Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair was seen to continue its upward movement after it broke out from a major resistance line. Following the trade war by U.S. President Donald Trump to its rivals and allies that he find were doing unfair trade practices, Australia was seen preparing for any possibility that it will be the next target of tariffs after America imposed 25% tariffs on $200 billion worth of Chinese goods and threatened to cover the remaining $300 billion goods for another 25%. The U.S. had also imposed 5% tariffs on all Mexican exported goods and delayed the auto tariffs that President Trump was planning to impose to the European Union and Japan. Australian Prime Minister Scott Morrison on the other hand had downplayed speculation that the U.S. considered placing tariffs on Australian aluminum imports. Histogram and EMAs 13 and 21 will continue to go up in the following days.
The pair was expected to fail to breakout from a major resistance line and from 50 MA, sending the pair lower towards a major support line. With the escalation of the trade war between the United States and China, Canada was seen moving away and securing its position in the pacific rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). The CPTPP were headed by Japan and Australia. Japan was the one who encourage Canada to shift its focus away from China to its economy. Australia on the other hand, had seen its influence to decline in the past few months as the country enters a recession for the first time in 27 years. With the decline in Australia’s economy, Canada was seen to benefit, with the meat export tariffs between Canada and Japan down to zero. Canada’s exposure to Asia will be beneficial to its economy following the challenges that the country undertook during the Trump administration.
The pair was seen to continue its steep decline, which will send the pair lower towards a major support line. Australia and Switzerland were the two (2) countries affected by the extension of the Brexit until October 31 and by the recent European Parliamentary Election. However, compared to the two (2) countries, Australia was heavily dependent on the United Kingdom, having its connection with China to diminish following its decision to ban the Chinese telecommunication giant amid the pressure from the United States. Switzerland on the other hand, was the first country to sign a deal with China’s Road and Belt Initiative making the country more diverse when it comes to its economy. Aside from that, Germany’s European People’s Party (EPP) won during the EU election, which means that the EU will have the upper hand during the Brexit negotiations. Histogram and EMAs 13 and 21 will fall.
The pair was seen to recover after it was heavily sold down in the past few days. Despite Germany’s European People’s Party (EPP) winning during the European Parliamentary Election, the political turmoil inside the European Union was seen to affect the EU-Japan free trade deal, which became the largest trading zone in the world. Aside from this, U.S. President Donald Trump had given the European Union and Japan 180-days to draft a deal that would end the possibility of the U.S. imposing tariffs on the two (2) economies auto manufacturing industry. President Trump had recently visited the United Kingdom as the country was seeking a potential bilateral trade agreement between the United States and the United Kingdom, following the withdrawal of the UK from the European Union until October 31. Histogram and EMAs 13 and 21 will go up in the following days.