TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 26, 2018
AUDUSD – 1 Hour Chart
The AUDUSD has been finding support around the recent lows at 0.7030. Price is down-trending. The moving averages are bearish and steady, suggesting that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal levels at 0.7085, 0.7145 and 0.7155 and around the trend resistance area. The AUDUSD may continue to find support around the horizontal support at 0.7030.
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
As suggested in our last chart analysis, the EURGBP has been finding support around the horizontal support at 0.8960. Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price action has formed a horizontal channel at 0.8960-0.9075 and also a tightening triangular pattern. Trading opportunities may exist around the support and resistance areas of both consolidation patterns and if the EURGBP closes out of either pattern. A break to the downside could stall or reverse around the horizontal levels at 0.8935 and 0.8885.
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 has reversed off the horizontal level at 1.1440 (as suggested in our last chart analysis). The EURUSD continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around any of the identified horizontal levels at 1.1270, 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
Price has swung above the recent consolidation area and the moving averages are bullish and steady, all signalling that the GBPUSD could start up-trending. Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.2695, 1.2605 and 1.2535.
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 is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, suggesting that the downtrend may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the horizontal level at 0.6785 and around the diagonal resistance area. A bearish move may find support around the recent low at 0.6705 and around 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 our last chart analysis, price continues to uptrend and be bullish. The USDCAD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages, around the horizontal level at 1.3500 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 0.9950 and 0.9855 (as suggested in our last chart analysis). Price continues to be choppy and indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around the diagonal resistance area and around the horizontal levels at 0.9855, 0.9950 and 0.9980. If the USDCHF closes below the horizontal support at 0.9855, price 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 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 our last chart analysis, the USDJPY continues to downtrend and be bearish. The moving averages are bearish and steady, signalling that the downside momentum could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 111.00 and 111.45. Price could stall or reverse around the recent lows at 110.20.
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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
Price has been bullish and has swung higher (as suggested in our last chart analysis). GOLD is up-trending. The moving averages are bullish and steady, signalling that the upside momentum may continue. Opportunities to go long could exist around the horizontal levels at 1264.35, 1255.65 and 1249.75, around either of the bullish moving averages and around the trend support area.
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