TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 09, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 09.07.2018

As suggested in Friday’s chart analysis, price moved above the horizontal resistance at 0.7440 and has since been bullish. The AUDUSD is above the recent consolidation and price action is forming a potential bullish channel, all signalling that price could start up-trending. The moving averages confirm this – they are bullish. Buying opportunities may exist around the previous resistance levels at 0.7440, 0.7420 and 0.7405, around the moving averages and around the bullish channel support area. The AUDUSD could stall or reverse around the channel resistance area.

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

 

EURGBP - 09.07.2018

Price has reversed around the horizontal resistance at 0.8860 (as suggested in Friday’s chart analysis). The EURGBP continues to be indecisive. The moving averages are crossing frequently and are moving sideways – confirming the indecision. Price is ranging between the horizontal support at 0.8800 and the horizontal resistance at 0.8865. Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP closes out of the range (break-out trade). A break to the upside may be rejected or reverse around the recent swing high at 0.8885.

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.

The President of the ECB will speak at 1300 UTC today. He will then speak again at 1500 UTC.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 09.07.2018

As suggested in Friday’s chart analysis, the EURUSD has been bullish and has swung much higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 1.1720 and 1.1690 and around the trend support area.

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.

The President of the ECB will speak at 1300 UTC today. He will then speak again at 1500 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 09.07.2018

The GBPUSD has been bullish and is swinging higher (as suggested in Friday’s chart analysis). Price continues to move within a bullish channel and the moving averages are bullish, all signalling that the buying momentum may continue. Opportunities to go long could exist around the previous resistance levels at 1.3310, 1.3290 and 1.3265, around the dynamic support of the moving averages and around the bullish channel support area. The GBPUSD may be rejected or reverse around the channel resistance area.

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

 

NZDUSD - 09.07.2018

As suggested in Friday’s chart analysis, price has been bullish and has moved higher. The moving averages are bullish and steady, signalling that the upside momentum could continue. Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6830 and 0.6790.

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

 

USDCAD - 09.07.2018

Price closed below the horizontal channel support area and has continued to downtrend (as suggested in Friday’s chart analysis). The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3120 and 1.3155.

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

 

USDCHF - 09.07.2018

The USDCHF has been bearish. Price is below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the USDCHF could move lower. Shorting opportunities may exist around the previous support levels at 0.9895 and 0.9905, around the dynamic resistance of the moving averages and around the horizontal resistance levels at 0.9945 and 0.9960. A bearish move could find support around the recent lows at 0.9840.

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 

 

USDJPY - 09.07.2018

The USDJPY continues to be indecisive. The moving averages confirm the indecision – they are tightening and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 109.40, 110.20, 110.25, 110.75 and 111.05.

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

 

XAUUSD - 09.07.2018

Price action is completing an inverted head and shoulder pattern, suggesting that GOLD could move higher. The moving averages are bullish but are moving sideways, signalling indecision. Opportunities to go long may exist around the identified diagonal support area, around the moving averages and around the horizontal support at 1251.70. Price could be rejected or reverse around the horizontal resistance levels at 1260.70, 1262.50, 1271.80 and 1276.45.