TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 04, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been rejected around the horizontal resistance at 0.7130. The AUDUSD continues to lack trend direction and be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages 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

 

Price has reversed off the horizontal level at 0.8510 and the shorter-term moving average (as suggested in yesterday’s chart analysis). Just like other pairs, the EURGBP continues to be indecisive and lack trend momentum. Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8490, 0.8510, 0.8530, 0.8590, 0.8605, 0.8635 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.

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 become indecisive and has been finding resistance around 1.1245. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between the recent swing low at 1.1185 and the horizontal resistance at 1.1250. Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). A break to the upside could stall or reverse around the horizontal levels at 1.1280, 1.1325, 1.1355 and 1.1385.

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 continued to be bullish and move higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and widening, signalling that the upside momentum may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the identified diagonal support area and around the horizontal levels at 1.3175, 1.3145, 1.3105 and 1.3040. A bullish move may find resistance around the large bearish channel resistance area and around the horizontal resistance levels at 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

 

Price has been down-trending and is currently in a retrace phase. Selling opportunities may exist around the longer-term moving average and around the horizontal levels at 0.6800, 0.6825, 0.6830 and 0.6835. The moving averages are moving sideways, signalling market indecision. A bearish move could be rejected or reverse around the shorter-term moving average and around the horizontal levels at 0.6775 and 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

 

Price has been bullish and is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3260, 1.3270, 1.3295, 1.3305, 1.3340, 1.3360, 1.3375 and 1.3440.

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 reversed off the diagonal support area. Price is up-trending. Long opportunities may exist around the trend support area and around the horizontal levels at 0.9965, 0.9960 and 0.9930. A bullish move could stall or reverse around the horizontal resistance at 1.0000. The moving averages are tightening and are moving sideways, suggesting market indecision – the uptrend may becoming to an end.

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 is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue. Opportunities to go long could exist around the longer-term moving average and around the horizontal levels at 111.20, 110.90, 110.70 and 110.35. A bullish move may find resistance around the horizontal resistance levels at 111.50, 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

 

As suggested in yesterday’s chart analysis, price found resistance around the longer-term moving average. GOLD has since moved above the moving averages and has become indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1285.65, 1287.20, 1295.25, 1298.60, 1300.35 and 1305.80.

 

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