TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 14, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the previous trend support area (as resistance). Price continues to be indecisive. 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 identified horizontal levels at 0.7005, 0.7020, 0.7045, 0.7065, 0.7080, 0.7085, 0.7095, 0.7115 and 0.7140.

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

 

The EURGBP has been bearish. Price action has formed a swing lower, suggesting that the EURGBP could attempt to downtrend. Opportunities to go short may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8535, 0.8550, 0.8565, 0.8575, 0.8610 and 0.8640. A bearish move could stall or reverse around the horizontal support levels at 0.8500 and 0.8490.

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 requesting an extension to article 50 sometime this evening (UTC time).

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has been bullish and has moved higher. The moving averages are bullish and widening, signalling that the upside momentum may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1290 and 1.1250. A bullish move may be rejected or reverse around the horizontal levels at 1.1320, 1.1370 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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

Price has been bullish. The GBPUSD recently reversed around the horizontal resistance at 1.3335 (as suggested in yesterday’s chart analysis). Price action has formed a series of higher swing highs and lows and the moving averages are bullish, all signalling that the GBPUSD could attempt a bullish move higher. Long opportunities may exist around the dynamic support of the moving averages, around the potential trend support area and around the horizontal levels at 1.3245 and 1.3190. A bullish move could stall or reverse around 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.

British parliament will vote on requesting an extension to article 50 sometime this evening (UTC time).

 

NZDUSD – 1 Hour Chart

 

The NZDUSD attempted to swing higher but has failed. Price continues to be in a retrace move and is looking slightly choppy. The moving averages are bullish and steady, signalling that the NZDUSD may move higher. Buying opportunities could exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 0.6835, 0.6830, 0.6820, 0.6790 and 0.6785. A bullish move may find resistance around the shorter-term moving average, around the diagonal resistance area and around the horizontal resistance levels at 0.6860, 0.6870 and 0.6900.

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 yesterday’s chart analysis, the USDCAD has continued to be bearish and move lower. The moving averages are bearish and steady, signalling that the downside momentum could continue. Shorting opportunities may 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 could be rejected or reverse around the 50.0% and 61.8% Fib levels and around the previous horizontal resistance levels at 1.3240, 1.3230 and 1.3200.

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

 

Price has been bearish and has moved lower (as suggested in yesterday’s chart analysis). The moving averages are bearish and steady, signalling that the downside momentum could continue. Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.0055, 1.0070 and 1.0110. A bearish move could find support around 1.0040, 1.0020, 1.0015, 1.0005, 0.9980 and 0.9965.

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 has been bullish. Price action has formed a short series of higher swing lows and the moving averages are bullish, all suggesting that the USDJPY may move higher. Opportunities to go long could exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal levels at 111.40, 111.20, 111.05, 110.90 and 110.75. Price may find resistance around 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.

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 been bullish. Price is up-trending and is currently in a retrace phase. Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1300.00 and 1290.50. A bullish move could find resistance around 1310.90 and 1.322.50.