TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 09, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD found resistance around the horizontal level at 0.7130. Price has since been bullish. The AUDUSD has formed a higher swing low and the moving averages are becoming bullish, all suggesting that the current upside momentum may continue. Opportunities to go long could exist around the moving averages, around the trend support area and around the horizontal levels at 0.7130, 0.7120, 0.7100 and 0.7090. A bullish move may stall or reverse around the horizontal resistance levels at 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

 

The EURGBP has reversed around 0.8635 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 0.8490, 0.8515, 0.8530, 0.8590, 0.8605, 0.8625, 0.8640 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 yesterday’s chart analysis, price moved above the range resistance area and has since been bullish. The EURUSD is above the recent consolidation area and has formed a bullish channel, all signalling that price may start up-trending. Long opportunities could exist around the moving averages, around the channel support area and around the horizontal levels at 1.1250, 1.1210 and 1.1185. A bullish move may find resistance around the channel resistance area and around the horizontal levels at 1.1280, 1.1325 and 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

 

Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages, around the identified diagonal support and resistance areas and around the horizontal levels at 1.2990, 1.3005, 1.3015, 1.3040, 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

 

The NZDUSD is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, suggesting that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6775, 0.6800, 0.6825 and 0.6835. A bearish move may be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 0.6740 and 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

 

The USDCAD continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the 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

 

Price is up-trending and is currently in a retrace phase. Buying opportunities could exist around the trend support area and around the horizontal levels at 0.9965, 0.9960, 0.9940 and 0.9930. The moving averages are tightening and are moving sideways, signalling market indecision. An attempt to swing higher may fail around the moving averages or around the horizontal resistance 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 

 

As suggested in yesterday’s chart analysis, price has been finding resistance around the moving averages. The USDJPY has been up-trending but is struggling to swing higher. The moving averages confirm the lack of upside momentum – they are tightening and moving sideways. Price action is forming a head and shoulder pattern, suggesting that the USDJPY could become bearish. Trading opportunities may exist around the moving averages and around the horizontal levels at 111.75, 111.50, 111.30, 111.20, 110.90, 110.65 and 110.35.

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

 

GOLD has been bullish (as suggested in yesterday’s chart analysis). Price continues to be above the recent consolidation and the moving averages are bullish and widening, all signalling that GOLD may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1295.25, 1293.10, 1287.20 and 1285.80.

 

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