TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 05, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the longer-term moving average. Price continues to be indecisive and lack trend direction. Recent price action has been bullish and the moving averages are bullish and widening, signalling that the AUDUSD may higher. Opportunities to go long could exist around the diagonal support area, around the moving averages and around the horizontal levels at 0.7120 and 0.7100. A bullish move may be rejected or reverse around the horizontal resistance levels at 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP has reversed around the diagonal resistance area and the horizontal level at 0.8590 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may 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, price has reversed around the range resistance area. The EURUSD continues to be indecisive and range between 1.1185 and 1.1250. The moving averages confirm the current indecision – they are tight and are moving sideways. 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 stall or reverse around the horizontal levels at 1.1280, 1.1320 and 1.1355.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price was bearish and then reversed around the diagonal support area (as suggested in yesterday’s chart analysis). The GBPUSD is moving within a large bearish channel but recent price action has been signalling indecision. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities may exist around the moving averages, around the bearish channel support and resistance areas, around the diagonal support area and around the horizontal levels at 1.2990, 1.3015, 1.3040, 1.3105, 1.3150, 1.3175 and 1.3190.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD continues to be indecisive. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6740, 0.6775, 0.6800, 0.6825, 0.6830 and 0.6835.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD has been finding resistance around 1.3360. Price is indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. The USDCAD is ranging between 1.3295 and 1.3365. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around 1.3375 and 1.3440. A break to the downside could find support around 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

 

USDCHF – 1 Hour Chart

 

Price has been bullish (as suggested in yesterday’s chart analysis). The USDCHF is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Long opportunities could exist around the moving averages, around the trend support area and around the horizontal levels at 1.0000, 0.9965, 0.9960 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. The USDJPY is up-trending. Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 111.60, 111.50, 111.30, 111.20 and 110.90.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD was bearish but has since reversed the move. Price continues to look indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1282.75, 1285.65, 1287.20, 1293.10, 1295.25, 1300.35 and 1305.80.

 

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