TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 24, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has swung lower and continues to downtrend. The moving averages are bearish and widening, signalling that the downside momentum could continue. Opportunities to go short may exist around the horizontal levels at 0.7085, 0.7145 and 0.7150, around the dynamic resistance of the moving averages and around the trend resistance area.

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 bearish. The EURGBP is looking indecisive again. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the diagonal support area, around the moving averages and around the identified horizontal levels at 0.8935, 0.8960, 0.9050, 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 

 

The EURUSD has been bearish. Price has moved below the moving averages and below key support areas, suggesting that the recent upside momentum is now over. The EURUSD is looking indecisive again. The moving averages confirm this – they are moving sideways. Trading opportunities may exist around the horizontal levels at 1.1305, 1.1360, 1.1440 and 1.1480.

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 Friday’s chart analysis, the GBPUSD has been finding resistance around 1.2695. Price is now looking indecisive. The moving averages confirm the indecision – they are tight and moving sideways. The GBPUSD is moving within a horizontal channel at 1.2605-1.2695. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). A break to the upside may find resistance around 1.2795 and 1.2820. A break to the downside may find support around 1.2535 and 1.2480.

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 swung low and has found support around the diagonal support area (as suggested in Friday’s chart analysis). The NZDUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Shorting opportunities may exist around the moving averages, around the horizontal level at 0.6790 and around the diagonal resistance area. A bearish move could stall or reverse around the recent lows at 0.6705 and the diagonal support area.

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 Friday’s chart analysis, price has swung higher and continues to uptrend. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the moving averages, around the horizontal level at 1.3495 and around the trend 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 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 reversing off the horizontal levels at 0.9860 and 0.9955. Price continues to be choppy and indecisive. The moving averages confirm the indecision – they are moving sideways. Trading opportunities may exist around the horizontal levels at 0.9860, 0.9900, 0.9955, 0.9980 and 1.000.

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 Friday’s chart analysis, the USDJPY has been finding support around 111.00. Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. Selling opportunities could exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 112.30 and 112.65.

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 shorter-term moving average and the horizontal level at 1255.65 (as suggested in yesterday’s chart analysis). GOLD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the horizontal levels at 1255.65 and 1249.75, around the moving averages and around the trend support area. Price could continue to find resistance around 1264.40.

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