TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 08, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bearish and move lower. The moving averages continue to be bearish and widen, signalling that the downside momentum may continue. If the AUDUSD starts retracing, selling opportunities could exist around the dynamic resistance of the bearish moving averages and around the horizontal levels at 0.7085, 0.7115, 0.7145 and 0.7160. Price may continue to find support around 0.7065.

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 and has found support around 0.8730 (as suggested in yesterday’s chart analysis). The EURGBP is below the recent bullish channel, signalling that the recent uptrend could now be over. The moving averages are tight and are moving sideways, suggesting market indecision. Trading opportunities may exist around the previous bullish channel support area (as resistance) and around the identified horizontal levels at 0.8620, 0.8860, 0.8715, 0.8730, 0.8790 and 0.8815.

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 has continued to be bearish and move lower. The moving averages are bearish and steady, signalling that the selling momentum may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1390, 1.1410 and 1.1435. Price may find support around 1.1325 and 1.1295.

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 has been finding resistance around the trend resistance area (as suggested in yesterday’s chart analysis). Price is down-trending. Opportunities to go short may exist around the trend resistance area and around the longer-term moving average. The moving averages are starting to tighten and move sideways, suggesting market indecision. A bearish move could find support around 1.2935 and 1.2890. A bullish move could find resistance around 1.2975, 1.2985, 1.3015 and 1.3060.

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, price has been bearish and has moved lower. The moving averages are bearish and widening, all 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, 0.6820 and 0.6855. A bearish move may stall or reverse around 0.6735 and 0.6705.

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 has continued to move higher and be bullish (as suggested in yesterday’s chart analysis). The moving averages are bullish and widening, signalling that the bullish momentum could continue. If the USDCAD starts retracing, buying opportunities may exist around the moving averages and around the horizontal levels at 1.3305, 1.3285 and 1.3205.

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.

Canadian employment change ad unemployment rate figures will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF is currently moving sideways. Price is above a recent consolidation though and the moving averages are bullish and steady, all suggesting that the USDCHF may move higher. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 10005, 0.9990, 0.9985 and 0.9970.

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 

 

As suggested in yesterday’s chart analysis, the USDJPY has been bouncing off the horizontal levels at 109.65 and 109.90. Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 109.10, 109.55, 109.65, 109.90, 110.00 and 110.10.

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 has been finding resistance around the channel resistance area and the shorter-term moving average (as suggested in yesterday’s chart analysis). GOLD continues to downtrend within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue. Shorting opportunities could exist around the channel resistance area, around the moving averages and around the horizontal levels at 1310.20 and 1315.15. A bearish move may find support around the recent swing low at 1302.95 and the channel support area.