TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 30, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price continued to be bullish and then reversed around the recent highs at 0.7335. The AUDUSD continues to be indecisive but price is above a recent consolidation area and the moving averages are bullish and widening, all signalling that the AUDUSD could attempt to swing higher. Opportunities to go long may exist around the dynamic support of the moving averages and around the previous consolidation resistance at 0.7275. Price could continue to find resistance around 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 bullish but continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 0.8810, 0.8880 and 0.8920. If the EURGBP closes above the horizontal resistance at 0.8920, price may attempt a bullish move higher.

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 continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1270, 1.1275, 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.

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

 

GBPUSD – 1 Hour Chart

 

Just like other USD pairs, the GBPUSD continues to be choppy and lack trend direction. Price is ranging between the horizontal support at 1.2725 and the horizontal resistance at 1.2895. Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the upside may find resistance 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.

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 been reversing around the horizontal levels at 0.6880 and 0.6845. The NZDUSD has been moving sideways but the moving averages are bullish and widening, signalling that price could attempt swing higher. Long opportunities may exist around the horizontal levels at 0.6845 and 0.6815 and around the dynamic support of the moving averages. Price could 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.

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 longer-term moving average (as suggested in yesterday’s chart analysis). The USDCAD continues to uptrend within a bullish channel. Buying opportunities could exist around the moving averages, around the horizontal level at 1.3250 and around the channel support area. A bullish move may stall or reverse around the recent swing high at 1.3355 and the channel resistance area. The moving averages are tightening and are moving sideways, signalling that upside momentum is weakening. A bearish move may find support around the horizontal support levels at 1.3180 and 1.3140.

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 Canadian GDP figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF continues to be indecisive and move within a horizontal channel at 0.9920-1.0005. The moving averages are moving sideways and have been crossing frequently – confirming the indecision. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCHF closes out of the channel (break-out trade).A break to the upside could be rejected or reverse around the horizontal levels at 1.0045 and 1.0110.

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 been finding support around the diagonal support area. Price has been up-trending and is currently in a retrace phase. Opportunities to go long could exist around the trend support area and around the previous swing high at 113.10. The moving averages have crossed bearish, signalling that the USDJPY may struggle to swing higher. Price may find resistance around the moving averages and 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 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 reversed around the horizontal resistance at 1228.50 (as suggested in yesterday’s chart analysis). GOLD continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways, signalling the market indecision. Trading opportunities may exist around the identified horizontal levels at 1212.30, 1228.50 and 1235.75.

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