TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 21, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been bullish and has been finding resistance around the bullish channel resistance area. The AUDUSD is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the previous swing high at 0.7230. Price may continue to find resistance around the bullish channel resistance 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. 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
Price continues to be indecisive and lack trend direction. The moving averages are tight and are moving sideways – confirming the current indecision. The EURGBP is ranging between the recent low at 0.8855 and the horizontal resistance at 0.8890. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). If the EURGBP breaks to the upside, price could stall or reverse around the horizontal resistance levels at 0.8905, 0.8930 and 0.8950.
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 deal has been weakening the GBP but recent news suggesting that a deal can be reached by November is giving the GBP strength. 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 yesterday’s chart analysis, the EURUSD closed above the consolidation areas and has since been bullish. Price is up-trending. The moving averages are bullish and steady, signalling that the buying momentum may continue. Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal support levels at 1.1720 and 1.1705.
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
The GBPUSD moved above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price continues to uptrend and be bullish. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.3195 and 1.3125. A bullish move could be rejected or reverse around the recent highs at 1.3285.
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 deal has been weakening the GBP but recent news suggesting that a deal can be reached by November is giving the GBP strength. 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
As suggested in yesterday’s chart analysis, price has continued to be bullish and swing higher. The NZDUSD is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. If price starts retracing, buying opportunities could exist around the bullish moving averages, around the trend support area and around the identified horizontal levels at 0.6615, 0.6610 and 0.6595.
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
Price continues to downtrend within a bearish channel. The moving averages are bearish and steady, suggesting that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the channel resistance area and around the previous swing low at 1.2980. A bearish move may stall or reverse around the horizontal support at 1.2895 and around the channel support area.
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.
Canadian CPI and retail sales figures will be released at 1230 UTC today.
USDCHF – 1 Hour Chart
The USDCHF has been bearish and has swung lower. Price action has formed a bearish channel and the moving averages are becoming bearish, suggesting that the USDCHF could continue to downtrend. Shorting opportunities may exist around the previous swing low at 0.9605, around the dynamic resistance of the moving averages and around the bearish channel resistance area. Price could find support around the channel support 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
As suggested in yesterday’s chart analysis, the USDJPY reversed off the channel support area and the longer-term moving average and has swung higher. Price continues to uptrend within a bullish channel. The moving averages are bullish and steady, signalling that the bullish momentum may continue. Long opportunities could exist around the previous swing high at 112.40, around the dynamic support of the moving averages and around the channel support area. A bullish move may find resistance around 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. 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 continues to be indecisive. The moving averages confirm the indecisive – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels. Recent price action has been bullish and the moving averages are becoming more bullish, suggesting that GOLD could attempt a bullish move. Opportunities to go long could exist around the moving averages and around the identified diagonal support area.
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