Daily Market Charts and Analysis May 20, 2019

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

USDJPY

The pair was seen to fail to break out from the downtrend channel resistance line, sending the pair lower towards the nearest support line. Japan was set to dominate globalization after the country successfully ratified two (2) important free trade deals, the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), and the EU-Japan Free Trade Deal, which became the largest trading zone in the world. Aside from that, Japan became the third member of the Germano-Franco led “alliance of multilateralism”. All of these are without the United States in the picture. U.S. President Donald Trump was set to visit Japan at the end of the month of May as the first foreign leader to visit the new Japanese Emperor Nahurito. President Trump and Japanese Prime Minister Shinzo Abe was also set to discuss creating a bilateral trade agreement. Histogram and EMAs 13 and 21 will reverse back.

NZDCAD

The pair was expected to move lower with the looming crossover between MAs 50 and 200, which will result to a “Death Cross”. New Zealand and Canada were the two (2) largest agricultural exporter in the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). The two (2) countries were also signatories of a free trade deal with the European Union. New Zealand had also signed a post-Brexit trade agreement with the United Kingdom, which makes the country influential in Europe. However, the recent move by U.S. President Donald Trump to lift the steel and aluminum tariffs to Canada and Mexico will further boost Canada’s economy. The lift might signify a slowdown in President Trump’s trade war against its neighbors, which could end the passing of the USMCA (United States-Mexico-Canada). Histogram and EMAs 13 and 21 will continue to move lower.

GBPUSD

The pair will move lower in the following days with the looming crossover between MAs 50 and 200, which will result to the formation of the “Death Cross”. U.S. President Donald Trump was expected to visit the United Kingdom on June 03 to 05 after the United States will meet the new Japanese Emperor Nahurito and Japanese Prime Minister Shinzo Abe in Japan by the end of the month of May. The visits were seen to further strengthen the relationship of the U.S. to other countries at the country seeks to ditch multilateral trade and prefer a bilateral trade of doing business with other countries. However, the visit might be more meaningful to the UK that it is to the United States. Having a bilateral trade agreement with the U.S. will be the biggest deal that the United Kingdom can have once it officially leaves the European Union until October 31. Histogram and EMAs 13 and 21 was seen to continue to move lower.

EURCAD

The pair was seen to continue its downward movement towards the “Rising Wedge” pattern support line. The European Parliament gave a green light to conduct a bilateral trade agreement with Canada, which further boost the possibility that the EU will win against the United Kingdom in poaching allies to sign a bilateral trade agreement with the bloc. The UK had already signed an agreement with Australia and New Zealand, both had a maintaining bilateral trade agreement with the bloc. Japan had also ratified its free trade agreement with the European Union, which became the largest trading zone in the world. This will give the EU and extensive influence in Asia and North America. However, the European Union will face an impending parliamentary election, which can change the future path that the bloc is taking. Histogram and EMAs 13 and 21 already crossed over.