TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 16, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding support around 0.7145. The AUDUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and widening, signalling that the uptrend could continue. Buying opportunities may exist around the trend support area and around the horizontal levels at 0.7145, 0.7130, 0.7115 and 0.7110. A bullish move could stall or reverse around the moving averages and 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.

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

 

EURGBP – 1 Hour Chart

 

Price has reversed around the horizontal resistance at 0.8645 (as suggested in yesterday’s chart analysis). The EURGBP is up-trending. Price has recently moved below the trend support area though and the moving averages, all signalling that upside momentum is weakening – the uptrend may becoming to an end. The moving averages confirm this – they are moving sideways. Trading opportunities could exist around the previous trend support area (as resistance) and around the horizontal levels at 0.8655, 0.8645, 0.8635, 0.8600 and 0.8590.

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.

A UK average earnings index figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

The EURUSD is up-trending within a bullish channel. The moving averages are bullish and widening, suggesting that the uptrend 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 1.1290, 1.1280, 1.1250, 1.1245 and 1.1240. A bullish move could stall or reverse around the horizontal resistance at 1.1320 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

 

As suggested in yesterday’s chart analysis, the GBPUSD reversed around the horizontal resistance at 1.1315. Price continues to be indecisive and range but the bullish channel is holding and the moving averages are bullish and steady – all signalling potential upside. Trading opportunities could exist around the channel support and resistance areas and around the horizontal levels at 1.2995, 1.3005, 1.3035, 1.3050, 1.3115, 1.3120, 1.3140 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.

A UK average earnings index figure will be announced at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

Price found support around the moving averages (as suggested in yesterday’s chart analysis) but continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities may exist around the bullish channel support and resistance areas and around the horizontal levels at 0.6720, 0.6765, 0.6775, 0.6780, 0.6800 and 0.6825. The bullish channel and slightly bullish moving averages suggest that the NZDUSD could attempt a bullish move.

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.

A New Zealand CPI figure will be released at 2245 UTC today.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 1.3300. 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 could exist around the support and resistance areas of the bullish channel, around the moving averages and around the horizontal levels at 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.

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

 

USDCHF – 1 Hour Chart

 

The USDCHF reversed off the longer-term moving average and has since swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, 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 1.0030, 1.0005, 0.9995 and 0.9980. A bullish move could find resistance around the recent swing high at 1.0045.

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 is up-trending and is currently in a retrace phase. The moving averages are bullish and widening, suggesting that the uptrend may continue. Opportunities to go long could exist around the longer-term moving average and around the horizontal levels at 111.75, 111.50, 111.30, 111.20 and 110.85. A bullish move may be rejected or reverse around the recent swing high and horizontal resistance at 112.05.

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.

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

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD has been rejected around the horizontal level at 1282.75. Price is looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages and around the horizontal levels at 1282.75, 1285.80, 1287.20, 1293.10, 1295.25, 1299.20 and 1303.15.

 

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