TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 22, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been finding support around the horizontal level at 0.7095. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the trend support area and around the horizontal levels at 0.7095, 0.7090, 0.7060 and 0.7045.

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 bullish and has swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and widening, signalling that the upside momentum could continue. Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8640, 0.8610 and 0.8580. A bullish move could stall or reverse around the horizontal resistance levels at 0.8670 and 0.8700.

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.

European services and manufacturing PMI figures will be announced at 0815 & 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has reversed around the trend support area. The EURUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1.1355, 1.1335, 1.1320 and 1.1300. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 1.1445.

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.

European services and manufacturing PMI figures will be announced at 0815 & 0830 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has been bearish and has reversed around the horizontal support area at 1.3050 (as suggested in yesterday’s chart analysis). The GBPUSD is down-trending. The moving averages are bearish and widening, signalling that the downside pressure could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3150, 1.3190, 1.3215 and 1.3245. A bearish move could be rejected or reverse around the horizontal support levels at 1.3050 and 1.2965.

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, the NZDUSD has reversed around the longer-term moving average and the previous horizontal resistance at 0.6860. Price is up-trending. 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 0.6870 and 0.6860. A bullish move may find resistance around 0.6930.

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

 

The USDCAD has been bullish. Price has swung above the recent range resistance area and the moving averages are bullish and steady, all suggesting that the USDCAD could start up-trending. Long opportunities may exist around the bullish moving averages, around the diagonal support area and around the horizontal levels at 1.3360, 1.3340 and 1.3290. A bullish move could find resistance around the horizontal levels at 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.

Canadian CPI and retail sales figures will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, suggesting that the USDCHF may attempt to swing lower. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9940, 0.9985 and 1.0015. Price may find support around the recent lows at 0.9895.

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 yesterday’s chart analysis, price has been finding resistance around the previous horizontal support at 110.85. The USDJPY is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Selling opportunities may exist around the dynamic resistance of the moving averages and around the previous horizontal support levels at 110.85, 111.00 and 111.15. A bearish move could find support around 110.35.

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 reversed around the longer-term moving average (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1310.90, 1300.00, 1298.55 and 1294.70. A bullish move may be rejected or reverse around the recent swing high at 1318.90.

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