TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 28, 2018

AUDUSD – 1 Hour Chart

The AUDUSD has closed below the range support area. Price is below the recent consolidation and the moving averages are bearish and widening, all suggesting that the AUDUSD may continue to downtrend. Opportunities to go short could exist around the previous range support area at 0.7345, around the dynamic resistance of the moving averages and around the horizontal resistance at 0.7445.

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.

A US GDP figure will be released at 1230 UTC today.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP is reversing around the horizontal resistance at 0.8830. Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are currently tightening – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.8720, 0.8725, 0.8800 and 0.8830. If the EURGBP closes above the horizontal level at 0.8830, price could attempt a bullish move higher.

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 economic 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 

Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1.1515, 1.1595, 1.1630, 1.1715, 1.1735 and 1.1835. If the EURUSD closes below the horizontal level at 1.1515, price may attempt a bearish move lower.

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.

A US GDP figure will be released at 1230 UTC today.

GBPUSD – 1 Hour Chart

Price has been bearish and is forming a swing lower. The GBPUSD is below some key support levels and the moving averages are bearish and widening, all suggesting that price could move lower. Shorting opportunities may exist around the horizontal levels at 1.3105, 1.3215 and 1.3290 and around the dynamic resistance of 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% 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.

A US GDP figure will be released at 1230 UTC today.

NZDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the previous swing low at 0.6825. Price continues to downtrend and be bearish. The moving averages are bearish and widening, signalling that the downtrend may continue. If the NZDUSD starts retracing, selling opportunities could exist around the previous swing low at 0.6825, around the dynamic resistance of the moving averages and around the trend resistance area.

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.

A US GDP figure will be released at 1230 UTC today.

USDCAD – 1 Hour Chart

The USDCAD has closed above the horizontal channel resistance area. Price action has formed a bullish channel and the moving averages are bullish, all suggesting that the buying momentum could continue. Opportunities to go long may exist around the previous horizontal resistance at 1.3335, around the dynamic support of the moving averages, around the channel support area and around the horizontal support at 1.3260. A bullish move could stall or reverse around the channel resistance area.

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 US GDP figure will be released at 1230 UTC today.

USDCHF – 1 Hour Chart

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the horizontal levels at 0.9800, 0.9825, 0.9920 and 0.9985. The USDCHF is attempting a move above the horizontal level at 0.9985. If price closes above this level, the USDCHF may attempt a bullish move higher.

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.

A US GDP figure will be released at 1230 UTC today.

USDJPY – 1 Hour Chart 

Price continues to be choppy and indecisive. The moving averages confirm the lack of trend direction, they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 109.25, 109.40, 110.50, 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.

A US GDP figure will be released at 1230 UTC today.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has continued to be bearish and move lower. Price continues to downtrend within a bearish channel. The moving averages are bearish and widening, all signalling that the downside momentum may continue. Opportunities to go short could exist around the bearish moving averages, the channel resistance area and around the previous swing low at 1262.75. GOLD may be rejected or reverse around the channel support area.

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