TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 15, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around 0.7045. The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between 0.7045 and 0.7095. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD closes out of the range (break-out trade). A break to the upside could stall or reverse around 0.7115, 0.7140 and 0.7180. A break to the downside could stall or reverse around 0.7020 and 0.7005.

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 moving sideways. The EURGBP has formed lower swing highs and the moving averages are bearish and widening, all suggesting that price may start down-trending. Selling opportunities could exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8550, 0.8565, 0.8575, 0.8610 and 0.8640. A bearish move may be rejected or reverse around 0.8535, 0.8510, 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.

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 been finding support around the trend support area. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may 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 could find resistance around 1.1320, 1.1335, 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

 

The GBPUSD is up-trending. The moving averages are bullish and widening, suggesting that the upside may continue. Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3225, 1.3185, 1.3110 and 1.3085. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.3250, 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.

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 reversed around the 50.0% Fib level. The NZDUSD is now looking indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the diagonal resistance area, around the moving averages and around the identified horizontal levels at 0.6745, 0.6760, 0.6785, 0.6790, 0.6810, 0.6820, 0.6830, 0.6835, 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

 

Price reversed around the shorter-term moving average and has since been bearish (as suggested in yesterday’s chart analysis). The USDCAD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal level at 1.3340. A bearish move may stall or reverse around 1.3290, 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

 

As suggested in yesterday’s chart analysis, the USDCHF has been bearish and has moved lower. Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Opportunities to go short may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.0040, 1.0045, 1.0055 and 1.0070. A move lower could find support around the horizontal levels at 1.0020, 1.0015, 0.9985 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 

 

The USDJPY has been bullish and has swung higher. Price is up-trending. The moving averages are bullish and steady, suggesting that the upside momentum may continue. Opportunities to go long could exist around the bullish moving averages, around the diagonal support area and around the horizontal levels at 111.45, 111.20, 111.05 and 110.90. The USDJPY may stall or reverse around the horizontal resistance levels at 111.85 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

 

Price has become indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1283.00, 1290.50, 1294.70, 1300.00, 1310.90 and 1322.50.

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