TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 13, 2018
AUDUSD – 1 Hour Chart
Price closed below the range support area but has since moved back within the range. The AUDUSD continues to be indecisive and lack trend direction. Trading opportunities could exist around the diagonal support area and around the identified horizontal levels at 0.7120, 0.7170 and 0.7295. The moving averages are bearish and widening, suggesting that price may attempt a bearish move lower. Opportunities to go short could exist around the moving averages.
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 Australian wage index figure will be announced at 0030 UTC.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, price attempted a bearish move lower but has found support around the moving averages. The EURGBP is looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between the recent lows at 0.8690 and the horizontal resistance at 0.8770. Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP closes out of the range (break-out trade).
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.
A UK average earnings index figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
The EURUSD has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). Price continues to be below the recent consolidation area and the moving averages are bearish and widening, all signalling that the EURUSD may start down-trending. Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 1.1305 and 1.1365. Price may find support around the recent lows at 1.1215.
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.
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 has been finding support around the horizontal level at 1.2835. Price continues to lack trend momentum. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2695, 1.2835, 1.2955 and 1.3030.
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.
A UK average earnings index figure will be released at 0930 UTC today.
NZDUSD – 1 Hour Chart
Price continues to be in a retrace move and move sideways. The moving averages are also moving sideways – confirming the indecision. The NZDUSD has been up-trending but is now lacking buying momentum. Trading opportunities could exist around the horizontal levels at 0.6635, 0.6685 and 0.6795. If price closes above the horizontal level at 0.6795, the NZDUSD may attempt a bullish move higher.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has swung higher and has been bullish. The USDCAD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3180, 1.3170 and 1.3145. A bullish move could stall or reverse around the recent highs at 1.3245.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF – 1 Hour Chart
The USDCHF has been bullish. Price is now above the recent consolidation area and the moving averages are bullish and steady, signalling that the USDCHF may start up-trending. Buying opportunities could exist around the bullish moving averages and around the previous horizontal resistance levels at 1.0095, 1.0080 and 1.0070.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY has reversed off the longer-term moving average and the trend support area. Price continues to uptrend and be bullish. Price action has formed a horizontal channel though at 113.65-114.20. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDJPY closes out of the channel (break-out trade). Opportunities to go long may exist around the trend support area, around the moving averages and around the horizontal levels at 113.55 and 113.05.
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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
Price has continued to be bearish (as suggested in yesterday’s chart analysis). GOLD is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the previous swing low at 1212.50 and around any of the key Fib levels. Price may continue to find support around 1200.50.
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