TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 22, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed off the longer-term moving average. The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the lack of trend momentum – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.7170, 0.7200 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 has been finding resistance around the horizontal level at 0.8920 (as suggested in yesterday’s chart analysis). The EURGBP has been moving sideways. The moving averages are also moving sideways and are tightening – confirming the market indecision. Price is ranging between the horizontal support at 0.8870 and the horizontal resistance at 0.8920. Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP closes out of the range (break-out trade). Trading opportunities could also exist around the diagonal support area and around the moving averages.

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 yesterday’s chart analysis, the EURUSD has been finding support around the diagonal support area. The moving averages have crossed and are moving sideways, signalling market indecision. Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.1215, 1.1355, 1.1460 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 continues to find resistance around the moving averages (as suggested in yesterday’s chart analysis). Price has been down-trending within a bearish channel but is currently looking indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around the horizontal levels at 1.2735, 1.2870 and 1.2915.

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 yesterday’s chart analysis, price has reversed around the diagonal resistance area and has been bearish. The NZDUSD has moved below the recent bullish channel support area and the moving averages are bearish and widening, all signalling that price could move lower. Selling opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal resistance levels at 0.6845, 0.6865 and 0.6880. A bearish move could find support around the horizontal support levels at 0.6780 and 0.6705.

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 50.0% Fib level and the horizontal level at 1.3215 (as suggested in yesterday’s chart analysis). The USDCAD is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the uptrend may continue. Buying opportunities could exist around the 50.0% and 61.8% Fib levels, around the longer-term moving average, around the horizontal level at 1.3215 and around the channel support area. A bullish move may stall or reverse around the shorter-term moving average, around the horizontal resistance levels at 1.3260 and 1.3315 and around the channel 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 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 yesterday’s chart analysis, the USDCHF has been finding resistance around the horizontal level at 0.9955. Price is currently moving sideways and is ranging between the recent swing low at 0.9920 and the horizontal level at 0.9955. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). The moving averages are bearish, signalling that price could break to the downside. Shorting opportunities may exist 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 

 

The USDJPY is currently moving sideways, just like most other USD pairs. The moving averages have crossed bullish, suggesting that the potential downtrend is over. Trading opportunities could exist around the moving averages and around the horizontal levels at 112.30, 113.10, 113.25 and 113.65.

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 continues to be indecisive and lack trend direction. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1218.20, 1220.15, 1227.50 and 1235.75. The moving averages are bullish and steady, suggesting that GOLD could attempt a bullish move.