TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 07, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been bullish and has reversed around the shorter-term moving average. The AUDUSD is up-trending. 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 recent swing low at 0.7180. A bullish move may be rejected or reverse around the recent highs at 0.7265.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

Price continues to be bearish and move lower (as suggested in yesterday’s chart analysis). The EURGBP is below a number of key support levels and the moving averages are bearish and steady, all signalling that price could start down-trending. If price starts retracing, selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.8795 and 0.8820. The EURGBP could continue to find support around 0.8715.

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 

 

The EURUSD has closed above the range resistance area and the moving averages are bullish and steady, all suggesting that price may start up-trending. Price action has formed a bullish channel – confirming the potential upside momentum. Opportunities to go long could exist around the previous range resistance area at 1.4450, around the channel support area and around the bullish moving averages. A move to the upside may stall or reverse around the channel resistance area and around the horizontal resistance at 1.1545.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the GBPUSD found resistance at 1.3085 and has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the horizontal levels at 1.3085, 1.3030 and 1.2955 and around the dynamic support of the moving averages. A strong bullish move could find resistance around the horizontal resistance at 1.3225.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

Price has been bullish and has formed a swing higher (as suggested in yesterday’s chart analysis). The NZDUSD is up-trending. Price action has formed a bullish channel and the moving averages are bullish and steady, all signalling that the uptrend may continue. Buying opportunities could exist around the channel support area, around the previous swing high at 0.6685 and around the dynamic support of the moving averages. A bullish move may find resistance around the recent highs at 0.6770 and the channel resistance area.

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.

The RBNZ will release a rate statement and monetary policy statement at 2000 UTC today. This is followed by a RBNZ press conference at 2100 UTC.

 

USDCAD – 1 Hour Chart

 

Price 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 may exist around the trend support area and around the identified horizontal levels at 1.3050, 1.3145 and 1.3170.

The Bank of Canada (BOC) recently raised rates to 1.75%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will continue to raise rates. 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

The USDCHF continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9940, 0.9960, 0.9970, 1.0065 and 1.0090.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has been bearish. Price has moved below the moving averages and the moving averages are tightening and are moving sideways, suggesting indecision. The USDJPY is ranging between the horizontal level at 112.60 and the recent highs at 113.55. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade).

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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities could exist around the horizontal levels at 1212.50, 1225.70, 1235.80, 1237.75 and 1243.25.