TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 20, 2018


XAUUSD - 20.07.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 20.07.2018

As suggested in yesterday’s chart analysis, the AUDUSD found resistance around the horizontal level at 0.7375. Price continues to be indecisive. Trading opportunities could exist around the horizontal levels at 0.7310, 0.7325, 0.7375, 0.7440 and 0.7480. The moving averages are bearish and widening, signalling that the AUDUSD may attempt a move lower.

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 - 20.07.2018

The EURGBP found support around the 23.6% Fib level and the previous resistance at 0.8900 and has since been bullish (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and widening, signalling that the upside momentum could continue. If price starts retracing, opportunities to go long may exist around the horizontal levels at 0.8925 and 0.8900 and around the dynamic support of the moving averages.

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.

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

 

EURUSD – 1 Hour Chart 

 

EURUSD - 20.07.2018

Price continues to lack trend momentum. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.1585, 1.1655, 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 - 20.07.2018

As suggested in yesterday’s chart analysis, price has been bearish and has swung lower. The GBPUSD is looking a little indecisive but price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3020, 1.3080, 1.3110, 1.3125 and 1.3190. A bearish move could stall or reverse around the recent swing low at 1.2960.

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 - 20.07.2018

The NZDUSD 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 moving averages and around the horizontal levels at 0.6690, 0.6715, 0.6725, 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 - 20.07.2018

As suggested in yesterday’s chart analysis, the USDCAD has been bullish and has formed a swing higher. Price has swung above the recent channel resistance area and the moving averages are bullish and widening, all signalling that the upside momentum could continue. Buying opportunities may exist around the horizontal levels at 1.3250, 1.3155 and 1.3110, around the new bullish channel support area and around the dynamic support of the moving averages. The USDCAD could be rejected or reverse around the horizontal resistance at 1.3280 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.

A Canadian CPI figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 20.07.2018

Price continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.9865, 0.9900, 0.9930, 0.9960, 0.9975, 1.0040 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 - 20.07.2018

As suggested in yesterday’s chart analysis, price has been finding support around the horizontal level at 112.20. The USDJPY has been up-trending. Price seems to now be moving sideways though. The moving averages are also moving sideways and are tightening – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 110.25, 110.75, 111.30, 112.20, 112.70 and 113.10.

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 - 20.07.2018

GOLD has been bearish and has formed a swing lower (as suggested in yesterday’s chart analysis). Price continues to downtrend. 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 horizontal levels at 1228.50 and 1238.00 and around the trend resistance area. A bearish move may find support around the recent swing low at 1214.10.


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