TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 19, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and has since been bullish. The AUDUSD is above the recent consolidation and the moving averages are bullish and steady, all signalling that price may continue with it’s uptrend. Opportunities to go long could exist around the previous range resistance at 0.7295, around the dynamic support of the moving averages and around the trend support areas.

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.

The RBA will release monetary policy meeting minutes at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

Price has been bullish and has swung higher (as suggested in Friday’s chart analysis). The EURGBP is forming a clear higher swing high and the moving averages are bullish and widening, all signalling that price could start up-trending. Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.8825, 0.8795 and 0.8770. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.8900 and 0.8940.

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.

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

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the EURUSD reversed around the shorter-term moving average. Price has since been bullish but continues to look indecisive. Price action has formed a diagonal support area and the moving averages are bullish, suggesting that the upside momentum may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the horizontal level at 1.1355 and around the diagonal support area. The EURUSD may stall or reverse around the horizontal resistance levels at 1.1450 and 1.1490.

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

 

The GBPUSD has been finding resistance around the shorter-term moving average (as suggested in Friday’s chart analysis). Price is down-trending within a bearish channel and is currently in a retrace phase. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the previous horizontal support at 1.2915 and around the channel support area. An attempt to swing lower could find support around the shorter-term moving average, around the swing lows at 1.2735 and 1.2695 and around the channel support area.

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.

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

 

NZDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has reversed off the channel resistance area. The NZDUSD is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the bullish moving averages, around the horizontal level at 0.6795 and around the channel support area. Price may continue to find resistance around the channel resistance area.

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

 

Price has been finding support around the bullish channel support area (as suggested in Friday’s chart analysis). The USDCAD has been up-trending within a bullish channel. The moving averages are bearish and widening, signalling that the uptrend could becoming to an end. A bullish move could reverse around the dynamic resistance of the moving averages and around the horizontal levels at 1.3215 and 1.3260. A bearish move could find support around the channel support area and around the horizontal support levels at 1.3140 and 1.3070.

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

 

As suggested in Friday’s chart analysis, the USDCHF reversed around the longer-term moving average and has since been bearish. Price action has formed a series of lower swing lows and lower swing highs but the USDCHF continues to look indecisive. Selling opportunities could exist around the bearish moving averages, around the previous horizontal support at 1.0045 and around the diagonal resistance area. A bearish move may find support around the lows at 0.9950.

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 

 

The USDJPY has been bearish and is currently finding support around 112.60 (as suggested in Friday’s chart analysis). Price is below a number of key support levels and the moving averages are bearish and widening, all signalling that the USDJPY could swing lower. Shorting opportunities may exist around the previous horizontal support levels at 113.05 and 113.25, around the dynamic resistance of the moving averages and around the identified trend resistance areas. Price could continue to find support around the horizontal support at 112.60.

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 bullish and retrace the recent bearish move. The moving averages have crossed bullish and are widening, suggesting that GOLD may struggle to swing lower. Trading opportunities could exist around the moving averages, around the trend resistance area and around the horizontal level at 1225.70.