TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 03, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD moved below the symmetrical triangle pattern and has since been bullish. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the diagonal resistance area and around the horizontal levels at 0.7055, 0.7065, 0.7100, 0.7120, 0.7130, 0.7145 and 0.7165.

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 but continues to consolidate and be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.8490, 0.8510, 0.8530, 0.8590, 0.8605 and 0.8635.

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 

 

Price has been down-trending and is currently in a retrace phase. The moving averages are starting to tighten and the EURUSD has swung above the moving averages, all suggesting that downside pressure is weakening – the downtrend may becoming to an end. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1185, 1.1245, 1.1280 and 1.1325.

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

 

As suggested in yesterday’s chart analysis, price has been finding resistance around the horizontal level at 1.3150. The GBPUSD continues to downtrend within a bearish channel. Recent price action has been bullish though and the moving averages have crossed bullish, all signalling that the GBPUSD could move higher. Opportunities to go long may exist around the dynamic support of the moving averages, around the identified diagonal support area and around the horizontal levels at 1.3105, 1.3045 and 1.3015. A bullish move could be rejected or reverse around the bearish channel resistance area and around the horizontal levels at 1.3150, 1.3175, 1.3245, 1.3265 and 1.3295.

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 bearish and has formed a swing lower. Price action has formed a series of lower swing lows and the moving averages are bearish and widening, all signalling that the NZDUSD may start down-trending. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6775, 0.6790, 0.6810,, 0.6825, 0.6830 and 0.6840. A bearish move may stall or reverse around the recent swing low at 0.6740.

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 reversed off the horizontal level at 1.3360 and has since been bearish. Price is down-trending. The moving averages are bearish and steady, signalling that the downside momentum could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3340, 1.3360 and 1.3375. A bearish move could be rejected or reverse around the horizontal support levels at 1.3300, 1.3290, 1.3270 and 1.3260.

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 continues to be above the recent consolidation area, suggesting that the USDCHF may start up-trending. The moving averages confirm this – they are bullish and steady. Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9970, 0.9930 and 0.9915. A bullish move may find resistance around 1.0000 and 1.0050.

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 continues to be bullish and move higher. The USDJPY 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 and around the horizontal levels at 111.20, 110.90 and 110.65. Price could find resistance around the horizontal resistance levels at 111.60 and 111.85.

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 been down-trending and is currently in a retrace phase. The moving averages are tightening and are starting to move sideways, suggesting that price may become indecisive. Trading opportunities could exist around the moving averages and around the horizontal levels at 1285.65, 1287.20, 1295.25, 1298.60, 1300.05 and 1305.80.

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/ 

 

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *