TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 08, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the horizontal resistance at 0.7130. The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified 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 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)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

EURGBP – 1 Hour Chart

 

Price found resistance around 0.8635 (as suggested in Friday’s chart analysis). The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8490, 0.8515, 0.8530, 0.8590, 0.8605, 0.8625, 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, holding back any rate hikes. The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the end of 2019.

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

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the EURUSD has been rejected again at the range resistance area. Price continues to be indecisive and lack trend direction. The EURUSD is ranging between 1.1185 and 1.1250. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. 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 be rejected or reverse around the identified horizontal levels at 1.1280, 1.1325 ad 1.1355.

The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the end of 2019. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has reversed around 1.2990 (as suggested in Friday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages, around the diagonal levels and around the horizontal levels at 1.2990, 1.3005, 1.3015, 1.3040, 1.3100, 1.3110, 1.3150 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, holding back any rate hikes. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

NZDUSD – 1 Hour Chart

 

Price has been bearish and has swung lower. The NZDUSD is down-trending. The moving averages are bearish and widening, suggesting that the downside momentum could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6740, 0.6775, 0.6800 and 0.6825. A bearish move could find support around 0.6720.

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 but recent economic data for New Zealand has been poor, suggesting a further cut to rates. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

USDCAD – 1 Hour Chart

 

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.3260, 1.3270, 1.3295, 1.3365, 1.3375, 1.3390 and 1.3440.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. 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. Oil price fluctuations may impact the Canadian economy.

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

 

USDCHF – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the USDCHF continues to be bullish and uptrend. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 0.9985, 0.9965, 0.9960 and 0.9930. A bullish move could reverse around the horizontal levels at 1.0000 and 1.0005.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy was stagnant throughout late 2018 but has been showing signs of positive momentum so far in 2019. 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 and is now looking indecisive. Price is below the moving averages and the moving averages are tightening and moving sideways – all confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 110.35, 110.65, 110.0, 111.20, 111.30, 111.50, 111.65 and 111.75.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy was under-performing in 2018 but is currently seeing signs of moderate expansion.

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

 

XAUUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has reversed around the horizontal level at 1285.65. GOLD has since been bullish. Price is above the recent consolidation area, signalling that GOLD could start up-trending. Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1295.25, 1293.10, 1287.20 and 1285.80. A bullish move could stall or reverse around the horizontal levels at 1300.35, 1305.80 and 1319.00.

 

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