TriumpFX Intraday Forex Analysis – 1 Hour Charts – August 23, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.08.2018

As suggested in yesterday’s chart analysis, the AUDUSD has found support around the horizontal level at 0.7280. Price has been bearish and has stayed below the moving averages. The moving averages are tightening and are moving sideways, signalling market indecision. Trading opportunities may exist around the horizontal levels at 0.7205, 0.7255, 0.7280, 0.7340 and 0.7380. Trading opportunities may also exist around the moving averages.

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.  Recent inflation forecasts were worse than expected, weakening the AUD. 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.

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.08.2018

The EURGBP found resistance around 0.8990 (as suggested in yesterday’s chart analysis). Price continues to be indecisive. The moving averages confirm this – they are tight. Trading opportunities could exist around the horizontal levels at 0.8900, 0.8940, 0.8945, 0.8950, 0.8990 and 0.9020. Price action has formed a bullish triangular pattern and the moving averages are slightly bullish, signalling that the EURGBP may move higher.

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 - 23.08.2018

As suggested in yesterday’s chart analysis, price has reversed at the horizontal resistance at 1.1625. The EURUSD is now retracing some of the recent bullish move. The moving averages are bullish and steady, signalling that price could attempt a move higher. Buying opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 1.1535, 1.1445 and 1.1430. An attempt to move higher could stall or reverse around the shorter-term moving average and around the horizontal resistance at 1.1625.

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 - 23.08.2018

Price is in a retrace phase after the recent bullish swing. The moving averages are bullish, suggesting that the GBPUSD may attempt a bullish move higher. Long opportunities could exist around any of the key Fib levels, around the longer-term moving average, around the previous horizontal resistance at 1.2810 and around the trend support area. An attempt to move higher may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 1.2930 and 1.2975.

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 - 23.08.2018

The NZDUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the longer-term moving average, around any of the key Fib levels and around the previous horizontal resistance at 0.6605. A bullish move could find resistance around the shorter-term moving average and around the horizontal resistance levels at 0.6710 and 0.6760.

The Reserve Bank of New Zealand (RBNZ) recently kept rates at 1.75% and announced that there will unlikely be a rate hike in the foreseeable future – the economy is looking balanced and a drop in NZD price is desirable in order to boost exports. 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 - 23.08.2018

As suggested in yesterday’s chart analysis, the USDCAD has been bearish and has formed a swing lower. The moving averages continue to be bearish, suggesting that price may move lower. Selling opportunities could exist around the longer-term moving average and around the horizontal resistance levels at 1.3050 and 1.3090. A bearish move may be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 1.2985 and 1.2965.

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 - 23.08.2018

Price moved lower and is now coming off the shorter-term moving average (as suggested in yesterday’s chart analysis). The USDCHF has been retracing some of the recent bearish move. Price is below the recent consolidation area 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. A bearish move may find support around the recent swing low at 0.9810.

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 - 23.08.2018

As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and has since been bullish. The USDJPY is now looking indecisive. The moving averages confirm the market indecision – they are tight and are beginning to move sideways. Trading opportunities could exist around the identified horizontal levels at 109.80, 110.05, 110.50, 110.65, 111.00 and 111.40 and around 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. 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 - 23.08.2018

GOLD has been bearish. Price has swung below the trend support area, suggesting that upside momentum is weakening. The moving averages are tightening and are moving sideways, signalling indecision. Trading opportunities may exist around the horizontal levels at 1173.75, 1189.35, 1199.35, 1207.20 and 1216.20. GOLD could starting ranging between the horizontal levels at 1189.35 and 1199.35.