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Trump Impeachment Inquiry
Nancy Pelosi, the Democratic Party politician who serves as the Speaker of the US House of Representatives, on Tuesday announced a formal impeachment inquiry into President Trump. She stated that “Today, I am announcing the House of Representatives moving forward with an official impeachment inquiry. The President must be held accountable. No one is above the law. Actions taken to date by the President have seriously violated the Constitution.” The announcement followed a controversial phone call between Trump and Ukrainian President Zelensky where he discussed former Vice President Joe Biden and his son in regards to corruption allegations.
Pelosi further stated that “This week, the President has admitted to asking the President of Ukraine to take actions which would benefit him politically. The actions of the Trump presidency revealed the dishonorable fact of the President's betrayal of his oath of office, betrayal of our national security and betrayal of the integrity of our elections.” A whistleblower complain which directly accused Trump conduct has initiated the push for the launch of the formal impeachment inquiry.
Pelosi’s Impeachment Gamble
Pelosi wanted to keep her party away from an impeachment inquiry which can backfire and divider her caucus as well as the country further. The controversial phone call and pressure from her party caused her to shift position. Prior the the summer phone call where Trump asked President Zelensky to find proof of wrongdoing by Joe Biden and his son Hunter Biden, who was employed by a Ukrainian oil company, he withheld $400 worth of military aid to the country. Critics accuse Trump of using the crucial aid as leverage to get Ukraine to agree to his demand.
The whistleblower complaint was hand-delivered to Congress, but the identity of the person remains unknown and so does his employment inside the government with sources suggesting it is inside the intelligence community. Senate Democratic leader Chuck Schumer called the whistleblower allegations “very troubling” and added that “There are so many facts that have to be examined. The public has a right to read the whistle-blower's complaint for themselves. The contents of the complaint should be made public immediately.”
Acting Director of National Intelligence to Testify
Joseph Maguire, the Acting Director of National Intelligence, will testify in front of the House Intelligence Committee and answer questions in regards to the July 25th phone call between Trump and Zelensky , the whistleblower account and the handling of the events which followed. Joe Biden is the frontrunner of the Democratic Party to challenge Trump during next year’s election. In response to the impeachment inquiry, Biden tweeted “Donald Trump pressured Ukraine to manufacture a smear against a domestic political opponent, the ‘transcript’ made that clear. It’s an abuse of power that violates the oath of office and undermines our democracy. Congress must hold him accountable.”
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Democratic Chairman of the House Intelligence Committee, Adam Schiff, added “I found the allegations deeply disturbing. I also found them very credible.” He then made the following statement in regards to the unknown government whistleblower “I think that what this courageous individual has done has exposed serious wrongdoing. We will do everything possible to protect you.” Mike Conaway, Republican ember of the House Intelligence Committee countered “I haven't seen anything that bothers me.”
Trump denied the allegations and stated “I didn't do it. I didn't threaten anybody. No push, no pressure, no nothing. It's all a hoax, folks, it's all a big hoax.” One of his attorney’s, Jay Sekulow, added “On the issue of what we have on the transcript, I think it is important to understand we do not have a quid pro quo. In other words, I will do this, you do this. That is absent.” Over 165 House Democrats have voiced their support for an impeachment of President Trump.
Not all Democrats are as open to impeachment. Representative Ben McAdams told reporters “Before making any judgments, I want to know the facts of what occurred between the President and Ukraine. I share Senator Romney's view that If the President used his position to pressure a foreign power to dig up dirt on a rival for his own personal gain, it would be deeply troubling. I believe it would be a betrayal of the loyalty owed to our country and the Constitution.”
3 High-Profit Trades for Your PaxForex Trading Account
As the impeachment procedures take their course and with the US economy slowing down, the US Dollar is expected to come under more selling pressure. Another interest rate cut by the Fed is expected which will further erode the value of the greenback. The USDJPY was rejected by its horizontal resistance area and retreated. Its primary descending resistance level is adding bearish pressure on this currency pair and a breakdown below its next horizontal support level is expected to take the USDJPY back into its horizontal support area. Forex traders are advised to sell any rallies in this currency pair into its primary descending resistance level.
The CCI descended from extreme overbought conditions and moved below the 0 mark for a bearish momentum shift. This technical indicator is expected to move further to the downside. Open your PaxForex Trading Account now and join one of the fastest growing communities of profitable traders!
While Canadian PM Trudeau has his own political storm to maneuver through, impeachment out of the US political theatre trump Canadian issues. Rising oil prices may further boost the Canadian Dollar against the US Dollar and the USDCAD is currently losing bullish momentum at its horizontal resistance level. Its primary descending resistance level is further increasing bearish pressures and a breakdown below its primary ascending support level is favored to clear the path down into its next horizontal support area. Forex traders are recommended to sell any rallies in the USDCAD into the upper band of its horizontal resistance area.
The CCI plunged from extreme overbought territory into extreme oversold conditions from where it advanced above the 0 level. The loss in bullish momentum is favored to lead to a reversal from current level. Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips in monthly profits!
The USDMXN is losing bullish momentum as price action advanced into its primary descending resistance level which is located juts below its horizontal resistance level. While this currency pair managed to advance as impeachment commentary increased, given the storm of negative elements for the US Dollar, a sell-off is anticipated to follow on the back of profit taking. This is expected to lead to a breakdown in the USDMXN below its secondary ascending support level and back into its primary ascending support level. Selling any rallies into the horizontal resistance level remains the favored trading approach.
The CCI spiked into extreme overbought conditions, but the loss in bullish momentum is expected to result into a breakdown below the 100 mark. This is anticipated to result in a profit taking sell-off. Follow the PaxForex Daily Forex Technical Analysis and simply copy the recommended trades of our expert analysts into your own portfolio!