TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 24, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.08.2018

Price continues to be indecisive and lack trend direction. The moving averages have been crossing and are moving sideways – confirming the lack of trend momentum. Trading opportunities could exist around the identified horizontal levels at 0.7210, 0.7240, 0.7340 and 0.7380. Trading opportunities could 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.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.08.2018

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher. As also suggested, the EURGBP has been finding resistance around the horizontal resistance at 0.9020. Price has swung above the recent consolidation area and the moving averages are bullish and widening, all signalling that the EURGBP could start up-trending. Buying opportunities may exist around the previous horizontal resistance at 0.8990, around the dynamic support of the moving averages and around the trend support area. Price could continue to find resistance around 0.9020.

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 - 24.08.2018

The EURUSD has found support around the horizontal level at 1.1535 (as suggested in yesterday’s chart analysis). Price continues to be in a retrace phase but could attempt a bullish move higher. Long opportunities may exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 1.1535 and 1.1445. A bullish move could be rejected or reverse around the shorter-term moving average and around the recent highs 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.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 24.08.2018

As suggested in yesterday’s chart analysis, the GBPUSD has found support around the trend support area and the 50.0% Fib level. Price continues to be in a retrace phase. Opportunities to go long could exist around the trend support area, around the horizontal level at 1.2805 and around the 50.0% and 61.8% Fib levels. The moving averages are tightening and may cross bearish, suggesting that the GBPUSD may fail to swing higher. A bullish move may stall or reverse around the moving averages and around the recent swing high at 1.2930.

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.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 24.08.2018

Price has been bearish. The NZDUSD is looking indecisive and is lacking trend momentum. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities may exist around the horizontal levels at 0.6545, 0.6605, 0.6625, 0.6715 and 0.6760 and around the moving averages.

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.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 24.08.2018

Price has been bullish. Just like other USD pairs, the USDCAD is now looking indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Price could be rejected or reverse around the moving averages and around the identified horizontal levels at 1.2985, 1.3050, 1.3100 and 1.3170.

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 durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 24.08.2018

The USDCHF continues to be in a retrace phase after the recent bearish move. The moving averages are bearish and steady, suggesting that price may attempt to swing lower. Selling opportunities could exist around the longer-term moving average and around the horizontal resistance at 0.9865. A bearish move may stall or reverse around the shorter-term moving average and around the horizontal support levels at 0.9820 and 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.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 24.08.2018

The USDJPY has formed a large bullish swing. The moving averages are bullish and widening, signalling that price could swing higher. If the USDCAD starts retracing, buying opportunities may exist around any of the key Fib levels, around the previous horizontal resistance levels at 111.00 and 110.65 and around the dynamic support of the moving averages. Price could find resistance around the horizontal resistance at 111.40.

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 durable goods orders figure will be announced at 1230 UTC today. This is followed by a Fed chair speech at 1400 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 24.08.2018

Price continues to be indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 1165.85, 1173.75, 1184.40, 1199.35 and 1207.15.