TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 06, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.08.2018

Price continues to be choppy and 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 0.7325, 0.7350, 0.7405, 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.

The RBA will release a rate statement at 0430 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.08.2018

Price continues to be indecisive and range between the horizontal support at 0.8875 and the horizontal resistance at 0.8925. The moving averages confirm the lack of trend momentum – they are tight and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and around the horizontal resistance at 0.8910. A break to the upside may stall or reverse around the recent highs at 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%. The economic outlook for the near future is “modest”. 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 - 06.08.2018

As suggested in Friday’s chart analysis, the EURUSD has been bearish and has moved lower. Price is below the recent consolidation area and the moving averages are bearish and widening, all signalling that the EURUSD could start down-trending. Opportunities to go short may exist around the previous horizontal support levels at 1.1585 and 1.1625 and around the dynamic resistance of the moving averages.

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 - 06.08.2018

The GBPUSD has been bearish and has swung lower (as suggested in Friday’s chart analysis). The moving averages are bearish and are widening, signalling that the downside momentum may continue. Selling opportunities could exist around the bearish moving averages, around the previous horizontal support levels at 1.3070 and 1.3085 and around the trend resistance area. A bearish move may find support around the recent low at 1.2960.

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%. The economic outlook for the near future is “modest”. 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 - 06.08.2018

As suggested in Friday’s chart analysis, price was rejected and then reversed around the horizontal level at 0.6765. The NZDUSD continues to be indecisive and move within a consolidation area. The moving averages are bearish and widening, signalling that price could move lower. The NZDUSD may be rejected or reverse around the identified horizontal levels at 0.6715, 0.6720 and 0.6765.

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 - 06.08.2018

Price has found support again around the range support area (as suggested in Friday’s chart analysis). The USDCAD continues to be indecisive and has recently formed a horizontal channel at 1.2975 and 1.3040. The moving averages confirm the indecision – they are tightening and are moving sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). A break to the upside may stall or reverse around the horizontal levels at 1.3080 and 1.3115.

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 - 06.08.2018

Just like other USD pairs, the USDCHF continues to be indecisive and lack trend direction. Price is ranging between the horizontal support at 0.9870 and the horizontal resistance at 0.9975. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). The moving averages have been crossing frequently – confirming the current indecision.

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 - 06.08.2018

The USDJPY continues to be indecisive. The moving averages confirm this – they are moving sideways. Price could stall or reverse around the identified horizontal levels at 110.65, 110.80, 111.90 and 112.15.

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 - 06.08.2018

As suggested in Friday’s chart analysis, price has reversed around the trend resistance area. GOLD is down-trending and is currently in a retrace phase. The moving averages are bearish and are widening, signalling that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1218.50 and 1226.50.