the U.S. move. Histogram and EMAs 13 and 21 was expected to reverse in the following days.

EURNOK

The pair was expected to fail to break out from an uptrend resistance line, which will send the pair lower to a major support line. Norway was seen to side with the United States more than the European Union with the bloc’s inability to defend itself from Russia despite calls from the de facto leaders of the European Union, German Chancellor Angela Merkel and French President Emmanuel Macron, to establish an EU Army. Last month, a beluga whale was seen in Norway’s territory, which was widely suspected to be a Russian spy. Norway was the nearest European country in the Arctic Ocean on which Russia was planning to dominate following the global change the causes the artic ice to melt at a fast pace. Th United State was also one of the claimants in the arctic ocean future territory. Histogram and EMAs 13 and 21 was seen to crossover.