TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 22, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bearish and move lower. The moving averages are bearish and steady, signalling that the downside momentum could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.7150, 0.7205 and 0.7230. Price could find support around 0.7120.

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 reversed around the trend resistance area (as suggested in yesterday’s chart analysis). Price is down-trending. Shorting opportunities could exist around the moving averages, around the trend resistance area and around the horizontal level at 0.8880. The moving averages are tightening and are moving sideways, signalling market indecision – the downtrend may be over. A bearish move may stall or reverse around the recent swing low at 0.8765.

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.

A UK averages earnings index figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has been finding support around 1.1350. The EURUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Selling opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.1405, 1.1425, 1.1455 and 1.1485. Price could 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 has reversed off the diagonal support area (as suggested in yesterday’s chart analysis). The GBPUSD has been up-trending but is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the diagonal support and resistance areas and around the horizontal levels at 1.2985, 1.2835, 1.2700 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%. 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.

A UK averages earnings index figure will be announced at 0930 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD is down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue. Opportunities to go short may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.6735, 0.6770, 0.6800 and 0.6850. Price could continue to find support around 0.6710.

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.

A New Zealand CPI figure will be released at 2145 UTC today.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD has been bullish and has moved higher. Price is slowly up-trending. The moving averages are becoming more bullish, signalling that the upside momentum may continue. Opportunities to go long could exist around the previous horizontal resistance at 1.3305, around the dynamic support of the moving averages and around the trend support area. A bearish move may find support around the horizontal support levels at 1.3230 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

 

Price continues to be bullish and move higher (as suggested in yesterday’s chart analysis). The USDCHF is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the previous resistance at 0.9920.

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 

 

Price has been up-trending and is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the uptrend may continue. Buying opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 109.00, 108.05 and 107.80. The USDJPY may be rejected or reverse around the shorter-term moving average and around the horizontal resistance at 109.85.

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

 

As suggested in yesterday’s chart analysis, GOLD has been reversing off the horizontal levels at 1277.50 and 1280.60. Price is still below the recent consolidation area and the moving averages are bearish and widening, all signalling that GOLD could move lower. Shorting opportunities may exist around the horizontal levels at 1280.60, 1286.25 and 1287.30, around the dynamic resistance of the moving averages, around the trend resistance area and if GOLD closes below the horizontal support at 1277.50.

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