TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 22, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD has been bearish. Price has moved below the moving averages and the trend support area, suggesting that the recent uptrend is now over. Price action has formed a series of lower swing lows and highs and the moving averages are bearish and widening, all signalling that the AUDUSD may move lower. Opportunities to go short could exist around around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7140, 0.7155, 0.7160, 0.7170 and 0.7185. A bearish move may stall or reverse around the horizontal levels at 0.7130, 0.7115, 0.7110 and 0.7090.

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

 

As suggested in our last chart analysis, the EURGBP found support around the horizontal level at 0.8635. Price has since been moving sideways. The moving averages are also moving sideways, signalling market indecision. Trading opportunities may exist around the identified horizontal levels at 0.8675, 0.8655, 0.8645, 0.8635, 0.8620, 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.

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

 

EURUSD – 1 Hour Chart 

 

Price moved below the range support area and has since been bearish (as suggested in our last chart analysis). The EURUSD is below the recent consolidation area and the moving averages are bearish and widening, all signalling that price may start down-trending. Shorting opportunities could exist around the bearish moving averages and around the horizontal levels at 1.1250 and 1.1280. A bearish move may be rejected or reverse around the horizontal support levels at 1.1225, 1.1210 and 1.1185.

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 our last chart analysis, price has been reversing off the horizontal levels at 1.3050 and 1.3005. The GBPUSD has been indecisive but recent price action has been to the downside. The moving averages are bearish and steady, signalling that the downward 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 1.3005, 1.3030 and 1.3050. Price could find support around 1.2980.

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 bearish. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6690, 0.6700, 0.6725, 0.6740 and 0.6765. The NZDUSD may continue to find support around the horizontal support at 0.6670.

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

 

As suggested in our last chart analysis, the USDCAD has been finding resistance around the horizontal channel resistance area. 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. The USDCAD is moving within a horizontal channel at 1.3290-1.3395. Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade).

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 has continued to be bullish and move higher (as suggested in our last chart analysis). The USDCHF is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the moving averages and around any of the key Fib levels. An attempt to swing higher may stall or reverse around the recent highs at 1.0155.

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 our last chart analysis, price has been finding support around the range support area. The USDJPY continues to be indecisive and range between 111.85 and 112.10. The moving averages are tight and moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). A break to the downside could find support around the horizontal levels at 111.75, 111.50, 111.30 and 111.20.

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 is down-trending. Shorting opportunities could exist around the longer-term moving average and around the horizontal levels at 1279 and 1282.50. Price action is forming a inverted head and shoulder reversal pattern and the bearish moving averages are tightening, all suggesting that downside momentum is weakening. A bearish move may stall or reverse around the horizontal support levels at 1274 and 1272. A bullish move may find resistance around 1286, 1287, 1293 and 1295.

 

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