TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 07, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has bounced off the horizontal support at 0.7200. Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the horizontal levels at 0.7200. 0.7270, 0.7295 and 0.7340. If the AUDUSD closes below the horizontal support at 0.7200, price may attempt a bearish move lower.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP is indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. Price is consolidating between the horizontal support at 0.8885 and the recent highs at 0.8935. Price is also consolidating within a symmetrical triangle pattern. Trading opportunities may exist around the support and resistance areas of the consolidation and if the EURGBP closes out of the consolidation (break-out trade). A break to the downside 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 

 

As suggested in yesterday’s chart analysis, price was rejected and reversed around the horizontal level at 1.1400. The EURUSD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified diagonal support and resistance areas and around the horizontal levels at 1.1265, 1.1275, 1.1305, 1.1315, 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has been finding resistance around the bearish channel resistance area (as suggested in yesterday’s chart analysis). The GBPUSD is down-trending within a bearish channel. The moving averages have crossed bullish though, signalling that downside momentum is weakening – price may attempt a bullish move. A move to the upside could stall or reverse around the channel resistance area and around the horizontal levels at 1.2820, 1.2840, 1.2860 and 1.2895. A move to the downside could stall or reverse around the moving averages, around the recent swing low at 1.2680 and 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD is finding resistance around the shorter-term moving average. Price has become indecisive. The moving averages confirm this – they are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6815, 0.6845, 0.6860 and 0.6970.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD is retracing some of the recent bullish move. Price is still above the recent consolidation area and the moving averages are bullish and widening, all signalling that the USDCAD may start up-trending. Buying opportunities could exist around the moving averages, around any of the key Fib levels and around the previous horizontal resistance levels at 1.3360 and 1.3320.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

 

USDCHF – 1 Hour Chart

 

Price has closed below the horizontal channel support area. The moving averages are bearish and widening, suggesting that the USDCHF could attempt a bearish move lower. Selling opportunities may exist around the previous swing low at 0.9930, around the dynamic resistance of the moving averages and around the horizontal resistance levels at 1.0000 and 1.0005. The USDCHF could find support around the horizontal support levels at 0.9920 and 0.9905.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price swung lower and then found support around the horizontal level at 112.30. The USDJPY is down-trending. Price action has formed a bearish channel and the moving averages are bearish, all signalling that the downtrend may continue. Shorting opportunities could exist around the channel resistance area, around the moving averages and around the horizontal level at 113.25. The USDJPY may be rejected or reverse around the horizontal support levels at 112.70 and 112.30 and around the channel support 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD has swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, suggesting that the upside momentum could continue. Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 1234.00 and 1228.50. A bullish move could find resistance around 1243.80.