TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 27, 2018
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD has found resistance around the horizontal level at 0.7340. Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.7210, 0.7240, 0.7340 and 0.7380.
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
The EURGBP has been bullish and has formed a swing higher (as suggested in Friday’s chart analysis). Price continues to uptrend. The moving averages are bullish and widening, signalling that the uptrend may continue. Opportunities to go long could exist around the previous horizontal resistance levels at 0.9020 and 0.8990, around the dynamic support of the moving averages and around any of the key Fib levels. A bullish move may stall or reverse around the recent swing high at 0.9055.
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
As suggested in Friday’s chart analysis, price reversed around the horizontal level at 1.1535 and has since swung higher. The EURUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the previous swing high at 1.1615, around the trend support area, around the bullish moving averages and around the recent swing low at 1.1535. A bullish move could find resistance around the recent swing high at 1.1645.
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
Price attempted to swing higher but failed around the longer-term moving average (as suggested in Friday’s chart analysis). The GBPUSD is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels 1.2805, 1.2860 and 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.
There is no major scheduled news today that will directly impact this currency pair.
NZDUSD – 1 Hour Chart
The NZDUSD continues to be indecisive. The moving averages are tight and are moving sideways – confirming the indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6605, 0.6625 and 0.6710.
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
Just like some other USD pairs, the USDCAD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2985, 1.3050 and 1.3100.
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
As suggested in Friday’s chart analysis, price has been finding support around the horizontal levels at 0.9820 and 0.9810. The USDCHF has become indecisive. The moving averages are tightening and are moving sideways – confirming the indecision. Price is ranging between the horizontal support levels at 0.9810 and 0.9820 and the horizontal resistance at 0.9865. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade). A break to the upside could be rejected or reverse around the identified horizontal levels.
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
Price has been finding support around the previous horizontal resistance at 111.00 (as suggested in Friday’s chart analysis). The USDJPY continues to be in a retrace phase. The moving averages are bullish and widening, signalling that price may swing higher. Long opportunities could exist around the previous horizontal resistance levels at 111.00, 110.65 and 110.50, around any of the key Fib levels and around the dynamic support of the moving averages. A bullish move may stall or reverse around the horizontal resistance at 111.50.
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
GOLD has been bullish. Price action has formed a bullish channel and the moving averages are crossing bullish, all suggesting that GOLD could start up-trending. Opportunities to go long may exist around the horizontal levels at 1199.40 and 1184.40, around the dynamic support of the moving averages and around the channel support area. A bullish move could find resistance around the channel resistance area and around the horizontal resistance levels at 1208.30 and 1216.40.
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