TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 18, 2019


 

AUDUSD – 1 Hour Chart

 

Price has been bullish. The AUDUSD has formed a bullish channel and the moving averages are bullish and steady, all suggesting that price may start up-trending. Buying opportunities could exist around the horizontal levels at 0.7145, 0.7130 and 0.7060, around the dynamic support of the moving averages and around the channel support area. The AUDUSD may find resistance around the channel resistance area and around the horizontal level at 0.7195.

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.

The RBA will release monetary policy meeting minutes at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

Price has been bearish. The EURGBP is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.8660, 0.8705, 0.8715, 0.8735, 0.8740, 0.8790, 0.8815 and 0.8830.

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 

 

The EURUSD closed below the range support area but has since been bullish and re-entered the consolidation area. Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1250, 1.1265, 1.1300, 1.1340, 1.1410 and 1.1435.

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 has been finding resistance around the trend resistance area. Price has been down-trending but is now looking a little indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.2780, 1.2845, 1.2890, 1.2945, 1.2975 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

 

Price has been bullish. The NZDUSD has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish and steady, all signalling that price may start up-trending. Long opportunities could exist around the dynamic support of the moving averages, around the potential trend support area and around the horizontal levels at 0.6850, 0.6820, 0.6795 and 0.6770. A bullish move may stall or reverse around 0.6770, 0.6900 and 0.6935.

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 reversed around the horizontal level at 1.3310. The USDCAD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.3075, 1.3155, 1.3195, 1.3250, 1.3310 and 1.3325.

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 bearish. The moving averages have crossed bearish, signalling that the recent uptrend may now be over. Just like other USD pairs, the USDCHF has become indecisive. Trading opportunities could exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 0.9990, 1.0030, 1.0045 and 1.0095.

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 Friday’s chart analysis, the USDJPY has found resistance around the previous trend support area. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages, around the previous trend support area and around the horizontal levels at 111.05, 110.65, 110.25, 110.10, 110.00 and 109.65.

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 closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). GOLD is now finding resistance around 1325.25 (as also suggested). Price is above the recent consolidation and the moving averages are bullish and widening, all signalling that GOLD may start up-trending. Opportunities to go long could exist around the moving averages and around the previous range resistance levels at 1315.15 and 1314.40. Price may continue to find resistance around 1325.25.