TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 07, 2018


EURUSD - 07.08.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 07.08.2018

The AUDUSD has been bullish but continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price could stall or reverse around the identified horizontal levels at 0.7325, 0.7350, 0.7375, 0.7405, 0.7440 and 0.7460. Price action has formed a potential diagonal support area. The AUDUSD could find support around the diagonal area.

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 Governor of the RBA will speak at 0305 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 07.08.2018

The EURGBP has been bullish and has moved above the recent range. Price action has formed a bullish channel and the moving averages are bullish and widening, all suggesting that the upside momentum could continue. Buying opportunities may exist around the previous horizontal resistance at 0.8910, around the dynamic support of the moving averages and around the bullish channel support area. The EURGBP could be rejected or reverse around the channel resistance area and the horizontal resistance 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 - 07.08.2018

As suggested in yesterday’s chart analysis, price continued to be bearish and move lower. The EURUSD is still below the recent consolidation area and the moving averages are bearish, all signalling that price may start down-trending. Selling opportunities could exist around the previous horizontal support levels at 1.1585 and 1.1625, around any of the key Fib levels and around the longer-term moving average. A bearish move may find support around the recent swing low at 1.1535.

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 - 07.08.2018

Price has been bearish (as suggested in yesterday’s chart analysis). The GBPUSD is now retracing some of the recent bearish move. The moving averages are bearish and steady, signalling that the downside momentum could continue. Shorting opportunities may exist around the previous horizontal support levels at 1.2960, 1.3070 and 1.3080, around any of the key Fib levels and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the recent low at 1.2925.

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 - 07.08.2018

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the horizontal support at 0.6720. Price continues to be indecisive. The moving averages are bearish though, signalling that the NZDUSD may attempt a move lower. Opportunities to go short could exist around the bearish moving averages and around the horizontal levels at 0.6755 and 0.6765. A bearish move may find support around the horizontal support levels at 0.6720 and 0.6715.

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 New Zealand inflation expectations figure will be announced at 0300 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 07.08.2018

The USDCAD has been moving off the horizontal channel support and resistance areas (as suggested in yesterday’s chart analysis). Price continues to move within a horizontal channel and be indecisive. The moving averages confirm the lack of trend momentum – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the channel and if the USDCAD closes out of the channel (break-out trade). A bullish move could be rejected 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 - 07.08.2018

Price closed above the range resistance area but has since been bearish. Price action has formed a bullish channel and the moving averages are bullish, suggesting that the USDCHF may attempt a move higher. Long opportunities could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal support levels at 0.9925 and 0.9905. A bullish move may be rejected or reverse around the horizontal resistance at 0.9985 and the channel resistance 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 - 07.08.2018

Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 110.65, 110.80, 111.10, 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 - 07.08.2018

As suggested in yesterday’s chart analysis, GOLD has been bearish. Price is down-trending and is currently in a retrace phase. Opportunities to go short could exist around the longer-term moving average and the trend resistance area. The recent bearish move failed to swing lower and the bearish moving averages are starting to tighten, signalling that the selling momentum may be weakening. A bullish move above the trend resistance area may be rejected or reverse around the horizontal resistance levels at 1218.50 and 1226.50.


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