TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 02, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 02.08.2018

Price continues to be choppy and indecisive. The moving averages continue to cross and move sideways – confirming the indecision. Trading opportunities may exist around the identified horizontal levels at 0.7325, 0.7360, 0.7370, 0.7440 and 0.7460.

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 Australian retail sales figure will be announced at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 02.08.2018

Price has been bearish. The EURGBP continues to be indecisive and lack trend direction. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.8820, 0.8860, 0.8875, 0.8925 and 0.8955.

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 construction PMI figure will be announced at 0830 UTC today. The BOE will release a monetary policy summary and an inflation report at 1100 UTC. The official bank rate will be announced at the same time. This is followed by a press conference at 1130 UTC.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 02.08.2018

Just like most other pairs, the EURUSD continues to lack trend momentum and be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price may be rejected or reverse around the identified horizontal levels at 1.1585, 1.1625, 1.1740 and 1.1745.

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 - 02.08.2018

The GBPUSD is moving sideways. The moving averages are tight and have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 1.2960, 1.3070, 1.3080, 1.3165, 1.3205 and 1.3290.

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 construction PMI figure will be announced at 0830 UTC today. The BOE will release a monetary policy summary and an inflation report at 1100 UTC. The official bank rate will be announced at the same time. This is followed by a press conference at 1130 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 02.08.2018

Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Long opportunities may exist around the horizontal support levels at 0.6715, 0.6725 and 0.6760. Shorting opportunities may exist around the horizontal resistance levels at 0.6830, 0.6835 and 0.6850.

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 - 02.08.2018

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average and has swung lower. The USDCAD continues to downtrend and be bearish. The moving averages are bearish, signalling that the downside momentum may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3080 and 1.3110. A bearish move may find support around the recent lows at 1.2980.

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 - 02.08.2018

The USDCHF continues to move within the large bearish channel. The moving averages are bearish but are starting to move sideways, signalling that selling momentum may be weakening. Opportunities to go short could exist around the channel resistance area and the horizontal resistance at 0.9975. A bearish move may stall or reverse around the moving averages and around the recent swing low at 0.9870.

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 - 02.08.2018

As suggested in yesterday’s chart analysis, the USDJPY has found support around the previous range resistance area. Price continues to be above the recent range and the moving averages are bullish and widening, all signalling that the USDJPY could start up-trending. Buying opportunities may exist around the dynamic support of the moving averages and around the previous horizontal resistance levels at 111.50 and 111.25. A bullish move could stall or reverse around the horizontal levels at 112.15 and 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 02.08.2018

Price continues to be indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. GOLD is ranging between the horizontal support at 1214.10 and the horizontal resistance at 1234.25. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may be rejected or reverse around the horizontal levels at 1238.00, 1245.10 and 1248.70.