TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 29, 2018


EURUSD - 29.05.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 29.05.2018

As suggested in yesterday’s chart analysis, price has been finding support around the horizontal support at 0.7525. The AUDUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the indecision. Trading opportunities may exist around the identified horizontal levels at 0.7450, 0.7490, 0.7525, 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.

A US consumer confidence figure will be announced at 1400 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 29.05.2018

Price reversed around the horizontal resistance at 0.8795 (as suggested in yesterday’s chart analysis). The EURGBP has since been bearish but has been finding support around the horizontal support at 0.8725 (as also suggested). Price is indecisive and lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the horizontal levels at 0.8715, 0.8725, 0.8740, 0.8750, 0.8795 and 0.8825.

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 - 29.05.2018

As suggested in yesterday’s chart analysis, the EURUSD reversed around the trend resistance area and the longer-term moving average and has since swung lower. Price continues to downtrend. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around the previous swing low at 1.1645, around the dynamic resistance of the moving averages, around the trend resistance area and around the recent swing high at 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.

A US consumer confidence figure will be announced at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 29.05.2018

The GBPUSD has been bearish (as suggested in yesterday’s chart analysis). Price has been down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. The GBPUSD has been finding support and struggling to swing lower though, suggesting that price may start retracing. A bullish move could find resistance around the moving averages, around the trend resistance area and around the recent swing high at 1.3410.

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 consumer confidence figure will be announced at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 29.05.2018

Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the identified horizontal levels at 0.6855, 0.6870, 0.6885, 0.6905, 0.6960, 0.6970, 0.6985 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.

A US consumer confidence figure will be announced at 1400 UTC today. The RBNZ will release a financial stability report at 2100 UTC. This is followed by a speech by the Governor of the RBNZ at 0110 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 29.05.2018

Price is still above some of the recent consolidation and the moving averages are still bullish and are widening, all suggesting that the USDCAD may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1.2920 and 1.2905. A bullish move may stall or reverse around the recent high at 1.3020.

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 consumer confidence figure will be announced at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 29.05.2018

The USDCHF has become indecisive and is moving sideways. The moving averages are tight and are also moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.9890, 0.9955, 0.9975, 1.0000 and 1.0040.

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 consumer confidence figure will be announced at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 29.05.2018

The USDJPY continues to be choppy and indecisive. Trading opportunities could exist around the horizontal levels at 108.90, 109.00, 109.80, 110.40, 110.60 and 111.35. If price closes below the support at 108.90, the USDJPY may start down-trending.

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 consumer confidence figure will be announced at 1400 UTC today. The Governor of the BOJ will speak at 0000 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 29.05.2018

As suggested in yesterday’s chart analysis, price was finding support around the trend support area. GOLD has since been moving sideways and has closed below the trend support. Price has become indecisive again. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1282.75, 1288.65, 1295.60, 1307.50 and 1325.60.


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