TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 27, 2018


 

AUDUSD – 1 Hour Chart

 

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities may exist around the identified horizontal levels at 0.7170, 0.7200, 0.7275 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.

A US consumer confidence figure will be announced at 1500 UTC today.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to find support around the channel support area. As also suggested, the EURGBP is now being rejected at the longer-term moving average. Price is moving within a bearish channel. The moving averages are bearish and steady, signalling that the slight downward move may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 0.8870 and 0.8880 and around the the channel resistance area. A bearish move may stall or reverse around the channel support area and around the horizontal levels at 0.8825 and 0.8770.

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 

 

The EURUSD reversed around the moving averages and has since been bearish (as suggested in yesterday’s chart analysis). Price is down-trending within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 1.1375, 1.1420 and 1.1460. The EURUSD could be rejected or reverse around the horizontal support at 1.1325 and around the channel support area.

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 consumer confidence figure will be announced at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the GBPUSD has become indecisive. Price has moved below the recent bullish channel support area. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the previous channel support area (as resistance) and around the horizontal levels at 1.2735, 1.2765, 1.2895 and 1.2915. If the GBPUSD closes below the horizontal support at 1.2735, price may attempt a bearish move lower.

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 US consumer confidence figure will be announced at 1500 UTC today.

 

NZDUSD – 1 Hour Chart

 

Price found support and has reversed off the horizontal level at 0.6755 (as suggested in yesterday’s chart analysis). The NZDUSD continues to downtrend within a bearish channel. The moving averages are bearish and widening, signalling that the downside momentum could continue. Selling opportunities may exist around the moving averages, around the channel resistance area and around the horizontal resistance levels at 0.6815, 0.6845 and 0.6865. Price has been struggling to reach the channel support area, signalling that bearish momentum is weakening. The NZDUSD could attempt a move above 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.

A US consumer confidence figure will be announced at 1500 UTC today. The RBNZ will release a financial stability report at 2000 UTC. This is followed by the Governor of the RBNZ speaking at 2200 UTC and 0000 UTC.

 

USDCAD – 1 Hour Chart

 

Price continues to be indecisive and move within a large bullish channel. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages, around the support and resistance areas of the bullish channel and around the horizontal levels at 1.3135, 1.3180, 1.3250 and 1.3315.

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 consumer confidence figure will be announced at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has been finding support around the shorter-term moving average and resistance around the channel resistance area. Price is bullish and is moving withing a bullish channel. 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 channel support area and around the horizontal levels at 0.9955, 0.9935 and 0.9920. The USDCHF could be rejected or reverse around the channel resistance area and around the previous horizontal support at 1.0045.

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 consumer confidence figure will be announced at 1500 UTC today.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has been finding resistance around the channel resistance area and the horizontal resistance at 113.65 (as suggested in yesterday’s chart analysis). Price is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around the previous swing high at 113.15 and around the channel support area. The USDJPY may find resistance around the horizontal resistance levels at 113.65 and 114.20 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 Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is under-performing.

A US consumer confidence figure will be announced at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been moving off the support and resistance areas of the range. GOLD continues to be indecisive. The moving averages confirm this – they are tight. Trading opportunities may exist around the support and resistance areas of the range (1220.15-1228.50) and if price closes out of the range (break-out trade). A break to the downside could stall or reverse around the horizontal support at 1218.20. A break to the upside could stall or reverse around the horizontal resistance at 1235.75.