TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 03, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the AUDUSD has been bullish and has swung higher. Price is above the recent consolidation area and the moving averages are bullish, all signalling that the AUDUSD may start up-trending. Buying opportunities could exist around the bullish moving averages and around the horizontal levels at 0.7335, 0.7295 and 0.7275.

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 Manufacturing PMI figure will be announced at 1500 UTC today. The RBA will release a rate statement at 0330 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has reversed off the horizontal resistance at 0.8920 (as suggested in Friday’s chart analysis). Price continues to be indecisive. The moving averages confirm the lack of trend momentum – they have been crossing frequently and are moving sideways. The EURGBP is ranging between the recent swing low at 0.8810 and the horizontal resistance at 0.8920. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could stall or reverse around the previous horizontal resistance at 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 

 

Price continues to be indecisive and lack trend direction. The moving averages are still crossing frequently and are currently moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1.1215, 1.1270, 1.1275, 1.1400, 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.

A US Manufacturing PMI figure will be announced at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has bounced off the horizontal support at 1.2725. The GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 1.2725, 1.2840, 1.2895 and 1.2920. If price closes below the horizontal support at 1.2725, the GBPUSD could 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 Manufacturing PMI figure will be announced at 1500 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD found support around the shorter-term moving average and has swung higher (as suggested in Friday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6880, 0.6845 and 0.6815.

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 Manufacturing PMI figure will be announced at 1500 UTC today.

 

USDCAD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the USDCAD has become bearish. Price has swung below the bullish channel support area and the moving averages have become bearish, all suggesting that the downside momentum could continue. Selling opportunities may exist around the previous horizontal support levels at 1.3240 and 1.3250, around the dynamic resistance of the moving averages and around the identified diagonal resistance area. A bearish move could be rejected or reverse 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 US Manufacturing PMI figure will be announced at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has reversed around the horizontal channel resistance area (as suggested in Friday’s chart analysis). The USDCHF continued to be indecisive and move within a horizontal channel at 0.9920-1.0005. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the upside may find resistance 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 Manufacturing PMI figure will be announced at 1500 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, price has been find support around the diagonal support area. Just like other USD pairs, the USDJPY continues to be indecisive and lack trend direction. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the diagonal support area and around the horizontal levels at 112.75, 113.10, 114.00 and 114.20.

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 Manufacturing PMI figure will be announced at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to move sideways and be indecisive. Price is currently attempting a bullish move above the consolidation area, suggesting that GOLD may attempt to start up-trending. Opportunities to go long could exist around the previous horizontal resistance at a 1228.50, around the dynamic support of the moving averages and around the trend support area.