Daily Market Charts and Analysis June 6, 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 was expected to bounce back from a major support line after it broke down from the “Cup Formation”. The 8^th European Parliament hold a non-binding vote to suspend Turkey’s accession in the European Union before the European Parliamentary Election was held last May 23-26. The win of Germany’s European People’s Party (EPP), which holds the majority of the seats, was another slap to Turkey as this will cement the idea that the European Union was no longer interested for Turkey being a member of the bloc. Aside from this, the United Kingdom who began the accession talks of Turkey back in 2005 was now planning to leave the bloc until October 31. Turkey on the other hand, had seen a disappointing loss for Turkish President Recep Tayyip Erdogan’s party, which can translate to Turkish people being satisfied with the leadership of President Erdogan. Histogram and EMAs 13 and 21 was expected to reverse.

GBPAUD

The pair was seen to bounce back after hitting a major support line and 200 MA, sending the pair higher towards 50 MA. Making a move without a back-up plan seems to be the problem of Australia after the country banned Chinese telecommunication giant amid pressure from the United States. This was despite the United Kingdom and New Zealand taking back their previous statements and reiterate that their government are wiling to work with Huawei. On the other hand, despite the Brexit taking longer than planned, the United Kingdom was already prepared in case the country was not able to come up with a deal that would spell out the UK and the European Unions relationship in the future. Aside from this, the possibility that the United Kingdom and the United States will have a bilateral trade agreement further boost the optimism on UK’s economy. Histogram and EMAs 13 and 21 will crossover in the following days.

GBPCAD

The pair will continue to move lower in the following days with the looming crossover between MAs 50 and 200, which will result to a “Death Cross”. Canada had chosen the European Union over the United Kingdom to conduct a trading agreement, which could potentially weaken the UK’s economy once it officially leaves the EU. Canada on the other hand, had been benefiting from the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), as the country competes to become the largest producer of beef meat to the pact. This move was also seen a way for Canada to reduce its reliance to the United States after U.S. President Donald Trump declared trade war with its rivals and allies, including Canada and the European Union. Canada recently joined the Germano-Franco “alliance of multilateralism”. Histogram and EMAs 13 and 21 was expected to crossover in the following days.

USDDKK

The pair will continue to go lower after it broke down from 50 MA, sending the pair lower towards 200 MA. The win of Germany’s European People’s Party (EPP) will cement the Germano-Franco leadership in the European Union. This will be another problem for the United States as it tries to lobby populist and nationalist countries in Europe, particularly inside the European Union. Denmark one of the countries that the U.S. was trying to lobby. However, given the circumstances, Denmark might side with Germany and France with its plan to militarize the EU. German Chancellor Angela Merkel and French President Emmanuel Macron, two (2) de facto leaders of the EU, envisioned a “united states of Europe”. This will get rid of the U.S. global leadership as the bloc tries to rival U.S. companies and institutions. Histogram and EMAs 13 and 21 will continue to move lower in the following days.