TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 20, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price found support around the trend support area. The AUDUSD has since been bearish though and is now finding support around the longer-term moving average. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the longer-term moving average and around the trend support area. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.7295 and 0.7335.

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.

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

 

EURGBP – 1 Hour Chart

 

Price reversed off the shorter-term moving average and has since been bullish (as suggested in yesterday’s chart analysis). The EURGBP continues to move higher. The moving averages are bullish and widening, signalling that price may start up-trending. If the EURGBP starts retracing, long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.8825 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 inflation reports hearings is at 1000 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD has continued to be bullish and move higher. The moving averages are bullish and widening, signalling that the upside momentum could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal level at 1.1355. A bullish move could find resistance around the horizontal resistance at 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 continues to be in a retrace phase. Price is down-trending within a bearish channel. The GBPUSD is currently finding resistance around the longer-term moving average (as suggested in yesterday’s chart analysis). Selling opportunities could exist around the longer-term moving average, around the horizontal levels at 1.2870 and 1.2915 and around the bearish channel resistance area. The moving averages are tightening and are moving sideways, signalling market indecision. A bearish move may stall or reverse around the horizontal support levels at 1.2805, 1.2735 and 1.2695.

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 inflation reports hearings is at 1000 UTC today.

 

NZDUSD – 1 Hour Chart

 

Price is up-trending within a bullish channel and is currently in a retrace phase. The moving averages are bullish, suggesting that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the horizontal level at 0.6795 and around the channel support area. A bullish move could be rejected or reverse around the recent swing high at 0.6880 and 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

 

As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average and is struggling to swing higher. The USDCAD has been up-trending within a bullish channel but the uptrend may becoming to end. The moving averages confirm this – they are bearish. The moving averages are also tightening and starting to move sideways, signalling market indecision. Trading opportunities could exist around the moving averages, around the channel support area and around the horizontal levels at 1.3135, 1.3190 and 1.3215. If the USDCAD closes below the channel support area, price may attempt a bearish move lower.

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 bearish. Price has moved below the recent consolidation area and the moving averages are bearish and widening, all signalling that the downside momentum could continue. Selling opportunities may exist around the previous consolidation support at 0.9950 and around the dynamic resistance of the moving averages.

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 continued to be bearish. Price action has formed a short-term downtrend. The moving averages are bearish and widening, signalling that the downtrend may continue. Opportunities to go short could exist around the previous horizontal support levels at 112.60, 113.05 and 113.25, around the bearish moving averages and around the trend resistance area.

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. Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1225.70 and 1235.80. If GOLD swings off the diagonal resistance area and closes below the moving averages, the long-term downtrend could continue.