TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 18, 2018


EURGBP - 18.07.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 18.07.2018

As suggested in yesterday’s chart analysis, the AUDUSD found support around the horizontal level at 0.7375. Price has since been bearish but continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.7310, 0.7360, 0.7375, 0.7440 and 0.7480.

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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC. Australian employment change and unemployment rate figures will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 18.07.2018

The EURGBP closed above the horizontal channel resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price has since been finding resistance around the recent high at 0.8900 (as also suggested). The EURGBP is above the recent horizontal channel and the moving averages are bullish and are widening, all signalling that price could start up-trending. Opportunities to go long may exist around any of the key Fib levels, around the previous channel resistance area and around the dynamic support of the moving averages. Price could continue to find resistance around 0.8900.

Recent economic indicators for the UK have been positive – giving strength to the GBP. The Bank of England (BOE) 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.

A UK CPI figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 18.07.2018

Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 1.1540, 1.1600, 1.1620, 1.1740, 1.1760 and 1.1785.

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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 18.07.2018

As suggested in yesterday’s chart analysis, price was rejected around the horizontal levels at 1.3105 and 1.3125. The GBPUSD has since been bearish but continues to look 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, 1.3125, 1.1390, 1.3290 and 1.3350.

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.

A UK CPI figure will be released at 0830 UTC today. A US building permits figure will be announced at 1230 UTC. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 18.07.2018

The NZDUSD continues to lack trend momentum and be indecisive. The moving averages are tight and are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 0.6690, 0.6725, 0.6790, 0.6840 and 0.6855.

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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 18.07.2018

The USDCAD has closed above the horizontal channel area. Price action has formed a bullish channel, suggesting that price could move higher. Buying opportunities may exist around the previous channel resistance area at 1.3220, around the moving averages, around the bullish channel support area and around the horizontal support at 1.3110. The USDCAD 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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 18.07.2018

As suggested in yesterday’s chart analysis, price has been bullish and is moving higher. The moving averages have crossed bearish and are moving sideways, signalling market indecision. Trading opportunities could exist around the identified horizontal levels at 0.9865, 0.9900, 0.9930, 0.9960 and 1.0070.

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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 18.07.2018

Price reversed around the longer-term moving average and the 23.6% Fib level and has since swung higher (as suggested in yesterday’s chart analysis). The USDJPY has been up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the previous swing high at 112.80, around the trend support area, around the dynamic support of the moving averages and around the horizontal support at 112.20.

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 building permits figure will be announced at 1230 UTC today. This is followed by a Fed Chair testimony at 1400 UTC and a US crude oil inventories figure at 1430 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 18.07.2018

As suggested in yesterday’s chart analysis, GOLD has been bearish and has moved lower. Price is below the recent consolidation area and the moving averages are bearish, all signalling that GOLD may start down-trending. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support at 1238.00 and around the trend resistance area.


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