TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 19, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding support around the shorter-term moving average. The AUDUSD is up-trending. The moving averages are bullish and widening, 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 previous horizontal resistance levels at 0.7095 and 0.7090. A bullish move could stall or reverse around 0.7120 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.

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

 

EURGBP – 1 Hour Chart

 

Price has reversed around 0.8575 (as suggested in yesterday’s chart analysis). The EURGBP continues to be choppy and indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around any of the identified horizontal levels at 0.8490, 0.8500, 0.8510, 0.8535, 0.8550, 0.8565, 0.8580, 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.

A UK average earnings index figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD reversed around the shorter-term moving average and the trend support area. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.1250, 1.1290, 1.1300, 1.1320, 1.1320, 1.1335, 1.1355, 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

 

The GBPUSD has been bearish. Price has reversed around the longer-term moving average (as suggested in yesterday’s chart analysis) but is now looking indecisive. The moving averages are starting to tighten – confirming the indecision. The GBPUSD is ranging between 1.3220 and 1.3295. Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside may be rejected or reverse around the previous trend support area and around the horizontal resistance at 1.3335. A break to the downside may be rejected or reverse around the horizontal levels at 1.3185 and 1.3110.

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.

A UK average earnings index figure will be released at 0930 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the trend support area. The NZDUSD is looking indecisive again. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the trend support area and around the horizontal levels at 0.6790, 0.6810, 0.6820, 0.6830, 0.6835, 0.6860 and 0.6870. If price closes above 0.6870, the NZDUSD could attempt a bullish move higher.

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 continues to be indecisive and move sideways. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the identified diagonal support area, around the moving averages and around the horizontal levels at 1.3290, 1.3305, 1.3340, 1.3360, 1.3420 and 1.3445.

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 continued to be bearish and move lower. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Selling opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.0015, 1.0030, 1.0040, 1.0055 and 1.0070. A bearish move could 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 

 

The USDJPY has been bearish. Price has swung below the trend support area and the moving averages are crossing bearish, all signalling that the recent uptrend may now be over. Trading opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 110.75, 110.85, 111.00, 111.15, 111.40, 111.70, 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 been bullish. GOLD has formed a short series of higher swing highs and higher swing lows and the moving averages are becoming bullish, all signalling that price could start up-trending. Long opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1304.50, 1300.05, 1298.55, 1294.70 and 1290.50. A bullish move could stall or reverse around 1310.90.

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