TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 13, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 13.07.2018

Price has been bullish but continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities may 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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 13.07.2018

As suggested in yesterday’s chart analysis, price reversed around the horizontal support at 0.8820. The EURGBP continues to be indecisive. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.8800, 0.8815, 0.8820, 0.8865 and 0.8900. If price closes below the horizontal support at 0.8800, the EURGBP may attempt a bearish move lower.

Recent economic indicators for the UK have been positive – 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. Political indecision over the Brexit plan and uncertainty over the future of the UK’s trade deals is weakening the GBP. 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 

 

EURUSD - 13.07.2018

The EURUSD has continued to be bearish and has been finding support around the bearish channel support area (as suggested in yesterday’s chart analysis). Price continues to downtrend within a bearish channel. The moving averages are bearish and widening, signalling that the downside momentum could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around the previous swing low at 1.1700 and around the bearish channel resistance area. The EURUSD could find support 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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 13.07.208

The GBPUSD has bee bearish. Price is below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the GBPUSD may move lower. Price action has also formed a potential bearish channel. Shorting opportunities could exist around the previous horizontal support at 1.3195, around the dynamic resistance of the moving averages and around the channel resistance area. The GBPUSD may stall or reverse around the horizontal support levels at 1.3105 and 1.3050 and the channel support area.

Recent economic indicators for the UK have been positive – 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. Political indecision over the Brexit plan and uncertainty over the future of the UK’s trade deals is weakening the GBP. 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 - 13.07.2018

Price continues to be indecisive. Trading opportunities may exist around the horizontal levels at 0.6690, 0.6740, 0.6750, 0.6790 and 0.6855. The moving averages are bearish and widening, suggested that the NZDUSD could attempt a bearish move.

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 - 13.07.2018

As suggested in yesterday’s chart analysis, price has been finding support around the previous resistance at 1.3160. The USDCAD is still above the recent consolidation area and the moving averages are bullish, signalling that price may start up-trending. Opportunities to go long could exist around the previous resistance at 1.3160, around the trend support area and around the longer-term moving average. A bullish move may be rejected 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 13.07.2018

The USDCHF has been bullish. Price is above the recent consolidation area and the moving averages are bullish and widening, all suggesting that the USDCHF could start up-trending. Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9985, 0.9965 and 0.9945.

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 - 13.07.2018

As suggested in yesterday’s chart analysis, the USDJPY has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. If price starts retracing, long opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages 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. 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 - 13.07.2018

Price has reversed around the horizontal level at 1248.70 (as suggested in yesterday’s chart analysis). GOLD continues to be indecisive and lack trend momentum. Trading opportunities may exist around the horizontal levels at 1238.30, 1241.40, 1248.70 and 1265.10.