Market News and Charts for October 12, 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 US Dollar will continue to weaken as the United States increases its import of dairy products showing reliance on Canada’s expensive dairy industry. A healthy pullback was expected in the short term and expecting to drop further after hitting the support.
The pair will bounce up in the short term before continuing the downtrend followed by a bearish pattern. The bearish stance came from the political turmoil in the Australian Government. Another reason for the decline was the trade war between the United States and China.
Political turmoil was the major reason for a falling Euro. Increasing sign of a divided European Union was showing after the populist leader of Italy increases its debt to GDP ratio by 2.4%, more than the standard of 2.2%. Expect the price go up in the following days before retreating back to a downtrend.
The pair ill continues the uptrend with a healthy pullback in the short term. Europe was forced to take over the role to lead the global growth as Trump isolates the United States in different treaties. The European Union was being led by Angela Merkel of Germany and Emmanuel Macron of France.
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