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


 

AUDUSD – 1 Hour Chart

 

As suggested in suggested in yesterday’s chart analysis, the AUDUSD has been bearish and has swung lower. Price is down-trending within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the channel resistance area, around the diagonal resistance and around the horizontal levels at 0.7020, 0.7050, 0.7065 and 0.7080. A bearish move may stall or reverse around the channel support area.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing and are moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.8535, 0.8565, 0.8575, 0.8610, 0.8635 and 0.8670.

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 cut economic forecasts, Europe is heading for recession. 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 late 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 been bearish and has moved lower. The EURUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around any of the key Fib levels, around the previous channel support area (as resistance) and around the horizontal levels at 1.1250 and 1.1280. A bearish move may find support around 1.1180.

The European Central Bank (ECB) have cut economic forecasts, Europe is heading for recession. 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 late 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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has been bearish and has swung lower. The GBPUSD is down-trending again. The moving averages are bearish and steady, suggesting 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 horizontal levels at 1.3085, 1.3110, 1.3185 and 1.3240. A bearish move could stall or reverse around the horizontal support levels at 1.3020 and 1.2980.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD has reversed around the bearish channel support area. Price is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 0.6760, 0.6770, 0.6785, 0.6790, 0.6815 and 0.6825. A bearish move may be rejected or reverse around the recent lows at 0.6745 and the channel support area.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD has continued to be bullish and move higher (as suggested in yesterday’s chart analysis). Price continues to uptrend. The moving averages are bullish and widening, signalling that the upside momentum could continue. If the USDCAD starts retracing, opportunities to go long may exist around the horizontal levels at 1.3445 and 1.3415 and around the dynamic support of the moving averages.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the trend support area and has swung higher. The USDCHF is up-trending. The moving averages are bullish and steady, signalling that the upside momentum may continue. Long opportunities could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.0075, 1.0060, 1.0035 and 1.0025. A bullish move may stall o reverse around 1.0120.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price reversed around the moving averages and has since been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish and widening, signalling that the downtrend could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 111.05 and 111.20.

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.

US non-farm employment change , average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD closed above the horizontal channel resistance area and has since been bullish. Price is down-trending, suggesting that the current bullish move may reverse and become bearish. Shorting opportunities could exist around any of the key Fib levels, around the trend resistance area and around the horizontal levels at 1304.40 and 1314.40. A bearish move may be rejected or reverse around the moving averages and around the horizontal levels at 1290.50 and 1283.05.

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