TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 25, 2019
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has continued to be bearish and move lower. The AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7115 and 0.7160. Price may continue to find support around 0.7085.
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 continued to be bearish and downtrend (as suggested in yesterday’s chart analysis). The EURGBP is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support at 0.8760.
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, the EURUSD closed below the range support area and has since been bearish. Price is below the recent consolidation and the moving averages are bearish and widening, all signalling that the EURUSD may start down-trending. Opportunities to go short could exist around the previous range support at 1.1345, around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1390, 1.1405 and 1.1430.
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
The GBPUSD reversed around the shorter-term moving average (as suggested in yesterday’s chart analysis). Price is now finding resistance around the diagonal resistance area (as also suggested). The GBPUSD is clearly up-trending. The moving averages are bullish and widening, signalling that the upside momentum could continue. Buying opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.3080, 1.3015 and 1.2990.
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
Price continues to be indecisive. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities could exist around the horizontal levels at 0.6705, 0.6750, 0.6800 and 0.6850.
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
The USDCAD is up-trending and is currently in a retrace phase. Long opportunities may exist around the horizontal level at 1.3305 and around the diagonal support area. The moving averages are tightening and are moving sideways, suggesting market indecision. A bullish move could rejected or reverse around the moving averages and around the horizontal resistance area at 1.3365.
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, price has become indecisive and is moving sideways. The moving averages confirm the current indecision – they are tight and are moving sideways. The USDCHF is ranging between the horizontal support at 0.9930 and 0.9985. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).
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 continues to move sideways and be indecisive. The moving averages are tight and are crossing frequently – confirming the indecision. The USDJPY is ranging between the recent swing low at 109.20 and the horizontal resistance at 109.90. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around 109.00.
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 reversed off the horizontal support at 1277.50. Price continues to look choppy and indecisive. The moving averages confirm this – they are crossing frequently and are moving sideways. Trading opportunities could exist around the diagonal resistance area and around the horizontal levels at 1277.50, 1278.85, 1286.25 and 1287.30.
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