TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 18, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed off the longer-term moving average. The AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal resistance at 0.7245. Price could find support around the recent swing low at 0.7150.

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 finding support and resistance around the symmetrical triangle support and resistance areas (as suggested in yesterday’s chart analysis). The EURGBP continues to consolidate and be indecisive. The moving averages confirm this – they are tightening and are moving sideways. Price is currently attempting a move below the symmetrical triangle support area, suggesting that the EURGBP may move lower. Shorting opportunities could exist around the consolidation support and resistance areas and around the dynamic resistance of the moving averages. A bearish move may find support around the horizontal levels at 0.8935, 0.8885 and 0.8865. A bullish move may find resistance around the horizontal levels at 0.9015, 0.9065 and 0.9075.

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, the EURUSD has reversed off the channel resistance area. Price continues to be indecisive but also move within a bearish channel. The moving averages are moving sideways, signalling that the downside momentum could be over. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal levels at 1.1385, 1.1395 and 1.1410. A bearish move may be rejected or reverse around the moving averages and around the horizontal support level at 1.1305.

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

 

The GBPUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2480, 1.2535, 1.2680, 1.2705 and 1.2795.

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

 

Price has been bullish. The NZDUSD is above the trend resistance area and the moving averages, all suggesting that the downtrend could be over. Trading opportunities may exist around the identified horizontal levels at 0.6775, 0.6840, 0.6875 and 0.6905.

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, price closed above the consolidation resistance area, has since been bullish and has found resistance at 1.3415. The moving averages are bullish and widening, signalling that the upside momentum may continue. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal support at 1.3330. A bullish move may stall or reverse around the horizontal resistance levels at 1.3415 and 1.3440.

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.

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

 

USDCHF – 1 Hour Chart

 

The USDCHF has been bearish but has found support around the horizontal level at 0.9915 (as identified in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the horizontal levels at 0.9865, 0.9905, 0.9915, 0.9950, 0.9980 and 1.0005.

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 

 

The USDJPY has been bearish but continues to look indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages and around the horizontal levels at 112.30 and 113.15. If price closes below the horizontal support at 112.30, the USDJPY may 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 continues to be indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 1249.75, 1241.55, 1234.00 and 1228.50. If GOLD closes above the horizontal resistance at 1249.75, price could attempt a bullish move higher.

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