TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 25, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 25.07.2018

As suggested in yesterday’s chart analysis, the AUDUSD has reversed again around the horizontal level at 0.7440. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.7325, 0.7360, 0.7435, 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 crude oil inventories figure will be announced at 1430 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 25.07.2018

The EURGBP has been bearish. The moving averages have crossed bearish and are widening, suggesting that the selling momentum could continue. Opportunities to go short may exist around the horizontal level at 0.8900, around the identified diagonal resistance area and around the dynamic resistance of the bearish moving averages. The EURGBP could be rejected or reverse around the horizontal levels at 0.8865 and 0.8820.

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 - 25.07.2018

Price continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.1585, 1.1620, 1.1655, 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 25.07.2018

As suggested in yesterday’s chart analysis, price struggled to swing lower and has become indecisive. The moving averages are tightening and are moving sideways – confirming the current indecision. The GBPUSD is ranging between the horizontal support at 1.3070 and the horizontal resistance at 1.3155. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Shorting opportunities may exist around the identified diagonal resistance 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 25.07.2018

The NZDUSD has reversed around the horizontal resistance at 0.6820 (as suggested in yesterday’s chart analysis). Price continues to lack trend momentum and be 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 0.6715, 0.6725, 0.6770, 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 25.07.2018

Just like most USD pairs, the USDCAD 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 identified horizontal levels at 1.3075, 1.3110, 1.3190, 1.3255 and 1.3280 and around the moving averages.

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 crude oil inventories figure will be announced at 1430 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 25.07.2018

Price is currently moving sideways but has been down-trending within a bearish channel. The moving averages are bearish, suggesting that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the previous horizontal support at 0.9975 and around the bearish channel resistance area. A bearish move may be rejected or reverse around the horizontal support levels at 0.9900 and 0.9865 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 25.07.2018

As suggested in yesterday’s chart analysis, price has been finding resistance around the shorter-term moving average and the 23.6% Fib level. The USDJPY is struggling to swing lower but the moving averages are bearish and steady, signalling that price could attempt another bearish move. Selling opportunities may exist around any of the key Fib levels, around the moving averages and around the previous horizontal support at 112.20. A bearish move could find support 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 25.07.2018

GOLD has been reversing off the trend resistance area (as suggested in yesterday’s chart analysis). Price has been down-trending but is struggling to now swing any lower. The moving averages have crossed bullish and GOLD is attempting to move above the trend resistance area, all signalling that the downtrend may now be over. Trading opportunities could exist around the horizontal levels at 1214.10, 1219.10, 1234.25, 1238.00, 1245.10 and 1248.70.