Market News and Charts for March 25, 2019
Hey traders! Below are the latest forex chart updates for Monday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
The pair was seen to continue its downward movement after it failed to break out of a resistance line sending the pair to break down of the uptrend channel support line. After the trade war started by US President Donald Trump affected its relationship with Japan, the US was now seen turning to Japan for its agricultural export. Japan is heading the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) together with Australia. Aside from this, it had also ratified the EU-Japan Free Trade Deal, which created the largest trading zone in the world. President Trump will head twice to Japan for its official visit to the new Emperor, Crown Prince Nahurito, heir apparent to the Chrysanthemum Throne and to attend the next G20 Leaders Summit in June. The meeting of President Trump and Japanese Prime Minister Shinzo Abe might be earlier than expected as PM Abe was set to meet Trump in the White House this April.
The pair was expected to continue its rally and retest its previous resistance line, which will also create a short-term uptrend movement. Canadian Prime Minister Justin Trudeau was in a midst of controversy after he and his Senior Advisers were accused by the former Attorney General Jody Wilson-Raybould of meddling on the SNC-Lavin case, which saw several Members of the Parliaments and Aides to resign. The 43rd Canadian General Election was set to take place on or earlier than October 21 on which the Conservative Party of Canada will attempt to reestablish itself as the official government, a role they last held starting in 2006 until their defeat in 2015 from PM Trudeau’s Liberal Party. Canada might also see a decline in its economy once the ratified NAFTA (North American Free Trade Agreement) will be passed in the US Congress, which will also signify a greater control of the United States to North America.
The pair was seen to revisit its previous lows after its attempt to break out of the downtrend channel resistance line failed. Asian stocks were seen to tumble as the fear of a US recession grip the markets. US Bond Market sounds an impending US recession with Warren Buffet and Bill Gates estimating that the US could enter a recession in the late 2019 to mid-2020. For the first time in thirty (30) years, Australia entered a recession, which many analysts called as the first to go down on the domino effect of the first 21st Century Great Financial Crisis. Australian Market was also exposed to the US Market after the trade war between the United States and China had made Australia to pivot to US trades, despite China being Australia’s largest trading partner. Australia was also seen losing against New Zealand to be the regional power, which directly competes with another regional power, Japan, to dominate the South East Asia.
The pair reversed back, which created a new uptrend channel with the pair seen to retest its previous high and break out of the channel middle resistance line. With only five (5) days remaining before the United Kingdom was set to withdraw from the European Union on March 29 and with no clear deal in hindsight for UK Prime Minister Theresa to propose to the UK Parliament, the UK was seen to crashed out from the European Union without a deal. This was despite the EU granting the United Kingdom an extension for the Brexit deadline, which will still require an approval from the UK Parliament. Another scenario that could happen aside from a No Deal Brexit and Brexit extension was a call for a General Election, which could potentially cost PM May her Premiership and a second referendum for the Britons to once again determine if they want to stay in the European Union with already 3 Million signatories and counting.
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