TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 24, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.05.2018

The AUDUSD continues to be bullish but is now looking indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.7415, 0.7450, 0.7490, 0.7525 and 0.7600 and around the diagonal support 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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.05.2018

As suggested in yesterday’s chart analysis, the EURGBP reversed around the horizontal levels at 0.8790 and 0.8795. Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are now moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.8715, 0.8725, 0.8745, 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.

The Governor of the BOE will speak at 0800 and 1700 UTC today. A UK retail sales figure will be released at 0830 UTC. The ECB will release minutes from a recent monetary policy meeting at 1130 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 24.05.2018

Price moved below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). The EURUSD continues to downtrend. The moving averages are bearish, signalling that the downtrend may continue. Shorting opportunities could exist around the previous swing low at 1.1725, around the dynamic resistance of the moving averages 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 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.

The ECB will release minutes from a recent monetary policy meeting at 1130 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 24.05.2018

As suggested in yesterday’s chart analysis, price has continued to be bearish and has formed a swing lower. The GBPUSD is down-trending. The moving averages are bearish, signalling that the downside momentum could continue. Selling opportunities may exist around the horizontal levels at 1.3400 and 1.3475, around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move could be rejected or reverse around the recent swing low at 1.3310.

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.

The Governor of the BOE will speak at 0800 and 1700 UTC today. A UK retail sales figure will be released at 0830 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 24.05.2018

The NZDUSD reversed around the horizontal support at 0.6885 (as suggested in yesterday’s chart analysis). Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 0.6855, 0.6870, 0.6885, 0.6970, 0.6980 and 0.6995.

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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 24.05.2018

As suggested in yesterday’s chart analysis, the USDCAD has reversed around the horizontal resistance area at 1.2905. Price continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Price action has formed a horizontal channel at 1.2745-1.2920. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). A break to the upside could stall or reverse around the recent 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 24.05.2018

Price continues to downtrend and be bearish. The moving averages are bearish and steady, suggesting that the USDCHF may attempt to swing lower. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal resistance levels at 0.9975 and 1.0000. An attempt to swing lower may stall or reverse around the recent swing low at 0.9900.

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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 24.05.2018

The USDJPY has been bearish but continues to be indecisive. If price continues to be bearish, the USDJPY may find support around the horizontal levels at 109.15 and 108.80. If price suddenly becomes bullish, the USDJPY could find resistance around the horizontal levels at 109.60, 110.35, 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 24.05.2018

GOLD continues to be indecisive. Price is moving within a horizontal channel at 1282.75-1297.45. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GOLD closes out of the channel (break-out trade). A break to the upside may stall or reverse around the horizontal levels at 1305.95 and 1325.60.

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