TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 31, 2018


 

AUDUSD – 1 Hour Chart

 

Price is down-trending but is currently moving within a horizontal channel at 0.7015-0.7075. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the channel (break-out trade). A break to the upside could stall or reverse around the trend resistance area and around the horizontal levels at 0.7085, 0.7145 and 0.7155.

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 Friday’s chart analysis, price has reversed around the horizontal channel resistance area. The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is moving within a horizontal channel at 0.8960-0.9065. Trading opportunities could exist around the support and resistance areas of the channel and if the EURGBP closes out of the channel (break-out trade).

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 finding support around the horizontal level at 1.1435 (as suggested in Friday’s chart analysis). Price continues to be indecisive. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1.1270, 1.1305, 1.1350, 1.1435 and 1.1480. If the EURUSD closes above the horizontal level at 1.1480, price could 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

 

Just like other USD pairs, the GBPUSD continues to lack trend direction and be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 1.2480, 1.2535, 1.2605, 1.2620, 1.2735 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

 

As suggested in Friday’s chart analysis, price has been finding resistance around the moving averages and around the bearish channel resistance area. The NZDUSD continues to downtrend and be bearish. Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the downtrend could continue. Selling opportunities may 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. The NZDUSD could continue to find support around 0.6695. A bearish move could find support 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

 

Price continues to be bullish and move higher (as suggested in Friday’s chart analysis). The USDCAD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3565, 1.3500 and 1.3415. Price may continue to find resistance around the horizontal level at 1.3660.

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

 

As suggested in Friday’s chart analysis, the USDCHF has been bearish and has formed a swing lower. Price continues to be below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the USDCHF could start down-trending. Shorting opportunities may exist around the horizontal levels at 0.9855 and 0.9905, around the moving averages and around the trend resistance area. A bearish move could be rejected or reverse around the recent swing low at 0.9790.

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 finding support around the range support area (as suggested in Friday’s chart analysis). Price continues to be indecisive and range between the horizontal support at 110.20 and the horizontal resistance at 111.45. The moving averages are tight – confirming the current indecision. Trading opportunities could 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

 

As suggested in Friday’s chart analysis, price continues to be bullish and move higher. GOLD is up-trending. Price is moving within a bullish channel and the moving averages are bullish, all suggesting that the uptrend could continue. Long opportunities may exist around the channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1265.70 and 1264.35. A bullish move could find resistance around the channel resistance area.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *