TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 24, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.07.2018

As suggested in Friday’s chart analysis, price has reversed around the horizontal resistance at 0.7440. The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.7310, 0.7325, 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.

An Australian CPI figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.07.2018

Price has been bearish and has been retracing some of the recent bullish move. The EURGBP is above the recent consolidation area and has formed a higher swing high, suggesting that price may start up-trending. Buying opportunities could exist around the previous horizontal resistance at 0.8900. The moving averages are tightening and are moving sideways, signalling indecision. Trading opportunities could exist around the horizontal levels at 0.8865, 0.8900 and 0.8955 and around 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 - 24.07.2018

As suggested in Friday’s chart analysis, the EURUSD has reversed around the horizontal resistance at 1.1740. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.1585, 1.1620, 1.1745, 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 - 24.07.2018

The GBPUSD has been down-trending. Price is currently in a retrace phase. Selling opportunities could exist around the horizontal resistance at 1.3150 and the trend resistance area. The moving averages have crossed bullish and are moving sideways, signalling that the GBPUSD may struggle to swing lower and may become indecisive. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3080, 1.3020 and 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 - 24.07.2018

Price continues to be indecisive and lack trend momentum. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.6715, 0.6725, 0.6800, 0.6820, 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 - 24.07.2018

Price has been bearish and has become indecisive (just like other USD pairs). The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 1.3075, 1.3110, 1.3160, 1.3255 and 1.3280.

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 - 24.07.2018

As suggested in Friday’s chart analysis, the USDCHF found support around the horizontal level at 0.9900. Price has since been bullish but continues to be indecisive. Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the USDCHF could start down-trending. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the previous horizontal support at 0.9975 and around the channel resistance area. A bearish move could stall or reverse around the shorter-term moving average, around the horizontal support area at 0.9900 and around the channel 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. 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 - 24.07.2018

The USDJPY has been bearish. Price recently found support around 110.75 (as suggested in Friday’s chart analysis) and has since been retracing some of the recent bearish move. The moving averages are bearish and widening, signalling that the USDJPY may start down-trending. Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support at 112.20. A bearish move may be rejected or reverse around the horizontal support levels at 110.85 and 110.25.

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 - 24.07.2018

As suggested in Friday’s chart analysis, price reversed around the trend resistance area and has since been bearish. GOLD is down-trending. Opportunities to go short may exist around the trend resistance area and around the horizontal levels at 1234.25 and 1238.00. An attempt to swing lower could find support around the recent swing low at 1214.10. The moving averages are tight and are moving sideways, signalling market indecision. GOLD could start ranging between the horizontal levels at 1214.10 and 1234.25.