TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 14, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has been finding support around the moving averages. The AUDUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the moving averages and around the horizontal levels at 0.7150, 0.7120 and 0.7075. A bullish move could stall or reverse around the recent swing high at 0.7230.

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 has been bearish. The EURGBP has swung below the consolidation area and the moving averages are crossing bearish, all suggesting that price may start down-trending. Opportunities to go short could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 0.8930, 0.8945, 0.8955, 0.8975 and 0.8990. Price may find support around 0.8910.

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 

 

The EURUSD has been bearish and has swung below the bearish channel support area. Price is now looking indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the identified horizontal levels at 1.1310, 1.1350, 1.1420, 1.1480, 1.1485, 1.1535 and 1.1570, around the moving averages and around the previous bullish channel support area (as resistance).

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 Friday’s chart analysis, the GBPUSD moved above the horizontal channel resistance area and has since been bullish. Price is now up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend may continue. Long opportunities could exist around the previous channel resistance at 1.2805, around the dynamic support of the moving averages and around the horizontal support levels at 1.2705 and 1.2620.

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

 

Price is currently finding support around the shorter-term moving average and the previous swing high at 0.6800 (as suggested in Friday’s chart analysis). The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the longer-term moving average and around the horizontal levels at 0.6800, 0.6775, 0.6765, 0.6720 and 0.6715. A bullish move could be rejected or reverse around the previous trend support area (as resistance) and around the recent highs at 0.6840.

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 Friday’s chart analysis, price has become bullish and is retracing some of the recent sell-off. Shorting opportunities could exist around the horizontal level at 1.3310 and around any of the key Fib levels. The moving averages are becoming bullish, signalling that an attempt to swing lower may fail. A bearish move may find support around the moving averages and around the horizontal levels at 1.3250 and 1.3180.

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

 

The USDCHF has been finding resistance around 0.9850 (as suggested in Friday’s chart analysis). Price continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.9715, 0.9790, 0.9825, 0.9850, 0.9900, 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart 

 

The USDJPY continues to be indecisive and move sideways. The moving averages are also moving sideways – confirming the current indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 106.60, 107.80, 109.00, 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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

Price continues to be indecisive and range between the horizontal support at 1277.50 and the horizontal resistance at 1296.85. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves 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.

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