TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 08, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 08.06.2018

Price has been bearish. Price action is attempting to form a lower swing low and the moving averages are tightening and becoming bearish, all suggesting that the uptrend could be over. The AUDUSD could become indecisive. Trading opportunities may exist around the horizontal levels at 0.7480, 0.7525, 0.7590, 0.7600 and 0.7675 and around the moving averages.

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 - 08.06.2018

As suggested in yesterday’s chart analysis, price found support around the horizontal level at 0.8785. The EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8700, 0.8720, 0.8730, 0.8785, 0.8795, 0.8810 and 0.8830.

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 - 08.06.2018

The EURUSD has been bullish and has formed a swing higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance levels at 1.1740 and 1.1730.

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 - 08.06.2018

As suggested in yesterday’s chart analysis, the GBPUSD found reversed around the channel resistance area and the horizontal resistance at 1.3475. Price is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the longer-term moving average, the previous swing high at 1.3390 and the channel support area. A bullish move may stall or reverse around the horizontal resistance at 1.3475 and the channel resistance area. If the GBPUSD suddenly becomes bearish, price may find support around the horizontal levels at 1.3305, 1.3260 and 1.3230.

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 - 08.06.2018

Price is moving sideways (as suggested in yesterday’s chart analysis). The moving averages are tight and are moving sideways – confirming the current indecision. The NZDUSD is ranging between the horizontal levels at 0.7005 and 0.7055. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If the NZDUSD breaks to the downside, price could be rejected or reverse around the horizontal levels at 0.6960.

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 - 08.06.2018

Just like some other USD pairs, the USDCAD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.2745, 1.2825, 1.2865 and 1.3040.

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.

Canadian employment change and unemployment rate figures will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 08.06.2018

As suggested in yesterday’s chart analysis, the USDCHF broke to the downside of the range and then found support around the bearish channel support area. Price continues to downtrend within a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum could continue. Selling opportunities may exist around the previous range support at 0.9830, around the dynamic resistance of the moving averages and around the bearish channel resistance area. The USDCHF could continue to find support around the bearish 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 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 - 08.06.2018

The USDJPY continues to be indecisive. The moving averages are tightening and starting to move sideways – confirming the indecision. Trading opportunities could exist around the identified horizontal levels at 108.25, 108.45, 109.05, 109.45, 110.20, 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 - 08.06.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal resistance at 1301.45. GOLD continues to be choppy and 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 1282.75, 1288.65, 1290.50, 1301.45, 1305.60 and 1307.50.