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Market News and Charts for July 23, 2019

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!

NZD/JPY

The pair was expected to fail to breakout from its resistance line, which will send the pair lower towards a major support line. New Zealand Prime Minister Jacinda Ardern said that the United States is losing interest in the Asia-Pacific region as concerns grow about China’s expanding influence. In 2016, former U.S. president Barack Obama spearheaded the pacific rim trade pact, the TPP (Trans-Pacific Partnership). In less than a year, however, his predecessor U.S. President Donald Trump pulled the U.S. out from the pact. Despite this, Japan and Australia lead the efforts to ratify the agreement, which came into effect two (2) year after America’s withdrawal. However, accepting the U.S. on the trade pact would lessen Japan’s influence as it will move down to the second-largest economy in the pact after the United States. But President Trump’s comment that the U.S. will never join the pact again raises optimism among Japanese Yen bulls.

FinanceBrokerage - Market News: NZD/JPY ChartUSD/HKD

The pair was expected to bounce back from a major support line, sending the pair higher towards its previous high. Following the renewed trade truce between U.S. President Donald Trump and Chinese President Xi Jinping during the G20 Leaders Summit in Japan, President Trump was seen to be more cautious when speaking anything related to China. When asked for his comment regarding the current political turmoil and unrest in Hong Kong, President Trump said that his counterpart, President Xi, has acted “very responsibly”. Though he added that Hong Kong protesters are “looking for democracy”, and he encouraged all sides to avoid violence. Hong Kong is an autonomous region following the British handover to China in 1997. The country was set to be reintegrated to China in 50 years or until 2047. However, following the rise of Xi, he was seen pushing Hong Kong to integrate with mainland China as soon as possible.

FinanceBrokerage - Market News: USD/HKD Chart

USD/SGD

The pair were seen to continue its upward movement after it broke out from its resistance line, sending the pair higher towards the nearest resistance line. Singapore is a bellwether in the Asia-Pacific region, and its GDP decline worries investors. The Asia-Pacific region is experiencing a continued economic downtrend following the trade war between the two (2) largest economies in the world, the United States and China. China’s economy posted its worst growth rate in nearly three decades. Growth slowed to 6.2 percent in the second quarter of 2019, down from the previous reading of 6.4 percent. Being a small and import reliant country, Singapore is highly sensitive to external shocks. The affluent city-state is highly dependent on trade and has traditionally been one of the first places in Asia to be hit during global downturns. In June, exports collapsed 17.3 percent from a year earlier, the fastest decline in more than six years.

FinanceBrokerage - Market News: USD/SGD Chart

EUR/DKK

The pair is expected to bounce back from its current support line, sending the pair higher towards the nearest resistance line and from an uptrend channel support line. Denmark had recently elected a new prime minister, Mette Frederiksen. The leader of the Social Democrats Party said she wants to prioritize climate change on his agenda, which give relief to the Germano-Franco alliance. Denmark was expected to replace the United Kingdom on the trilateral power balance, together with Germany and France, once the UK officially leaves the European Union until October 31. Aside from this, PM Frederiksen had already met with German Chancellor Angela Merkel, one (1) of the two (2) de facto leaders of the EU. This suggests that the country, who was known to be the closest friend of the United Kingdom and a pro-U.S., is not a power and threat to the current EU political order.

FinanceBrokerage - Market News: EUR/DKK Chart



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