TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 22, 2018

AUDUSD – 1 Hour Chart

Price has been down-trending but is now moving sideways and looking a little indecisive. The moving averages confirm the indecision – they are tightening and are moving sideways. The AUDUSD is ranging between the horizontal support at 0.7345 and the horizontal resistance at 0.7405. Trading opportunities may exist around the support and resistance of the range and if price closes out of the range (break-out trade).

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

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.8800. The EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the diagonal resistance area and around the horizontal levels at 0.8720, 0.8725, 0.8775, 0.8800 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% and plan to increase rates again in the very 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 

The EURUSD has been bullish. Price is now looking indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.1515, 1.1595, 1.1650, 1.1735 and 1.1835 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 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

Just like the EURUSD, the GBPUSD has been bullish and is now looking indecisive. The moving averages are tightening and moving sideways – confirming the indecision. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.3105, 1.3210, 1.3290, 1.3305, 1.3325 and 1.3440.

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% and plan to increase rates again in the very 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

Price has been down-trending. The NZDUSD is currently in a bullish retrace phase. Price is above the moving averages and the moving averages are starting to move sideways, all suggesting that the downtrend could be over. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6825, 0.6885, 0.6920, 0.6965, 0.7000 and 0.7055.

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

As suggested in yesterday’s chart analysis, price has become bearish and has started retracing. The USDCAD is up-trending. The moving averages are bullish, signalling that the upside momentum may continue. Opportunities to go long could exist around the longer-term moving average and around the horizontal levels at 1.3200 and 1.3160.

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.

A Canadian CPI figure will be released at 1230 UTC today.

USDCHF – 1 Hour Chart

The USDCHF reversed around the horizontal resistance at 0.9985 (as suggested in yesterday’s chart analysis). Price continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities may exist around the horizontal levels at 0.9800, 0.9825, 0.9890, 0.9915 and 0.9985.

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 

Just like other USD pairs, the USDJPY is indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 109.25, 109.55, 110.70 and 110.90.

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

Price is down-trending. 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 and around the horizontal levels at 1272.40, 1276.50, 1283.85 and 1290.50. A bearish move could find support around the recent swing low at 1262.85.

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