TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 11, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 11.06.2018

The AUDUSD has formed a swing lower and the moving averages are bearish, all suggesting that price may attempt a move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels. A bearish move may stall or reverse around the horizontal support levels at 0.7560, 0.7530 and 0.7480.

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 - 11.06.2018

The EURGBP continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.8700, 0.8720, 0.8730, 0.8765, 0.8810 and 0.8830 and around the moving averages.

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 manufacturing production figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 11.06.2018

As suggested in Friday’s chart analysis, price reversed around the trend support area and the previous horizontal resistance area around 1.1735/40. The EURUSD continues to uptrend. The moving averages are bullish, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1735 and 1.1740. A bullish move may be rejected or reverse around the recent swing high at 1.1835.

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 - 11.06.2018

Price has been up-trending but is now looking indecisive and moving sideways. The moving averages are tightening and are moving sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 1.3230, 1.3260, 1.3305, 1.3360 and 1.3475.

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 manufacturing production figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 11.06.2018

The NZDUSD has reversed around the range support area (as suggested in Friday’s chart analysis). Price continues to be indecisive and range between the horizontal support at 0.7005 and the horizontal resistance at 0.7055. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). A break to the downside may find support around the horizontal levels at 0.6965 and 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 - 11.06.2018

As suggested in Friday’s chart analysis, the USDCAD reversed around the horizontal resistance at 1.3040. Price continues to be indecisive. The moving averages confirm the market indecision – they are tight and have been moving sideways. The USDCAD is ranging between the horizontal levels at 1.2865 and 1.3040. 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 downside could be rejected or reverse around the horizontal support levels at 1.2825 and 1.2745.

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 - 11.06.2018

Price has reversed around the bearish channel support area (as suggested in Friday’s chart analysis). The USDCHF continues to downtrend within a bearish channel. The moving averages are bearish, signalling that the downtrend may continue. Shorting opportunities could exist around the horizontal resistance levels at 0.9890 and 0.9910 and around the channel resistance area. A bearish move may find support around the moving averages, around the recent swing low at 0.9800 and around the 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 - 11.06.2018

Price continues to be indecisive and lack trend momentum. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 108.25, 108.45, 109.05, 109.25, 110.20 and 110.60. The USDJPY could start ranging between 109.25-110.20.

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 - 11.06.2018

As suggested in Friday’s chart analysis, GOLD has reversed around the horizontal resistance at 1301.45. Price continues to be choppy and indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1282.75, 1288.65, 1290.50, 1301.45, 1305.60 and 1307.50.