Market News and Charts for November 13, 2018
FOREX MARKETS – Hey traders! Below are the latest forex chart updates for Tuesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
EUR/TRY
The Euro was expected to go lower as the issue of the detainment of a US Pastor residing in Turkey, which caused the Turkish Lira to depreciate a third of its value, had simmered down as the killing of Saudi citizen and critic, Jamal Khashoggi, was put on spotlight, paving way for the cooperation of the two nations. The internal conflict inside Europe is also causing the Euro to weaken against other currencies. Turkey is applying to become a member of the European Union since December 12, 1999.
GBP/AUD
The pair was expected to go down in the short-term, before bouncing back next year. Although the negotiation of Brexit was calmer compared to the past meetings between the United Kingdom and the European Union, Prime Minister Theresa May is struggling inside her party as the members were dissatisfied with how she handles the negotiation. It was expected that her leadership will be challenged once the UK will officially go out of the EU on March 29, 2019. The pair will then bounce back months before the next Australian Federation election on May 18, 2019, and November 02, 2019.
USD/CNH
The US Dollar was seen rising in the past few days as China felt the impact of the trade war with its sluggish economic data. This may further escalate if the meeting between Trump and Xi, which was expected to resume this November, will not go well. The pair was expected to go down as investors become nervous that the US might be heading to a correction territory. Apple dropped down more than 5% yesterday, November 12, 2018, with the NASDAQ100 drops down 3%.
USD/TRY
The pair was still intact on the downtrend. The relationship of the US and Turkey had resumed with the restored cooperation between the two countries, to investigate the murder of a US resident and Washington Post journalist, Jamal Khashoggi. The price was seen to go lower until it reached the support line last seen on August 01, 2018, which was created during the detainment of a US Pastor.
