TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 12, 2018


USDCAD - 12.07.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 12.07.2018

The AUDUSD has been bearish but continues to look indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.7310, 0.7360 and 0.7480 and around 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.

US CPI figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 12.07.2018

As suggested in yesterday’s chart analysis, the EURGBP has been finding support around the diagonal support area. Price is struggling to swing higher and the moving averages have crossed, all signalling that the EURGBP could become indecisive. Trading opportunities may exist around the diagonal support area and around the identified horizontal levels at 0.8800, 0.8815, 0.8820, 0.8865 and 0.8900. If price moves below the horizontal support and psychological level at 0.8800, the EURGBP could attempt a bearish move lower.

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 ECB will release monetary policy meeting accounts at 1130 UTC today.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 12.07.2018

Price has been bearish (as suggested in yesterday’s chart analysis). Price action has formed a bearish channel and the moving averages have crossed bearish, all signalling that the EURUSD may move lower. Opportunities to go short could exist around the previous support level at 1.1700, around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal resistance levels at 1.1760 and 1.1785. A bearish move may be rejected or reverse around the channel support area and around the horizontal support at 1.1600.

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 ECB will released monetary policy meeting accounts at 1130 UTC. US CPI figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 12.07.2018

As suggested in yesterday’s chart analysis, price has been reversing around the horizontal levels at 1.3190 and 1.3290. The GBPUSD continues to be indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.3055, 1.3110, 1.3190, 1.3290, 1.3310 and 1.3350.

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.

US CPI figures will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 12.07.2018

The NZDUSD has been bearish but continues to look indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.6690, 0.6740, 0.6855 and 0.6920.

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.

US CPI figures will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 12.07.2018

As suggested in yesterday’s chart analysis, the USDCAD moved above the horizontal channel resistance are and has since been bullish. Price is above the recent consolidation and the moving averages are bullish and widening, all signalling that the USDCAD could start up-trending. Buying opportunities may exist around the previous channel resistance at 1.3160 and around the dynamic support of the moving averages. A bullish move could stall or reverse around the horizontal levels at 1.3220, 1.3265 and 1.3365.

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.

US CPI figures will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 12.07.2018

Price continues to be choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.9840, 0.9865, 0.9900, 0.9910, 0.9945, 0.9965 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.

US CPI figures will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 12.07.2018

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher. The USDJPY 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 trend support area and around the previous horizontal resistance levels at 111.30 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.

US CPI figures will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 12.07.2018

GOLD continues to lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 1238.30, 1248.70, 1265.10, 1271.80 and 1276.45.


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