Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
AUDNZD
The pair was expected to breakout from the “Falling Wedge” pattern resistance line, sending the pair higher towards its previous high. Australia held its recent election last Saturday, May 18, through which the future of the country will be determined. However, following the said election, Immigration New Zealand reported a huge spike in the number of Australians considering to move across the country since the federal election was called. The website received more than 8,500 visits from Australia on Sunday, May 19, about ten (10) times the usual number, and 512 of those visitors registered interest in a Kiwi visa. That’s compared to just 20 people a week earlier, on May 12. Two (2) months before the election was called, Australia entered a recession for the first time in 27 years, on which part of it was due to the trade war between the United States and China. Histogram and EMAs 13 and 21 will go up.
EURBRL
The pair failed to breakout from a major resistance line, sending the pair lower towards the “Rising Widening Wedge” pattern support line. Brazil’s Foreign Trade Secretary Lucas Ferraz said that his country’s effort, through the Mercosur Deal, which was the largest trading bloc in South America, to close a deal with the largest trading bloc in the world, the European Union, was soon to be realized. The agreement was said to defy the on-going trade war between the United States and China, which disrupted the global trade order causing countries to seek new trade allies to offset the effect of the tit-for-tat trade war between the two (2) largest economies in the world. Since the election of Brazilian President Jair Bolsonaro, he promised to revive the Mercosur deal and bolster South America’s trading activity across the world. Histogram and EMAs 13 and 21 was seen reversing and will crossover in the following days.
USDBRL
The pair was seen to further move lower in the following days after it failed to break out from a major resistance line. The United States was vital for Brazil’s dominance in South America. However, this might also hit back to the country with an increasing U.S. influence in the region. Brazilian President Jair Bolsonaro, dubbed as South America’s Trump, opened the possibility for a U.S. base to be establish within the country following the on-going Venezuelan crisis, which had cause major world powers to meddle on the said crisis, with Brazilian’s fellow BRICS (Brazil-Russia-India-China-South Africa) together with Russia backing the Maduro government, while the Western world, which includes the European Union, the United States, and Brazil, had backed the opposition leader and self-proclaimed president Juan Guiado. Histogram and EMAs 13 and 21 will crossover in the following days.
USDRON
The pair was expected to break down from the “Rising Wedge” pattern support line, sending the pair lower towards the nearest support line. Romania will be the “new Turkey” for the United States after the country’s relationship with Turkey falls following the decision by Turkish President Recep Tayyip Erdogan to purchase Russia’s S-400 missile defense system, which will compromise the defense sharing agreement of the NATO (North Atlantic Treaty Organization) Alliance, which includes the use of F-35 fighter jets, the most advance stealth fighter jet in the world. Romania announced its plan to buy U.S.’ F-16, however, the U.S. is planning to sell the F-35 fighter jets, which was originally allocated for Turkey. Russia’ S-400 is a direct competition of the U.S.’ THAAD (Terminal High Altitude Area Defense). Histogram already started to reverse, while EMAs 13 and 21 was expected to reverse in the following days.
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