TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 28, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 28.05.2018

The AUDUSD continues to lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.7450, 0.7490, 0.7525, 0.7535, 0.7590 and 0.7600.

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 - 28.05.2018

As suggested in Friday’s chart analysis, the EURGBP is finding resistance around the horizontal level at 0.8795. Price continues to be choppy and indecisive. The moving averages have been crossing frequently – confirming the lack of trend direction. Price action has formed a bullish channel, signalling that the EURGBP may become bullish. Trading opportunities may exist around the identified horizontal levels at 0.8715, 0.8725, 0.8740, 0.8795, 0.8825 and 0.8840 and around the support and resistance areas of the bullish channel.

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 - 28.05.2018

Price is finding resistance around the longer-term moving average and the trend resistance area (as suggested in Friday’s chart analysis). The EURUSD has been down-trending. The moving averages are bearish, signalling that the downtrend may continue. Shorting opportunities could exist around the longer-term moving average, around the trend resistance area and around the recent swing high at 1.1740. A bearish move may stall or reverse around the recent swing low at 1.1645. The EURUSD may start ranging between the horizontal levels at 1.1645 and 1.1740.

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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 28.05.2018

As suggested in Friday’s chart analysis, price has continued to be bearish and downtrend. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the recent swing high at 1.3410. An attempt to swing lower could be rejected or reverse around the recent swing low at 1.3295.

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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 28.05.2018

The NZDUSD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around any of the horizontal levels at 0.6855, 0.6870, 0.6885, 0.6905, 0.6935, 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 - 28.05.2018

As suggested in Friday’s chart analysis, the USDCAD has been finding resistance around the recent highs at 1.2990. Price is above some of the recent consolidation and the moving averages are bullish and are widening, all signalling that the USDCAD could start up-trending. Buying opportunities may exist around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1.2920 and 1.2905.

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 - 28.05.2018

Price reversed around the longer-term moving average (as suggested in Friday’s chart analysis) but has since been indecisive. The moving averages are bearish, signalling that the USDCHF may attempt a bearish move lower. Opportunities to go short could exist around the horizontal resistance at 0.9935, around the moving averages and around the trend resistance area. An attempt to swing lower may stall or reverse around the horizontal support at 0.9890.

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 - 28.05.2018

The USDJPY continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 108.80, 109.00, 110.35 and 11.60.

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 - 28.05.2018

As suggested in Friday’s chart analysis, GOLD has been finding support around the diagonal support area. Buying opportunities could exist around the trend support area. A bullish move may find resistance around the horizontal resistance at 1307.50. A bearish move may find support around the horizontal support levels at 1288.65 and 1282.75.