TriumphFX Inter-day Forex – Daily Charts – September 25, 2018


 

AUDUSD – Daily Chart

 

AUDUSD - 21.09.2018

As suggested in our last inter-day chart analysis, the AUDUSD closed below the range support area and has since been bearish. As also suggest, price recently reversed around the bearish channel support area. The AUDUSD is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around the previous support and resistance areas of the range, around the channel resistance area and around the moving averages. A bearish move could stall or reverse around the recent swing low at 0.7090 and around the channel support 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.

 

EURUSD – Daily Chart 

 

EURUSD - 21.09.2018

The EURUSD has been bullish. Price is looking indecisive and is ranging between the horizontal support at 1.1335 and the horizontal resistance at 1.1800. Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). The moving averages confirm the market indecision – they are moving sideways. Price action is forming an inverted head and shoulder pattern, suggesting that the EURUSD may move higher.

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.

 

NZDUSD – Daily Chart

 

NZDUSD - 21.09.2018

Price has been down-trending. The NZDUSD is now in a retrace phase. The moving averages are bearish and widening, suggesting that the downtrend could continue. Selling opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 0.6850 and 0.7040. A bearish move could find support around the recent swing low at 0.6510.

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.

 

USDCHF – Daily Chart

 

USDCHF - 21.09.2018

As suggested in our last inter-day chart analysis, price closed below the range support area and has since been bearish. The USDCHF continues to look indecisive. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal support and resistance levels at 0.9220, 0.9800 and 1.0050.

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.