TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 11, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD continues to be bullish and move higher – price is up-trending. The moving averages are bullish and steady, suggesting that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.7145, 0.7115 and 0.7075.

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 CPI figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the EURGBP has reversed around 0.9055. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages and 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.

A UK GDP figure and a manufacturing production figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart 

 

Price has been reversing off the bullish channel support and resistance areas (as suggested in yesterday’s chart analysis). The EURUSD is up-trending. Price is moving within a bullish channel and the moving averages are bullish and steady, all signalling that the uptrend may continue. Long opportunities could exist around the channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1.1485, 1.1480 and 1.1420. A bullish move may be rejected or reverse around the recent swing high at 1.1570 and 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.

US CPI figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price continues to be indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. The GBPUSD is moving within a horizontal channel at 1.2705-1.2805. Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade). A break to the downside could 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.

A UK GDP figure and a manufacturing production figure will be announced at 0930 UTC today. US CPI figures will be released at 1330 UTC.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the shorter-term moving average and the trend support area and has since swung higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Opportunities to go long could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 0.6800, 0.6765 and 0.6720.

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 CPI figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD is finding support around the recent swing low at 1.3200 (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Selling opportunities may exist around the horizontal levels at 1.3245, 1.3310 and 1.3415 and around the bearish moving averages. The USDCAD could continue to find support around 1.3200.

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.

US CPI figures will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the bearish channel support area. The USDCHF has since swung above the bearish channel. Price has just reversed off the horizontal level at 0.9850 (as also suggested). The USDCHF is now looking indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9715, 0.9790, 0.9830, 0.9850, 0.9920 and 0.9955.

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 CPI figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price continues to move sideways and be indecisive. The moving averages confirm the market indecision – they are also moving sideways. Trading opportunities may exist 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.

US CPI figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to be indecisive and move within the range at 1277.50-1296.85. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If GOLD breaks to the downside, price may be rejected or reverse around the horizontal levels at 1265.70, 1264.35 and 1255.65.

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