TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 02, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in our last chart analysis, the AUDUSD has reversed off the horizontal channel resistance area. Price continues to be indecisive and move within a horizontal channel at 0.7015-0.7075. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the channel and if the AUDUSD closes out of the channel (break-out trade). A break to the upside could stall or reverse around diagonal resistance area and around the horizontal levels at 0.7085 and 0.7145.

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 has been moving within a large horizontal channel at 0.8960-0.9065. Trading opportunities could exist around the support and resistance areas of the channel. Price recently swung below the channel support area, suggesting that the EURGBP may start down-trending. Opportunities to go short could exist around the moving averages and around the 50.0% and 61.8% Fib levels. A bearish move may find support around the recent lows at 0.8930.

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 choppy and indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.1270, 1.1305, 1.1350, 1.1420, 1.1470 and 1.1480. If the EURUSD closes above the horizontal resistance 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

 

As suggested in our last chart analysis, price closed above the horizontal resistance at 1.2735 and has since been bullish. The GBPUSD is up-trending. The moving averages have crossed bullish and are widening and price action has formed a bullish channel, all signalling that the uptrend may continue. Opportunities to go long could exist around the previous resistance at 1.2735, around the dynamic support of the moving averages and around the channel support area. A bullish move may be rejected or reverse around the recent swing high at 1.2800 and the channel resistance area.

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 has been finding support around 0.6695 (as suggested in our last chart analysis). Price has been down-trending but is now ranging between the horizontal support at 0.6695 and the horizontal resistance at 0.6745. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the NZDUSD closes out of the range (break-out trade). If price breaks to the downside, the NZDUSD could continue to downtrend. A break to the upside could find resistance around the horizontal levels at 0.6790 and 0.6875.

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, the USDCAD has been finding resistance around the horizontal resistance at 1.3660. Price continues to uptrend. The moving averages are tightening and price is struggling at 1.3660, all signalling that the USDCAD may become bearish and retrace. A bearish move could be rejected or reverse around the moving averages and around the horizontal levels at 1.3565, 1.3500 and 1.3415.

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 reversed around the longer-term moving average (as suggested in our last chart analysis). The USDCHF is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance at 0.9865. A bearish move could find support around the recent swing low at 0.9790 and the potential bearish channel 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 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, price has closed below the range support area and has since been bearish. The USDJPY is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. Selling opportunities could exist around the previous range support area at 110.20 and around the dynamic resistance of the moving averages.

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 finding support around the bullish channel support area and the shorter-term moving average (as suggested in our last chart analysis). Price is bullish and is up-trending. The moving averages are bullish and steady and GOLD is moving within a bullish channel, all signalling that the upside momentum could continue. Opportunities to go long may exist around the channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1278.00, 1265.70 and 1264.35. A bullish move could stall or reverse around the recent highs at 1283.85 and around the channel resistance area.

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