Daily Market Charts and Analysis

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Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

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EURDKK

The pair found a strong support line, which will send the pair higher towards a major resistance line. The European Parliament will hold its election on May 23-26, which will be pivotal for the entire European Union amid rising Nationalism within the bloc, which caused division among pro-EU and anti-EU countries. On the middle was Denmark, which has the highest satisfactory rating among the remaining 27-member states of being a member of the European Union. The country will also take the place recently held by the United Kingdom as the country was set to leave the European Union on October 31. However, despite being the most satisfied member of the EU, Denmark has also a strong relationship with the United States, with Greenland (a part of the Danish Realm) being located in the North Atlantic Ocean and will need the US to raise its claim in the arctic region. Histogram and EMAs 13 and 21 was expected to reverse.

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EURTRY

The pair broke out from a resistance line, which will send the pair higher and reach its 8-month high. The chance of President Recep Tayyip Erdogan to be re-elected was dimming with the loss of Justice and Development Party (AKP), President Erdogan’s party and the ruling party in Turkey. Turkey’s economy is expected to contrast in 2019 after a decade of strong growth, and economists are predicting a longer recession ahead after a recent bout of volatility in the lira due to a conflict between US President Donald Trump and Turkish President Erdogan. Aside from these, the possibility of Turkey joining the European Union was also dimmed after the European Parliament held a non-binding vote to halt Turkey’s accession inside the bloc. With Turkey losing the United States and the European Union, the possibility of alliance between Turkey and Russia increases. Histogram and EMAs 13 and 21 will continue its upward movement.

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GBPAUD

The pair was expected to further go higher in the following days after it broke out from the “Falling Wedge” pattern. With UK Prime Minister and the British Parliament failing to agree on a deal that would spell out the country’s relationship with the European Union, country’s who signed a post-Brexit agreement carry the risk of retaliation from the EU after the divorce between these two (2) powerful economies had led their allies to choose between them in making trade agreement. Australia stick to its former colonial master, while Australia’s neighbor signed a post-Brexit trade agreement, while maintaining its existing trade agreement with the European Union. The European Union had also ratified the EU-Japan Free Trade Deal, which became the largest trading zone in the world, with Japan, who was also a regional power like Australia. Histogram and EMAs 13 and 21 will continue going up in the following days.

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GBPCAD

The pair found a strong support from the uptrend channel support line, sending the pair higher towards the nearest resistance line. Following the fallout of Brexit with UK Prime Minister Theresa May failing to convince the UK Parliament to pass the deal she negotiated with the European Union, Canada was seen to take a safer stand with the European Union. Aside the EU being the largest trading bloc in the world, the bloc had also backed Japan, with the EU-Japan Free Trade Deal, which became the largest trading zone in the world. The United Kingdom’s relationship with other countries on the other hand, might weaken following the Brexit extension, which will not allow the post-Brexit trading agreement to take effect. The United Kingdom backs Australia, who was facing an impending federal election and had recently entered a recession. Histogram and EMAs 13 and 21 will continue going up.

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