TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 28, 2018


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been bearish and has swung lower. Price continues to downtrend. Selling opportunities could exist around the moving averages, around the horizontal levels at 0.7075, 0.7085 and 0.7145 and around the trend resistance area. A bearish move may stall or reverse around the recent lows at 0.7015. The moving averages are tightening, signalling that selling momentum is weakening – the AUDUSD may attempt a bullish move.

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

 

The EURGBP closed above the diagonal consolidation resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price continues to be indecisive though and move within the large horizontal channel at 0.8960-0.9075. Trading opportunities may exist around the support and resistance areas of the channel and if the EURGBP moves out of the channel (break-out trade). The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

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. The moving averages confirm this – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.1270, 1.1305, 1.1350, 1.1440 and 1.1480. If the EURUSD closes above the horizontal resistance at 1.1480, price may attempt a bullish move higher.

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 continues to lack trend direction and be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.2480, 1.2535, 1.2605, 1.2620, 1.2695 and 1.2735.

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

 

As suggested in yesterday’s chart analysis, the NZDUSD continues to be bearish and move lower. Price is down-trending and is moving within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 0.6745 and 0.6790. A bearish move may be rejected or reverse around the channel 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

 

The USDCAD moved above the tight range and has since been bullish (as suggested in yesterday’s chart analysis). Price continues to uptrend and be bullish. The moving averages confirm the market sentiment – they are bullish and steady. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3565 and 1.3500. A bullish move could stall or reverse around the recent highs at 1.3650.

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

 

Price has been bearish and has moved below the recent consolidation area. The downside momentum may continue. Opportunities to go short could exist around the horizontal levels at 0.9855 and 0.9905, around the moving averages and around the diagonal resistance area. The USDCHF may continue to find support around 0.9840.

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 

 

Just like other USD pairs, the USDJPY is indecisive. Price is ranging between the recent lows at 110.20 and the horizontal resistance at 111.45. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY closes out of the range (break-out trade).

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 has swung higher (as suggested in yesterday’s chart analysis). Price is up-trending within a bullish channel. The moving averages are bullish and steady, suggesting that the upside momentum may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 1264.35 and 1255.65. A bullish move may find resistance around the channel resistance area.

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