TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 27, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 27.09.2018

As suggested in yesterday’s chart analysis, price has been bearish and has moved below the bullish channel support area. The AUDUSD 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 previous channel support area (as resistance) and around the horizontal levels at 0.7140, 0.7225, 0.7235, 0.7280 and 0.7300.

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 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 27.09.2018

Price has been finding support around the horizontal level at 0.8905 (as suggested in yesterday’s chart analysis). The EURGBP continues to look indecisive and lack trend direction. The moving averages are moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8850, 0.8895, 0.8900 and 0.8985.

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.

The President of the ECB will speak at 1330 UTC today.

 

EURUSD – 1 Hour Chart 

 

EURUSD - 27.09.2018

The EURUSD has just closed a strong bearish move. Price has closed below the horizontal channel support area and the moving averages are becoming bearish, all suggesting that the EURUSD may start down-trending. Selling opportunities could exist around the previous horizontal channel support area at 1.1730, around the dynamic resistance of the moving averages, around the identified diagonal resistance area and around the previous trend support area (as resistance). A bearish move may be rejected or reverse around the horizontal support levels at 1.1655, 1.1620 and 1.1570.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The President of the ECB will speak at 1330 UTC. The Chair of the Federal Reserve will speak at 2030 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 27.09.2018

Just like other USD pairs, the GBPUSD is looking indecisive and is lacking trend momentum. Price is ranging between the horizontal support at 1.3060 and the recent high at 1.3285. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD closes out of the range (break-out trade). A break to the downside could find support around the horizontal support levels at 1.2980 and 1.2895.

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 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 27.09.2018

As suggested in yesterday’s chart analysis, price was rejected around the recent high at 0.6700 and has since been bearish. The NZDUSD is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the identified horizontal levels at 0.6595, 0.6610, 0.6635, 0.6680 and 0.6700.

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 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 27.09.2018

Price has been bullish. The USDCAD is forming a bullish swing and the moving averages are bullish, suggesting that price could start up-trending. Buying opportunities may exist around the horizontal level at 1.2980, around the dynamic support of the moving averages and around the trend support area. Price may stall or reverse around the horizontal levels at 1.3065, 1.3120 and 1.3195.

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 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC. The Governor of the BOC will speak at 2145 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 27.09.2018

As suggested in yesterday’s chart analysis, the USDCHF has reversed around the horizontal level at 0.9690. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 0.9550, 0.9600, 0.9635, 0.9695 and 0.9760.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 27.09.2018

The USDJPY has been bearish and has closed below the bullish channel support area (as suggested in yesterday’s chart analysis). Price is below the recent bullish channel and the moving averages are becoming bearish, signalling that the uptrend could now be over. Trading opportunities may exist around the moving averages, around the previous channel support area (as resistance) and around the horizontal levels at 111.60, 112.05, 112.40 and 113.05.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.25%. 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 figure and a final US GDP figure will be released at 1230 UTC today. The Chair of the Federal Reserve will speak at 2030 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 27.09.2018

As suggested in yesterday’s chart analysis, price has been finding support around the horizontal level at 1193.30. GOLD continues to be indecisive. Price action has formed a lower swing high though and the moving averages are bearish, signalling that GOLD may attempt a bearish move. Opportunities to go short could exist around the diagonal resistance area, around the moving averages and around the horizontal resistance at 1203.20. A bearish move may find support around the horizontal levels at 1194.15, 1193.30 and 1188.40.