TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 05, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD found support around the longer-term moving average and the previous resistance at 0.7340. Price has since been bearish though and has swung lower. The AUDUSD is looking indecisive again. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7275, 0.7295, 0.7340 and 0.7390.

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 Australian retail sales figure will be announced at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has reversed off the bullish channel support area and the longer-term moving average (as suggested in yesterday’s chart analysis). Price continues to uptrend within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages and around the channel support area. The EURGBP could continue to find resistance around 0.8935. A break to the downside of the channel could find support around the horizontal support levels at 0.8865 and 0.8810.

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 confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.1265, 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.

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

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the bearish channel resistance area and has since been finding support around the channel support area. The GBPUSD is slightly choppy but is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum could continue. Selling opportunities may exist around the previous horizontal support levels at 1.2700 and 1.2725, around the bearish moving averages and around the channel resistance area. The GBPUSD could continue to find support around the channel support area.

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

 

The NZDUSD found support around the shorter-term moving average (as suggested in yesterday’s chart analysis) but has since moved lower. Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend may continue. Long opportunities could exist around the longer-term moving average 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.

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

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD has reversed off the horizontal level at 1.3160. Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities may exist around the horizontal levels at 1.3160, 1.3240, 1.3320 and 1.3360.

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.

The BOC will announce the official bank rate and release a rate statement at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

Price is finding resistance around the consolidation resistance area (as suggested in yesterday’s chart analysis). The USDCHF continues to be indecisive and consolidate within a horizontal channel at 0.9920-1.0005 and a symmetrical triangle pattern. Trading opportunities could exist around the support and resistance areas of the consolidation patterns and if price moves out of the consolidation (break-out trade). A break to the upside may stall or reverse 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.

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, price has been finding support around the horizontal level at 112.70. Price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, suggesting that the downside momentum could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the previous swing low at 113.20 and around the trend resistance area. A bearish move could find support around the horizontal support levels at 112.70 and 112.30.

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

 

GOLD has been bullish and is now retracing some of the recent bullish move. The moving averages are bullish and widening, suggesting that price may swing higher. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1228.50 and around the trend support area. GOLD may be rejected or reverse around the recent swing high at 1240.75.