TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 17, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has closed below the range support area and has since been bearish. Price is below the recent consolidation area and the moving averages are widening, all suggesting that the AUDUSD may move lower. Selling opportunities could exist around the previous range support area, around the diagonal resistance area and around the dynamic resistance of the moving averages. A bearish move may find support around the horizontal levels at 0.7145, 0.7120 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.

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

 

EURGBP – 1 Hour Chart

 

The EURGBP has been finding resistance around 0.8880 and has been bearish (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Shorting opportunities may exist around the moving averages, around the horizontal level at 0.8880 and around the identified diagonal resistance. The EURGBP could continue to find support around 0.8840.

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%. Brexit continues to add uncertainty to the UK economy. The recent rejection of the Prime Ministers Brexit deal leads to a number of different Brexit options, including cancelling Brexit or leaving the EU without a deal. The European Central Bank (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, price has continued to be bearish and move lower. The moving averages are bearish and steady, signalling that the downside momentum may continue. Opportunities to go short could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.1425, 1.1455 and 1.1485. A bearish move may be rejected or reverse around the horizontal support levels at 1.1350 and 1.1310.

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

 

Price continues to be indecisive and range between 1.2700 and 1.2915. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the downside could stall or reverse around the horizontal support levels at 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%. Brexit continues to add uncertainty to the UK economy. The recent rejection of the Prime Ministers Brexit deal leads to a number of different Brexit options, including cancelling Brexit or leaving the EU without a deal. 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, the NZDUSD closed below the horizontal channel support area and has since been bearish. The moving averages are bearish and widening, signalling that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6800 and 0.6850. A bearish move may stall or reverse around the horizontal level at 0.6715.

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 continues to be indecisive. The USDCAD is moving within 2 horizontal channels; 1.3230-1.3290 and 1.3180-1.3310. Trading opportunities may exist around the support and resistance areas of the ranges and if price closes out of either range (break-out trade). The moving averages confirm the current indecision – they are tight and are moving sideways.

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

 

As suggested in yesterday’s chart analysis, the USDCHF has continued to be bullish and move higher. As also suggested, price is currently finding resistance around 0.9920. The USDCHF is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous swing high at 0.9850. Price may stall or reverse around the horizontal resistance levels at 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 has closed above the range resistance area. The moving averages are bullish and widening, suggesting that the bullish momentum could continue. Long opportunities may exist around the dynamic support of the moving averages, around the potential trend support area and around the horizontal levels at 108.05 and 107.80. A bullish move could stall or reverse around the horizontal levels at 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 lack trend momentum and move sideways. The moving averages are tight and are crossing frequently – confirming the market indecision. GOLD is moving within a horizontal channels at 1286.25-1296.85. Trading opportunities could exist around the support and resistance areas of the horizontal channels and if price closes out of the channel (break-out trade). A break to the downside could find support around 1265.70.