TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 29, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD moved above the range resistance area and has since been bullish. Price continues to be indecisive but the recent bullish move and the bullish moving averages signal that momentum is to the upside. Buying opportunities could exist around the previous range resistance at 0.7275 and around the dynamic support of the moving averages. The AUDUSD may find resistance around the recent highs at 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.

FOMC meeting minutes will be released at 1900 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.8770, 0.8810, 0.8880 and 0.8920.

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.

The President of the ECB will speak at 0800 UTC today.

 

EURUSD – 1 Hour Chart 

 

Price has been bullish. The EURUSD is looking indecisive again. The moving averages have been crossing frequently and are currently tightening – confirming the indecisive price action. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1270, 1.1275, 1.1375, 1.1420 and 1.1460.

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.

The President of the ECB will speak at 0800 UTC today. FOMC meeting minutes will be released at 1900 UTC.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price moved off the horizontal support at 1.2725. The GBPUSD continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is moving within a large horizontal channel at 1.2725-1.2895. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the GBPUSD closes out of the channel (break-out trade). A break to the upside could stall or reverse around the horizontal levels at 1.2915 and 1.3040.

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.

FOMC meeting minutes will be released at 1900 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD has been bullish. Price recently found resistance around the horizontal resistance at 0.6880 (as suggested in yesterday’s chart analysis). The NZDUSD is above a number of previous resistance levels and the moving averages are bullish and widening, all suggesting that price may start up-trending. Long opportunities could exist around the previous resistance levels at 0.6885, 0.6845 and 0.6815 and around the dynamic support of the moving averages. A bullish move may continue to find resistance around the horizontal resistance at 0.6880.

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.

FOMC meeting minutes will be released at 1900 UTC today.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD found support around the horizontal level at 1.3250 and the shorter-term moving average. Price continues to uptrend within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the horizontal level at 1.3250, around the longer-term moving average and around the bullish channel support area. The USDCAD could be rejected or reverse around the shorter-term moving average, around the recent swing high at 1.3355 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.

FOMC meeting minutes will be released at 1900 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been bearish. The USDCAD is currently finding support around the recent lows at 0.9920 (as identified in yesterday’s chart analysis). The USDCHF is looking indecisive. Price is ranging between the horizontal support at 0.9920 and the horizontal resistance at 1.0005. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade).

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.

FOMC meeting minutes will be released at 1900 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price has been bearish. The USDJPY is below the moving averages and the moving averages are starting to tightening, suggesting that the recent uptrend could now be over. Trading opportunities may exist around the trend support area, around the moving averages and around the horizontal levels at 112.75, 113.15 and 114.00.

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.

FOMC meeting minutes will be released at 1900 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD has been bullish and has re-entered the recent consolidation area. Price is now looking indecisive again. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 1197.90, 1212.30, 1228.50 and 1235.75.