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


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the AUDUSD moved above the range resistance area and has since been bullish. The moving averages are bullish and starting to widen, signalling that the upside momentum may continue. Opportunities to go long could exist around the diagonal support areas, around the dynamic support of the moving averages and around the previous range resistance at 0.7095. A bullish move may find resistance around 0.7115, 0.7140 and 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 recent monetary policy meeting minutes at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP reversed around the longer-term moving average (as suggested in Friday’s chart analysis) and then found support around 0.8510 (as also suggested). Price is now looking indecisive. The moving averages confirm this – they are moving sideways. Trading opportunities may exist around the diagonal resistance area and around the horizontal levels at 0.8490, 0.8500, 0.8510, 0.8535, 0.8550, 0.8565, 0.8575, 0.8610, 0.8640 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 Friday’s chart analysis, price has been bullish and has swung higher. The moving averages are bullish and steady, signalling that the bullish momentum may continue. Long opportunities could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.1335, 1.1320, 1.1290 and 1.1250. The EURUSD may be rejected or reverse around the horizontal levels at 1.1370, 1.1400 and 1.1415.

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 reversed around the horizontal level at 1.3225 and has since been bullish (as suggested in Friday’s chart analysis). The GBPUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.3275, 1.3245, 1.3220 and 1.3185. A bullish move could stall or reverse around the horizontal resistance and recent highs at 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

 

The NZDUSD has been bullish and has moved higher. The moving averages continue to be tight and move sideways, suggesting market indecision. Price action has formed a short series of higher swing highs and higher swing lows though, signalling that the current upside momentum may continue. Opportunities to go long could exist around the trend support areas, around the dynamic support of the moving averages and around the horizontal levels at 0.6860, 0.6855, 0.6835, 0.6830, 0.6820, 0.6810 and 0.6795. A bullish move may be rejected or reverse around the horizontal levels at 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 Friday’s chart analysis, the USDCAD reversed around 1.3290. Price is now looking indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the previous trend resistance area and around the horizontal levels at 1.3125, 1.3200, 1.3290, 1.3340, 1.3350, 1.3420, 1.3445 and 1.3460.

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 is swinging lower (as suggested in Friday’s chart analysis). The USDCHF is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.0015, 1.0020, 1.0030, 1.0040, 1.0050, 1.0055 and 1.0070. A bearish move may stall or reverse around 0.9985, 0.9965 and 0.9930.

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, price has been finding support around the longer-term moving average. The USDJPY is up-trending. Long opportunities may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 111.40, 111.20, 111.00 and 110.85. A bullish move could stall or reverse around the shorter-term moving average and around the horizontal levels at 111.65, 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

 

GOLD has become indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 1283.05, 1290.50, 1294.70, 1300.05, 1304.50 and 1310.90.

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