TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 09, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been finding support around the shorter-term moving average and has been bullish. Price is up-trending. The moving averages are bullish and steady, signalling that the upside momentum may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.7145 and 0.7075. A bullish move may be rejected or reverse around the horizontal resistance at 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.

US FOMC meeting minutes will be released at 1900 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been finding support around 0.8990 (as suggested in yesterday’s chart analysis). Price continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.8930, 0.8945, 0.8955, 0.8990, 0.9055 and 0.9085.

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.

The Governor of the BOE will speak at 1530 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 1.1420. The EURUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1310, 1.1350, 1.1420, 1.1480 and 1.1485. If price closes above the horizontal resistance at 1.1485, the EURUSD 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.

US FOMC meeting minutes will be released at 1900 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has reversed around the horizontal resistance and recent highs at 1.2800 (as suggested in yesterday’s chart analysis). The GBPUSD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2455, 1.2620, 1.2785 and 1.2800. If price closes above the resistance and highs at 1.2800, the GBPUSD could 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.

The Governor of the BOE will speak at 1530 UTC today. US FOMC meeting minutes will be released at 1900 UTC.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the longer-term moving average and has since been bullish. Price is attempting to uptrend. The moving averages are bullish and steady – confirming the upside momentum. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6720 and 0.6715. A bullish move may be rejected or reverse around the horizontal resistance levels at 0.6765, 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.

US FOMC meeting minutes will be released at 1900 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD was rejected at the shorter-term moving average and continues to move lower (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. The USDCAD is starting to look a little over-extended, suggesting that a bullish retrace move could be due. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 1.3310 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.

The BOC will announce the official bank rate and give a rate statement and monetary policy report at 1500 UTC today. This is followed by a press conference at 1515 UTC. US FOMC meeting minutes will be released at 1900 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding support around the horizontal level at 0.9790. The USDCHF continues to be choppy and indecisive. Trading opportunities may exist around the identified horizontal levels at 0.9790, 0.9850 and 0.9900. The moving averages are currently bearish and widening, signalling that price could become bearish. Selling opportunities may exist around the resistance of the bearish moving averages, around the diagonal resistance area and if the USDCHF closes below the consolidation support area 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.

US FOMC meeting minutes will be released at 1900 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price has found support around the shorter-term moving average (as suggested in yesterday’s chart analysis). The USDJPY was down-trending but is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the moving averages ad around the horizontal levels at 106.60, 110.20 and 111.40.

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.

US FOMC meeting minutes will be released at 1900 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD has been finding resistance around the diagonal resistance area and the moving averages. Price is currently indecisive. GOLD is ranging between the horizontal support at 1277.50 and the horizontal resistance at 1296.85. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Shorting opportunities could exist around the moving averages and around the diagonal resistance area. A break to the downside could stall or reverse around the horizontal levels at 1265.70, 1264.35, 1255.65 and 1241.55.

1 Comment

Leave a Reply

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