TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 09, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 09.05.2018

As suggested in yesterday’s chart analysis, price moved below the horizontal support at 0.7480 and has since been bearish – the downtrend continues. The moving averages are bearish and are widening, signalling that the AUDUSD could continue to downtrend. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7480, 0.7495, 0.7555 and 0.7585.

The Reserve Bank of Australia (RBA) have held the official interest rate at 1.5% for over 18 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.  The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 09.05.2018

Price closed below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). The EURGBP is below the recent consolidation area and the moving averages are bearish and are widening, all signalling that price may move lower. Price action has also formed a bearish channel. Shorting opportunities could exist around the previous range support area at 0.8770, around the dynamic resistance of the moving averages and around the bearish channel resistance area. A bearish move may be rejected or reverse around the channel support area and around the horizontal support at 0.8685.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25%. There are hints that the Bank of England (BOE) will hike the interest rate again in the near future. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

There is no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 09.05.2018

As suggested in yesterday’s chart analysis, the EURUSD reversed around the bearish channel resistance area. Price continues to downtrend within the bearish channel. The moving averages are bearish and are widening, signalling that the downside momentum could continue. Selling opportunities may exist around the previous horizontal support at 1.1900, around the moving averages and around the channel resistance area. The EURUSD could stall or reverse around the channel support area.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 09.05.2018

The GBPUSD found support at 1.3500 (as suggested in yesterday’s chart analysis). Price continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. The GBPUSD is now ranging between the horizontal levels at 1.3500 and 1.3585. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If the GBPUSD breaks to the upside, price may be rejected or reverse around the horizontal levels at 1.3660, 1.3725 and 1.3905.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25%. There are hints that the Bank of England (BOE) will hike the interest rate again in the near future. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 09.05.2018

As suggested in yesterday’s chart analysis, price closed below the horizontal channel support area and has since been bearish. The NZDUSD is down-trending. The moving averages are bearish and are widening and price action has formed a bearish channel, all signalling that the downtrend could continue. Selling opportunities may exist around the previous swing low at 0.6985, around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance at 0.7050. The NZDUSD could find support around the bearish channel support area.

The Reserve Bank of New Zealand (RBNZ) recently kept rates at 1.75% and announced that there will unlikely be a rate hike in the foreseeable future – there is some economic uncertainty caused by New Zealand’s GDP and CPI figures. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC. The RBNZ will announce the official cash rate and statements at 2100 UTC. This is followed by a press conference at 2200 UTC and a speech by the Governor of the RBNZ at 0110 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 09.05.2018

Price found support around the previous horizontal channel resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The USDCAD is forming a higher swing high and the moving averages are bullish and widening, all signalling that price may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal channel resistance at 1.2900 and around the trend support area. The USDCAD may be rejected or reverse around the swing high at 1.2980.

The Bank of Canada (BOC) recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will increase the interest rate at least 1 more time before the end of 2018. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 09.05.2018

As suggested in yesterday’s chart analysis, the USDCHF has been finding support around the longer-term moving average. Price has become indecisive and is currently moving sideways between the horizontal levels at 1.0010 and 1.0055. Trading opportunities may exist around the support and resistance areas of this range and if the USDCHF moves out of the range (break-out trade). If price breaks to the downside, the USDCHF could stall or reverse around the horizontal levels at 0.9955, 0.9915 and 0.9870.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The bearish stock markets may give strength to the Swiss Franc as the CHF is a safe-haven currency. The concern of a potential tariff war between the US and China may also give strength to the CHF.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 09.05.2018

The USDJPY has been bullish and is looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between the horizontal levels at 108.60 and 110.00. Trading opportunities could exist around the support and resistance areas of the range and if the USDJPY closes out of the range (break-out trade).

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets become bearish, the Yen may continue to strength. The concern of a potential tariff war between the US and China may also give strength to the Yen. The Bank of Japan (BOJ) has not changed the official interest rate since early 2016. Economic indicators for Japan continue to show signs of moderate growth.

A US PPI figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 09.05.2018

As suggested in yesterday’s chart analysis, price has reversed around the range resistance area. GOLD continues to be indecisive and range between 1303.15 and 1318.10. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). If price breaks to the upside, GOLD could stall or reverse around the horizontal resistance levels at 1325.25, 1332.05 and 1338.85.