TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 15, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD has been bullish and has swung higher. Price is up-trending again. The moving averages are bullish and steady, signalling that the upside momentum may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7150, 0.7145, 0.7130, 0.7120 and 0.7110. A bullish move may stall or reverse around the horizontal resistance levels at 0.7170 and 0.7185.

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.

The RBA will release monetary policy meeting minutes at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the EURGBP moved above the range resistance area and has since been bullish. Price action is forming an uptrend. Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8635, 0.8600 and 0.8590. A bullish move could stall or reverse around the horizontal resistance levels at 0.8645 and 0.8655.

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 

 

Price has been bullish and has swung higher (as suggested in Friday’s chart analysis). The EURUSD is up-trending. Price action has formed a bullish channel and the moving averages are bullish and widening, all signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 1.1280 and 1.1245. A bullish move may be rejected or reverse around the horizontal resistance at 1.1325 and the channel resistance area.

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 direction. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 1.2990, 1.3005, 1.3035, 1.3050, 1.3115, 1.3150, 1.3190 and 1.3265. Recent price action has formed a potential bullish channel, suggesting that the GBPUSD could attempt a bullish move. Trading opportunities may exist around the support and resistance areas of the channel.

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 has been bullish and has closed above the range resistance area. Price is above the recent consolidation, suggesting that the NZDUSD may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages and around the previous range resistance at 0.6770. A bullish move may be rejected or reverse around the horizontal resistance levels at 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.

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

 

USDCAD – 1 Hour Chart

 

Just like other USD pairs, the USDCAD 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 and around the horizontal levels at 1.3290, 1.3300, 1.3310, 1.3350, 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.

A Canadian business outlook survey figure will be announced at 1430 UTC today.

 

USDCHF – 1 Hour Chart

 

Price is up-trending. Long opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1.0005 and 1.0000. The moving averages are tightening and are moving sideways, signalling that buying momentum may be weakening. A bullish move may find resistance around the horizontal resistance levels at 1.0030 and 1.0045. A bearish move may find support around 0.9980, 0.9970 and 0.9960.

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 Friday’s chart analysis, price has continued to be bullish and move higher. The USDJPY 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 and around the horizontal levels at 111.75, 111.50, 111.30, 111.20 and 110.85.

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 reversed around the horizontal level at 1295.25 (as suggested in Friday’s chart analysis). Price continues to be indecisive. The moving averages confirm this – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 1282.75, 1285.80, 1287.20, 1293.10, 1295.25, 1299.20, 1303.15, 1309.85 and 1313.40.

 

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