TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 10, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and has been finding support around the shorter-term moving average. The AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.7145, 0.7115 and 0.7075. Price could stall 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.

The Chair of the Federal Reserve will speak at 1745 UTC today.

 

EURGBP – 1 Hour Chart

 

Price continues to be choppy and indecisive. Trading opportunities could exist around the horizontal levels at 0.8930, 0.8945, 0.8955, 0.8990, 0.9055 and 0.9085. The moving averages have crossed bullish and are widening, suggesting that the EURGBP may attempt a bullish move.

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 closed above the consolidation resistance area and has since been bullish. Price is above the recent consolidation and price action has formed a bullish channel, all signalling that the EURUSD could start up-trending. The moving averages confirm this – they are bullish and steady. Long opportunities may exist around the channel support area, around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1.1485 and 1.1480. Price could find resistance around the channel resistance 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.

The Chair of the Federal Reserve will speak at 1745 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has reversed around the horizontal resistance and recent highs at 1.2805 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently. The GBPUSD is ranging between the horizontal resistance at 1.2805 and the recent swing low at 1.2705. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around 1.2620 and 1.2455.

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 Chair of the Federal Reserve will speak at 1745 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been bullish and is forming a swing higher. The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.6765, 0.6720 and 0.6715. A strong bullish move could be rejected or reverse around the horizontal resistance at 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.

The Chair of the Federal Reserve will speak at 1745 UTC today.

 

USDCAD – 1 Hour Chart

 

Price continues to be bearish and move lower (as suggested in yesterday’s chart analysis). The USDCAD is finally finding support though and may enter a retrace phase (as also suggested). The moving averages are bearish and steady, signalling that price may attempt to swing lower. Opportunities to go short could exist around the dynamic resistance of 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 Chair of the Federal Reserve will speak at 1745 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has been bearish and has swung lower. Price is below the recent consolidation and price action has formed a bearish channel, all signalling that the USDCHF could start down-trending. The moving averages confirm this – they are bearish and steady. Shorting opportunities may exist around the channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.9790, 0.9830 and 0.9850. Price could find support around the 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.

The Chair of the Federal Reserve will speak at 1745 UTC today.

 

USDJPY – 1 Hour Chart 

 

The USDJPY continues to be indecisive and move sideways. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 106.60, 109.00 and 110.20.

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.

The Chair of the Federal Reserve will speak at 1745 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price is currently finding resistance around the range resistance area. GOLD is indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Price 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 GOLD closes out of the range (break-out trade). A break to the downside could be rejected or reverse around the horizontal levels at 1265.70, 1264.35 and 1255.65.

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