TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 08, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and widening, signalling that the buying momentum could continue. Opportunities to go long may exist around the horizontal levels at 0.7255 and 0.7180 and around the dynamic support of the moving averages. The AUDUSD could continue to find resistance around the horizontal level at 0.7295.

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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today. The RBA will release a monetary policy statement at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP continues to be bearish and move lower (as suggested in yesterday’s chart analysis). The moving averages are bearish and steady, signalling that the selling momentum may continue. If price starts retracing, opportunities to go short could exist around the moving averages, around the horizontal resistance levels at 0.8740 and 0.8795 and around any of the key Fib levels.

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, price was bullish and then reversed around the channel resistance area. The EURUSD is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal support at 1.1365. A bullish move could be rejected or reverse around the horizontal resistance levels at 1.1450 and 1.1490 and around the channel resistance area.

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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price continues to be bullish and move higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and widening, suggesting that the upside momentum may continue. The GBPUSD is now retracing some of the recent bullish move. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3085, 1.3030 and 1.2955.

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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD has been finding resistance around the channel resistance area. Price is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the channel support area and around the previous horizontal resistance at 0.6685. The NZDUSD could continue to find resistance around 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 FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price action has formed a symmetrical triangle consolidation pattern. Trading opportunities may exist around the support and resistance areas of the pattern and if price closes out of the pattern (break-out trade). Trading opportunities could also exist around the horizontal levels at 1.3050, 1.3070, 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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 0.9960. The USDCHF continues to be indecisive but price action has formed a bearish channel, signalling that the USDCHF could start down-trending. Shorting opportunities may exist around the moving averages, around the channel resistance area and around the horizontal resistance at 1.0065. A bearish move could stall or reverse around the horizontal support levels at 0.9970, 0.9950 and 0.9940 and around the channel support area.

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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The USDJPY is above the recent consolidation area and the moving averages are bullish, all signalling that price may start up-trending. Buying opportunities could exist around the previous range resistance at 113.55, around the dynamic support of the moving averages and around the channel support area. Price may continue to find resistance around the channel resistance area.

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.

The FOMC will release a statement and announce the official interest rate at 1900 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD was rejected and reversed around the horizontal resistance at 1235.80. Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1212.50, 1225.70, 1235.80, 1237.75 and 1243.25.