TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 23, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.05.2018

As suggested in yesterday’s chart analysis, price reversed around the bullish channel resistance area and has since been finding support around the channel support area and the horizontal level at 0.7545. The AUDUSD is up-trending within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the channel support area and around the horizontal support at 0.7490. A bullish move could stall or reverse around the moving averages, around the recent swing high at 0.7600 and the channel resistance area.

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.

The Governor of the RBA will speak at 0800 UTC today. US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.05.2018

Price was rejected at the horizontal level at 0.8750 (as suggested in yesterday’s chart analysis). The EURGBP continues to be indecisive. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 0.8715, 0.8725, 0.8750, 0.8760, 0.8790, 0.8795, 0.8825 and 0.8840.

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.

A UK CPI figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 23.05.2018

As suggested in yesterday’s chart analysis, the EURUSD reversed around the range resistance area. Price is currently indecisive and ranging between the horizontal levels at 1.1725 and 1.1835. Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). The moving averages confirm the current indecision – they are tight and are moving sideways.

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.

US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 23.05.2018

The GBPUSD reversed around the longer-term moving average (as suggested in yesterday’s chart analysis). Price continues to downtrend within a bearish channel. The moving averages are bearish and are steady, signalling that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the diagonal resistance area, around the horizontal resistance at 1.3475 and around the channel resistance area. The GBPUSD may find support around the channel support area.

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 UK CPI figure will be released at 0830 UTC today. US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 23.05.2018

Price has been bearish. The NZDUSD is now looking indecisive and is lacking trend direction. The moving averages confirm this – they are moving sideways. Trading opportunities may exist around the horizontal levels at 0.6855, 0.6870, 0.6885, 0.6970, 0.6980 and 0.6995 and around the diagonal 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.

US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 23.05.2018

As suggested in yesterday’s chart analysis, price reversed around the horizontal support at 1.2750. The USDCAD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 1.2730, 1.2745, 1.2905, 1.2920 and 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.

US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.05.2018

The USDCHF closed below the consolidation area and has since been bearish (as suggested in yesterday’s chart analysis). Price is below the consolidation area and the moving averages are bearish and are widening, all signalling that the USDCHF could start down-trending. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the horizontal levels at 0.9955 and 0.9960 and around the trend resistance 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 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.

US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 23.05.2018

As suggested in yesterday’s chart analysis, the USDJPY reversed around the previous bullish channel support area. Price has since been bearish but continues to be indecisive. Trading opportunities could exist around the identified horizontal levels at 109.20, 110.00, 110.05, 110.60 and 111.35.

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.

US crude oil inventories is at 1430 UTC. FOMC meeting minutes will be released at 1800 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 23.05.2018

Price has reversed around the range resistance area (as suggested in yesterday’s chart analysis). GOLD continues to be indecisive and range between the horizontal levels at 1282.75 and 1295.50. The moving averages confirm the lack of trend direction – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could be rejected or reverse around the previous horizontal support levels at 1303.15 and 1305.95.