Here are the latest market charts and analysis for today. Check them out and know what’s happening to the market today.
The pair was seen to fail to break out from the last resistance line of the “Downtrend Pitchfork Pattern”. Australia was struggling to make sense of its role in New Zealand. For decades, New Zealand is seen as a shadow of its much larger neighbor, Australia, and that for every decision that Australia makes, New Zealand will go with the flow. Until in the last months of 2018, New Zealand had been making its own decision in contrast of Australia, which marks an independent foreign policy of New Zealand. One of the most notable moves of New Zealand was to become neutral. It abstained from taking sides between Nicholas Maduro and self-proclaimed president Juan Guiado of Brazil. It signed a post-Brexit trading agreement with the United Kingdom, while maintaining its existing trading relations with the European Union. Histogram was already going down, while EMAs 13 and 21 was expected to cross over in the following days.
The pair was set for a rally following the impending cross over between MAs 200 and 50, which will create a “Golden Cross”. Australia was losing its limelight after it entered a recession (based on GDP per capita) for the first time in twenty-seven (27) years. The country will also face an impending federal election on May 18 after Australian Prime Minister Scott Morrison proposed the budget of the 46th Australian Parliament, which marks the start of the next election. The incumbent Prime Minister was expected to lose during the election, which could sit the sixth Prime Minister of Australia in just a decade. Canada on the other hand, had a growing relationship with Japan with which the EU had recently ratify their free trade agreement, which created the largest trading zone in the world. Australia was backed by the United Kingdom. Histogram and EMAs 13 and 21 was poising to go higher.
The pair was seen to fail to break out from the downtrend channel support line and from 200 MA, sending the pair lower to the uptrend channel support line. Australia and Japan were two (2) regional powers in Asia Pacific. Japan was backed by the European Union, while Australia was backed by the United Kingdom. This separation was further separated as the two (2) countries compete to become the largest agricultural producer in the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), which the two (2) countries headed. Despite being rivals, the two (2) countries worked together to make sure that the international waters can be accessed by anyone as China was beginning to flex its military muscle in the South China Sea. China claims almost the entire South China Sea with its 9-dash line. Histogram and EMAs 13 and 21 was expected to go lower in the following days.
The pair failed to break out from a major resistance line, sending the pair to the downtrend channel resistance line. The European Union might take over the Japanese firms that were pulling out from the United Kingdom following the Brexit uncertainty. The Brexit was once again extended until October 31 as discussed during the emergency Brexit Summit between European Union leader and UK Prime Minister Theresa May. New Zealand was the country that appears to be the winner with the divorce between the UK and the EU after it became the first country to express its willingness in making post-Brexit trading agreement, while maintaining its existing trade relation with the European Union. New Zealand Prime Minister Jacinda Ardern became the model of a global leader after she was captured hugging a Muslim family’s victim. Histogram and EMAs 13 and 21 was already showing signs of weakness.