TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 08, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to find resistance around 0.7140. The AUDUSD is above recent swing highs and the moving averages are bullish and widening, all signalling that price could start up-trending. Opportunities to go long may exist around the dynamic support of the moving averages, around the previous horizontal resistance at 0.7075 and around any of the key Fib levels. A bullish move could stall or reverse around the horizontal resistance levels at 0.7145 and 0.7200.

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 continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8930, 0.8945, 0.8990, 0.9055 and 0.9085. If the EURGBP closes below the level at 0.8930, price may attempt a bearish move lower.

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 

 

As suggested in yesterday’s chart analysis, the EURUSD has reversed around the recent highs at 1.1480-1.1485. Price continues to be indecisive. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around any of the identified horizontal levels at 1.1310, 1.1350, 1.1420, 1.1480 and 1.1485. The moving averages are bullish and widening, signalling that the EURUSD could attempt a bullish move above the consolidation area.

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

 

The GBPUSD has continued to be bullish and has reversed the recent sell-off. Price is still looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2460, 1.2620 and 1.2805. If price closes above the 1.2805 resistance, the GBPUSD may attempt a bullish move higher.

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, price is finding support around the shorter-term moving average. The NZDUSD is above the recent swing high at 0.6720 and the moving averages are bullish and widening, all signalling that price could start up-trending. Long opportunities may exist around the moving averages, around the previous swing high at 0.6720 and around any of the key Fib levels. A bullish move could find resistance around 0.6765 and 0.6790.

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 has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). The USDCAD has swung below a number of key support levels and the moving averages are bearish and widening, all signalling that price may start down-trending. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the previous horizontal support levels at 1.3415 and 1.3495.

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.

A Canadian trade balance figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has reversed off the horizontal support at 0.9790. Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.9790, 0.9895, 0.9900 and 0.9920. If the USDCHF closes below the horizontal support at 0.9790, price could 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 

 

The USDJPY is down-trending. Price continues to be in a retrace phase and is bullish. The moving averages have crossed bullish, suggesting that downside momentum is weakening – the USDJPY may struggle to swing lower. A bullish move could find resistance around the horizontal levels at 110.20 and 111.40. A bearish move could find support around the moving averages and around the recent swing low at 106.60.

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 failed to swing higher and is now looking indecisive (as suggested in yesterday’s chart analysis). GOLD is ranging between the horizontal support at 1277.50 and the recent highs at 1296.85. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around the horizontal levels at 1265.70, 1264.35 and 1255.65. Trading opportunities may also exist around the identified diagonal resistance area.

1 Comment

Leave a Reply

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