Daily Market Charts and Analysis May 23, 2019

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 broke out from the downtrend resistance line, sending the pair lower towards its previous highs. Czech Republic is the melting pot of pro-EU and anti-EU parties following the European Parliamentary Election, which will start today, May 23, until Sunday, May 26. Far-right leaders – French’s Marie Le Pen, Italian Deputy Prime Minister Matteo Salvini, and Hungarian Prime Minister Viktor Orban – headed to Prague to campaign for nationalist candidates on this year’s election. The far-right leaders will face over 50,000 people protesting in what they say is an attack on judicial independence that threatens to send the country down a similar route with its internationally pilloried neighbor, Hungary, which was holding this year’s presidency of the Visegrad group, which also includes Hungary. Histogram took its largest movement in days, while EMAs 13 and 21 was expected to continue moving up.

USDHUF

The pair was seen to move lower in the following days after it failed to break out from a major resistance line. The Eastern and Nationalist bloc, the Visegrad group, was seen to be shifting its alliance to the United States following the failure of the Germano-Franco led European Union to lobby the group due to the rising aggression of Russia on its EU border and putting the Germano-Franco Alliance in control of EU Institutions. During the visit of Hungarian Prime Minister Viktor Orban to the White House to meet his U.S. counterpart, President Donald Trump, he received praise for a “tremendous job” that he did for his country. This can be seen as a backing of the United States to the Visegrad group, who campaigns for nationalist candidates ahead of the European Parliamentary Election. Histogram already started to reverse, while EMAs 13 and 21 was expected to reverse in the following days.

USDMXN

The pair was expected to bounce back after finding a strong support line from 50, which will send the pair higher towards the uptrend resistance line. China and Canada fall away as Mexico becomes the U.S. largest trading partner amid U.S. President Donald Trump’s effort to force a revised deal through the U.S. Congress known as the USMCA (United States-Mexico-Canada) agreement to replace the 1994 NAFTA (North Atlantic Treaty Organization), covering the trilateral trade bloc of the United States, Mexico, and Canada. Aside from this, the U.S. reaches a decision to lift metal tariffs on Canada and Mexico after its trade negotiation with China failed following the on-going trade war between the two (2) largest economies in the world. This also give hint for a possibility that the ratified USMCA might not be passed through the U.S. Congress. Histogram and EMAs 13 and 21 was seen to reverse back in the following days.

USDPLN

The pair was seen to move lower in the following days after it failed to sustain its strength following its parabolic increase. Poland was seen to be a winner with the on-going dispute between the United States and Turkey following the later’s decision to continue its purchase of Russia’s S-400 missile defense system, which compromise the use of U.S. F-35 fighter jets. Turkey is a member of the NATO (North Atlantic Treaty Organization) Alliance and was part of the group’s defense sharing agreement. Russia’s S-400 is equivalent to U.S. THAAD (Terminal High Altitude Area Defense). The S-400 was used to shoot down stealth fighter jets including F-35. This had caused the shift of the U.S. to sell the F-35 to Poland. Poland had also offered a U.S. military base in the country to be named after U.S. President Donald Trump. Histogram was already falling down, while EMAs 13 and 21 was expected to crossover in the following days.