Market News and Charts for November 30, 2018
Hey traders! Below are the latest forex chart updates for Friday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
The pair is expected to go lower in the following days as US President Donald Trump and Japanese Prime Minister Shinzo Abe will have a sideline meeting at the G20 Leaders Summit in Buenos Aires, Argentina today, November 30, 2018. Japan’s car and manufacturing industry were hit by Trump’s trade war, which pushed the country to make bilateral trade relations with China. But Japan can’t go far in choosing between the United States and China as the United States was crucial on Japan’s security. Japan has disputed islands with China, Korea, and Russia.
The pair was seen to further go up as Canada was pressured to take sides between the ratified USMCA (United States, Mexico, Canada), and making bilateral trade negotiations with China. If it will choose China, Article 34.6 of the USMCA states that any member who will make trade negotiations outside the pact will need to depart. This is expected to be followed by retaliation of Trump’s Administration. Any side that Canada will pursue will hurt its economy.
The pair is set to rally to complete the “Cup Formation”. Australia has been hit indirectly by Trump’s trade war with China as Australia considers China as its largest trading partner. Trump’s protectionism was first seen on its withdrawal from TPP (Trans-Pacific Partnership) on January 23, 2017. But the member countries agreed to ratify the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) without the United States. Most members of the pact come from the Asia Pacific on which 1/3 of global imports passed by.
The pair broke two major resistance line indicating a shift in the trend. The European Union suffered internal and external conflicts, like the Brexit, rising Nationalism, Italy’s budget, Chancellor Angela Merkel, and the impending European Union election. The EU was able to pressure Italy to revised its budget, French President Emmanuel Macron took the lead from German Chancellor Angela Merkel, and the EU finally approved the negotiated deal with the United Kingdom, with the UK Parliament’s approval to make the deal official.
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