TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 19, 2018


USDCAD - 19.07.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 19.07.2018

As suggested in yesterday’s chart analysis, price has found resistance around the horizontal level at 0.7440. The AUDUSD continues to be indecisive. 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, 0.7350, 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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 19.07.2018

Price was rejected around the 38.2% Fib level and has since swung higher (as suggested in yesterday’s chart analysis). The EURGBP is above the recent consolidation area and the moving averages are bullish and widening, all signalling that price may start up-trending. Buying opportunities could exist around the previous resistance levels at 0.8900 and 0.8865, around the dynamic support of the moving averages and around any of the key Fib levels. A bullish move may stall or reverse around the recent swing high at 0.8925.

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 retail sales figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 19.07.2018

The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the horizontal levels at 1.1540, 1.1600, 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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 19.07.2018

The GBPUSD has been bearish. Price has moved below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the GBPUSD may start down-trending. Selling opportunities could exist around the previous horizontal support levels at 1.3110, 1.3125 and 1.3190 and around the dynamic resistance of the moving averages. Price may be rejected or reverse around the recent swing low at 1.3020.

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 retail sales figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 19.07.2018

Just like some other USD pairs, the NZDUSD continues to lack trend direction and be indecisive. The moving averages have been crossing frequently and are currently moving sideways – confirming the indecision. Trading opportunities may exist around the horizontal levels at 0.6690, 0.6725, 0.6750, 0.6800, 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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 19.07.2018

As suggested in yesterday’s chart analysis, price reversed around the bullish channel resistance area. The USDCAD continues to uptrend within a bullish channel. The moving averages are bullish and widening, all signalling that the upside momentum may continue. Long opportunities could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal support levels at 1.3110 and 1.3075. The USDCAD may be rejected or reverse around the horizontal resistance at 1.3220 and 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 19.07.2018

Price continues to be indecisive and lack trend direction, just like other USD pairs. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.9865, 0.9900, 0.9930, 0.9960, 1.0025 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.

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

 

USDJPY – 1 Hour Chart 

 

USDJPY - 19.07.2018

The USDJPY has been up-trending. Price is currently in a retrace phase. The moving averages are bullish and widening, signalling that the uptrend may continue. Opportunities to go long could exist around the bullish moving averages, around the previous swing high at 112.80, around the horizontal support at 112.20 and if the USDJPY closes above the recent swing high at 113.05. Price may stall or reverse around the recent swing high at 113.05.

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 - 19.07.2018

GOLD is below the recent consolidation area and the moving averages are bearish and widening, all suggesting that price will continue to downtrend. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the previous horizontal support at 1238.00 and around the trend resistance area. GOLD could continue to find support around the recent lows at 1222.50.


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