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 seen to regain its strength after it moved past the “Cup and Handle” formation, and to retest a major resistance line. The 8th parliament held a non-binding vote to suspend Turkey’s accession before the European Parliamentary Election. Following the win of Germany’s European People’s Party (EPP), the parliament was seen once again to make a move to pressure Turkey. Turkey is an important geopolitical region as it connects the West and the East. It was a member of the U.S. led NATO (North Atlantic Treaty Organization) Alliance. However, the country in the past years had announced that it will purchase Russia’s S-400 anti-missile defense system, which could compromise the defense sharing agreement of the NATO Alliance. The European Union accused Turkey of backsliding from democracy, which Turkey had rejected. Histogram and EMAs 13 and 21 was expected to move higher.
GBPAUD
The pair was expected to bounce back from a downtrend support line, sending the pair higher to retest its previous highs. Australia, just like New Zealand, attempted to sign a post-Brexit trade agreement with the United Kingdom, while maintaining its existing trade agreement with the European Union. However, the EU had increased export quotas from Australia as its agreement with the UK was seen to benefit only the country. Now, the European Union and China was pressuring Australia with its commitment with the Paris Climate agreement, which could push the country to its former colonial master. Aside from this, the possibility of the CANZUK (Canada-Australia-New Zealand-United Kingdom) integration could also make its member countries dependent with each other, specially with the United Kingdom, which will be its largest economy. Histogram and EMAs 13 and 21 will reverse in the following days.
GBPCAD
The pair was seen to continue its steep decline after it broke down from a major support line. The withdrawal of the United Kingdom from the European Union had forced their allies to take sides between the two (2) economies. Australia sided with the UK, New Zealand remained neutral, while Canada choose the EU. This will impact the relationship between the United Kingdom and Canada as it was among the British commonwealth who are proposed to be included in the integration of the CANZUK (Canada-Australia-New Zealand-United Kingdom). Aside from this, the worsening relationship between Canada and the United States could push the country to the Germano-Franco led European Union after the country, together with Japan, signed the “alliance of multilateralism”. Canada is also a member of the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Histogram and EMAs 13 and 21 is poised to further go lower.
USDDKK
The pair was seen to breakdown from a major support line, sending the pair lower towards another major support line. The United States was able to keep its influence inside the European Union through Denmark, which was seen as a replacement to the United Kingdom’s role once it officially leaves the European Union until October 31. However, the election if its new prime minister, Mette Frederiksen, had made the decision to appoint Margrethe Vestager as her competition chief, which will extend Vestager’s stay in the position, which she held since 2014. Vestager is popular for her battles with U.S. technology giants Google and Apple to which she wins the support of Brussels and made her a possible replacement for Jean-Claude Juncker as European Commission president. He was also pointed out by U.S. President Donald Trump as someone who doesn’t like the U.S. Histogram and EMAs 13 and 21 will go down.
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