TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 10, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the trend support area and has since been bullish. The AUDUSD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7130, 0.7110, 0.7100 and 0.7090. A bullish move could find resistance around the horizontal resistance levels at 0.7150 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.

US CPI figures will be released at 1230 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

EURGBP – 1 Hour Chart

 

Price continues to be indecisive. Trading opportunities could exist around the moving averages, around the diagonal support area and around any of the identified horizontal levels at 0.8490, 0.8515, 0.8530, 0.8590, 0.8600, 0.8625, 0.8640, 0.8645 and 0.8700. The moving averages are bullish and steady, signalling that the EURGBP may attempt a bullish move higher.

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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today. The ECB will release a monetary policy statement and announce rates at 1145 UTC. This is followed by a press conference at 1230 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD has reversed off the channel resistance area and the horizontal level at 1.1280. Price is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the upside momentum could continue. Long opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 1.1250, 1.1210 and 1.1185. A bullish move could stall or reverse around the channel resistance area and around the horizontal resistance levels at 1.1280, 1.1325 and 1.1385.

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.

The ECB will release a monetary policy statement and announce rates at 1145 UTC today. This is followed by a press conference at 1230 UTC. US CPI figures will be released at 1230 UTC. US FOMC meeting minutes will be released at 1800 UTC.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD reversed around 1.3110 (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 and are moving sideways. Trading opportunities could exist around the diagonal support and resistance areas and around the horizontal levels at 1.2990, 1.3005, 1.3035, 1.3110, 1.3145 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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today. US CPI figures will be released at 1230 UTC. US FOMC meeting minutes will be released at 1800 UTC.

 

NZDUSD – 1 Hour Chart

 

Price has been down-trending and is currently in a retrace phase. The NZDUSD has recently moved above the trend resistance area and the moving averages are tight and moving sideways, all suggesting market indecision – the downtrend could now be over. Trading opportunities may exist around the trend resistance area (as support), around the moving averages and around the horizontal levels at 0.6720, 0.6740, 0.6775, 0.6800, 0.6825 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 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.

US CPI figures will be released at 1230 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

USDCAD – 1 Hour Chart

 

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3265, 1.3290, 1.3300, 1.3365, 1.3375 and 1.3390.

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.

US CPI figures will be released at 1230 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF reversed around the trend support area and then found resistance around the horizontal resistance at 1.0005. Price is up-trending. Opportunities to go long may exist around the trend support area, around the moving averages and around the horizontal levels at 1.0000, 0.9980 and 0.9965. The USDCHF could continue to find resistance around 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.

US CPI figures will be released at 1230 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has completed the head and shoulder pattern and has been bearish (as suggested in yesterday’s chart analysis). Price has started to downtrend. The moving averages are bearish and widening, signalling that the downside momentum may continue. Selling opportunities could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 111.30, 111.50 and 111.75. A bearish move may stall or reverse around the horizontal levels at 110.90, 110.65, 110.35 and 110.05.

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.

US CPI figures will be released at 1230 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

XAUUSD – 1 Hour Chart

 

Price has been bullish and has been finding resistance around 1305.85 (as identified in yesterday’s chart analysis). GOLD is currently up-trending. The moving averages are bullish and widening, signalling that the upside pressure could continue. Buying opportunities may exist around the moving averages and around the horizontal levels at 1303.15, 1299.15, 1295.25, 1293.05 and 1287.20. A bullish move could find resistance around 1305.85, 1313.40, 1319.00 and 1322.55

 

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