TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 09, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price continued to find resistance around the recent highs at 0.7295. The AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the longer-term moving average, around the 61.8% Fib level and the horizontal support at 0.7180. Price may continue to find resistance around the recent highs at 0.7295.
The Reserve Bank of Australia (RBA) continues to hold the official interest rate at the record low of 1.5%. The rate has been held at 1.5% for over 24 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. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US PPI figure will be announced at 1330 UTC today.
EURGBP – 1 Hour Chart
Price reversed around the longer-term moving average and has continued to be bearish (as suggested in yesterday’s chart analysis). The EURGBP continues to move lower. The moving averages are starting to tighten, signalling that a retrace move could be due – selling momentum is weakening. If price does start retracing, selling opportunities may exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 0.8740 and 0.8795.
Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Trade and other agreements are finalising between the EU and the UK. A final deal and departure from the EU may give added strength to the GBP, as economic and political uncertain slows. 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. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until the summer of 2019.
UK GDP figures and a manufacturing production figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
The EURUSD has been bearish and has swung below the channel support area. Price is now looking a little indecisive. The moving averages are tightening and are moving sideways – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 1.1305, 1.1365 and 1.1450, around the moving averages and around the previous channel support area (as resistance).
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. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until the summer of 2019. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US PPI figure will be announced at 1330 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD initially found support around the shorter-term moving average but has since been bearish and has swung lower. Price is now looking a little indecisive. The moving averages confirm the potential indecision – they are tightening and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2835, 1.2955, 1.3030 and 1.3170.
Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Trade and other agreements are finalising between the EU and the UK. A final deal and departure from the EU may give added strength to the GBP, as economic and political uncertain slows. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
UK GDP figures and a manufacturing production figure will be released at 0930 UTC today. A US PPI figure will be announced at 1330 UTC.
NZDUSD – 1 Hour Chart
Price found support around the bullish channel support area (as suggested in yesterday’s chart analysis) but has since moved below the channel. The moving averages are starting to tighten and move sideways, signalling that the recent uptrend may becoming to an end. A move to the downside could stall or reverse around the longer-term moving average and around the horizontal support level at 0.6685. A move to the upside could stall or reverse around the shorter-term moving average, around the previous channel support area (as resistance) and around the horizontal resistance at 0.6795.
The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at 1.75%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 and perhaps into 2020. The economy is looking balanced and a drop in NZD price is desirable in order to boost exports. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US PPI figure will be announced at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved above the consolidation resistance area and has since been bullish. The USDCAD is above the recent consolidation area and the moving averages are bullish and widening, all signalling that price could start up-trending. Long opportunities may exist around the previous resistance levels at 1.3170 and 1.3145, around the dynamic support of the moving averages and around the previous diagonal consolidation resistance area (as support).
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Canada (BOC) continues to raise interest rates, as expected. The current rate is 1.75% – it’s highest since December 2008. Further rate hikes are expected. The recent USMCA has given strength to the Canadian Dollar.
A US PPI figure will be announced at 1330 UTC today.
USDCHF – 1 Hour Chart
The USDCHF has been bullish and has swung above the bearish channel resistance area. The moving averages are becoming bullish, suggesting that the upside momentum may continue. Opportunities to go long could exist around the previous resistance area at 1.0065 and around the moving averages. Price may be rejected or reverse around the recent highs at 1.0090.
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss Franc continues to be highly valued. The SNB has announced that it will continue to intervene with in foreign exchange markets.
A US PPI figure will be announced at 1330 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous resistance at 113.55, around the dynamic support of the moving averages and around the trend support area. The USDJPY could find resistance around the recent highs at 114.05.
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is under-performing.
A US PPI figure will be announced at 1330 UTC today.
XAUUSD – 1 Hour Chart
Price has reversed around the horizontal level at 1225.70 (as suggested in yesterday’s chart analysis). GOLD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and have been moving sideways. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1212.50, 1225.70 and 1235.80.
Hits: 2