Here are the latest daily market charts and analysis for today. Check them out!
AUDJPY
The pair is expected to enter the down-trend support after it previously broke out of it. Japan and Australia are expected to lead the ratified CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). However, Japan had also ratified its trading relation with the European Union. The two (2) pacts will cover 2/3 of global GDP and will greatly benefit Japan, after its economy had suffered due to Trump’s trade war. Japan also increased its defense budget to stop its reliance with US Ballistic Missile. Australia was also increasing its defense and cooperating with New Zealand, Japan and the United States to counter China’s aggression in Asia Pacific. However, the impending Australian Federal Election put Australia on uncertainty as analysts expect the Australian Prime Minister Scott Morrison to lose on the election. He is expected to deliver the 46th Parliamentary Budget on April 02, 2019, which marks the start of the election that will seat half of the Senate and will determine Australia’s leadership in the coming years. Histogram and EMA 13 and 21 shows continued selling pressure from Investors and traders.
EURCAD
The pair is seen to move lower in the following days. As the United Kingdom was about to withdraw from the European Union on March 29, 2019, increasing call for the integration of the United Kingdom, Canada, Australia, and New Zealand, or simply known as CANZUK, were increasing. These countries are UK’s former colonies before gaining their independence, but still considers Queen Elizabeth II of the United Kingdom as their de facto Head-of-State. The integration will cover Asia, America, and Europe, and was seen to advance the United Kingdom’s interest by its withdrawal from the European Union. The European Union on the other hand, was struggling to keep its members in check with the rising Nationalism and Pro-China threatens to divide the European Union in smaller groups. Histogram and EMA 13 and 21 will continue to fall.
EURNZD
The pair is expected to go lower in the following days. New Zealand had been taking advantage with the current turmoil happening around the world. It was the first country to express its willingness to make trading relations with the United Kingdom once it officially withdraws from the European Union. It also partners with Australia, Japan and the United States in increasing their military presence in South China Sea. It was also one of the members of the Fives Eyes Intelligence Alliance, together with Australia, Canada, the United Kingdom, and the United States, that banned Chinese technology company Huawei over security threats. And finally, it is one of the ratifiers of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) that aims to counter Trump’s protectionism. The Euro was expected to further weaken as the rising Nationalism triggers the division of the bloc. Histogram and EMA 13 and 21 is expected to reverse.
NZDJPY
The pair is seen to bounce back to complete the “Ascending Broadening Wedges” pattern. Japan and New Zealand are the countries to steal the spotlight as they try to counter China’s aggressiveness and Trump’s trade war. Both countries are signatories of the ratified CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), and had barred Chinese company Huawei in bidding for government projects with 5G Equipments due to security concern. However, Japan’s focus was aimed to boost its economy, after the country had been hit by Trump’s trade war, while New Zealand focuses on improving its military and security ties to counter China’s influence over the once uncontested region of Asia Pacific where Australia and New Zealand dominates. Histogram and EMAs 13 and 21 is expected to reverse.
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