TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 13, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding support around the longer-term moving average and around the horizontal level at 0.7050. The AUDUSD is now looking indecisive. The moving averages are starting to move sideways – confirming the market indecision. Trading opportunities may exist around the moving averages, around the previous diagonal support (as resistance) and around the horizontal levels at 0.7005, 0.7020, 0.7050, 0.7065, 0.7075, 0.7090 and 0.7115.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

Price has reversed around 0.8635 (as suggested in yesterday’s chart analysis). The EURGBP is looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 0.8500, 0.8535, 0.8545, 0.8565, 0.8575, 0.8610, 0.8640, 0.8670 and 0.8725.

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.

British parliament will vote on leaving the EU without a deal sometime this evening (UTC time).

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD has been bullish. Price is above the moving averages and the recent trend resistance area, all signalling that the EURUSD could start up-trending. The moving averages have crossed bullish – confirming the potential upside. Buying opportunities may exist around the trend support area, around the previous trend resistance (as support), around the moving averages and around the horizontal levels at 1.1250 and 1.1225. A bullish move could stall or reverse around the horizontal levels at 1.1290, 1.1325, 1.1355 and 1.1400.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has reversed around the previous trend resistance area (as suggested in yesterday’s chart analysis). Price has become indecisive. The moving averages confirm the market indecision – they have crossed and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2965, 1.3055, 1.3085, 1.3110, 1.3190, 1.3245, 1.3275 and 1.3335.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today. British parliament will vote on leaving the EU without a deal sometime this evening (UTC time).

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price continued to be bullish and then reversed around the horizontal level at 0.6870. The NZDUSD is now retracing some of the recent bullish move. The moving averages are bullish and widening, signalling that price could attempt a bullish move higher. Long opportunities may exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 0.6820, 0.6815 and 0.6790. An attempt to swing higher could find resistance around the shorter-term moving average and around the horizontal levels at 0.6835 and 0.6870.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

Price reversed around the diagonal resistance area and the shorter-term moving average and has moved lower (as suggested in yesterday’s chart analysis). The moving averages are bearish and steady, signalling that the downside momentum may continue. Selling opportunities could exist around the diagonal resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.3420 and 1.3445. A bearish move may stall or reverse around any of the key Fib levels.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF has been bearish. Price action has formed a bearish channel and the moving averages are about to cross bearish, all suggesting that the USDCHF could move lower. Shorting opportunities may exist around the moving averages, around the channel resistance area and around the horizontal resistance levels at 1.0115 and 1.0120. A bearish move could be rejected or reverse around the channel support area and around the horizontal levels at 1.0070, 1.0055, 1.0040, 1.0020, 1.0015, 1.0005.

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 durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the USDJPY has been finding resistance around the trend resistance area. Price is now attempting a move above the trend resistance. The moving averages are tightening and are moving sideways – signalling market indecision. Trading opportunities could exist around the moving averages, around the previous trend resistance area and around the horizontal levels at 110.75, 110.85, 111.00, 111.20, 111.45, 111.65 and 112.00.

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.

US durable goods orders and a PPI figure will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

Price has been bullish. GOLD has swung above the the recent trend resistance area and the moving averages are bullish and steady, all suggesting that price could start up-trending. Opportunities to go long may exist around the trend support area, around the previous trend resistance area, around the bullish moving averages and around the horizontal levels at 1300.05 and 1290.45. A strong bullish move could be rejected or reverse around 1322.50 and 1332.65.