TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 15, 2018

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been bearish and has swung lower. Price continues to downtrend. The moving averages are bearish and widening, signalling that the downtrend may continue. Selling opportunities could exist around the previous horizontal support levels at 0.7480 and 0.7530 and around the dynamic resistance of 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 2.00%. 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

The EURGBP moved below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). Price has been finding support around the horizontal support level at 0.8720 (as identified in yesterday’s chart analysis). The EURGBP continues to look choppy and indecisive. The recent sell-off and the moving averages signal that price could move lower. Shorting opportunities may exist around the previous horizontal support levels at 0.8765 and 0.8780, around any of the key Fib levels and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the horizontal support levels at 0.8720 and 0.8700.

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

As suggested in yesterday’s chart analysis, price broke to the upside of the horizontal channel and then reversed around the horizontal resistance at 1.1835. The EURUSD is forming a swing below a number of key support levels and the moving averages are bearish and widening, all signalling that price may start down-trending. Opportunities to go short could exist around the previous support levels at 1.1645 and 1.1655, around any of the key Fib levels and around the moving averages. A bearish move may find support around the recent lows at 1.1525/30.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. 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

Price has been bearish. The GBPUSD is below some key support levels and the moving averages are bearish and are widening, all signalling that the selling momentum could continue. Opportunities to go short may exist around the previous support levels at 1.3260 and 1.3305, around the previous support area of the bearish channel and around the dynamic resistance of the moving averages. The GBPUSD could find support around the horizontal support at 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 2.00%. 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

As suggested in yesterday’s chart analysis, the NZDUSD closed below the horizontal channel support area and has since been bearish. Price is below key support levels and the moving averages are bearish, all signalling that the NZDUSD may start down-trending. Selling opportunities could exist around the previous horizontal support levels at 0.6960 and 0.7000 and around the dynamic resistance of the moving averages. A strong bearish move may find support around the horizontal level at 0.6885.

The Reserve Bank of New Zealand (RBNZ) recently kept rates at 2.00% 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

The USDCAD tested the horizontal resistance at 1.3040 again and has since moved higher (as suggested in yesterday’s chart analysis). Price is above the recent consolidation area and the moving averages are bullish, all signalling that the USDCAD could start up-trending. Buying opportunities may exist around the previous horizontal resistance at 1.3040 and around the dynamic support of the moving averages.

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 2.00%. 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

Price has been bullish and has moved above a number of key resistance levels. The moving averages are bullish and widening, suggesting that the USDCHF may move higher. If price pulls-back, long opportunities could exist around the previous resistance levels at 0.9970 and 0.9915 and around the moving averages.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. 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 

As suggested in yesterday’s chart analysis, the USDJPY has been bullish and has swung higher. Price continues to uptrend within a bullish channel and has now formed a potential second bullish channel. The moving averages are bullish, signalling that the upside momentum could continue. Opportunities to go long may exist around the previous swing high at 110.65, around the moving averages and around both channel support areas. A move higher could be rejected or reverse around the channel resistance areas.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. 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

GOLD broke to the upside of the channel and then reversed around the horizontal resistance at 1307.50 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 1289.45, 1290.50, 1293.90, 1301.45 and 1307.50 and around the diagonal support area.

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