TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 23, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the trend resistance area and has since moved lower. The AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Selling opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.7135, 0.7140, 0.7155 and 0.7170. A bearish move could find support around any of the horizontal support levels at 0.7115, 0.7110, 0.7090 and 0.7055.

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.

Australian CPI figures will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

Price has reversed off the horizontal level at 0.8675 (as suggested in yesterday’s chart analysis). The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8675, 0.8655, 0.8645, 0.8635, 0.8620 and 0.8600.

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 

 

The EURUSD has been bullish and is now looking indecisive. The moving averages confirm the indecision – they are tightening and are moving sideways. Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.1210, 1.1225, 1.1240, 1.1250 and 1.1280.

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 has been finding support around the horizontal level at 1.2980. Price is looking a little indecisive but is in a long-term downtrend. The moving averages are bearish and steady, signalling that the GBPUSD may attempt a move lower. Shorting opportunities could exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.3005, 1.3035 and 1.3050. Price may continue to 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

 

Price has been bearish and is moving lower (as suggested in yesterday’s chart analysis). The NZDUSD continues to downtrend and be bearish. The moving averages are bearish and steady, signalling that the selling momentum could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6670, 0.6690, 0.6700, 0.6725 and 0.6745.

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 yesterday’s chart analysis, price has reversed off the range resistance area. The USDCAD continues to be indecisive and lack trend momentum. Price is ranging between 1.3290 and 1.3395. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if the USDCAD closes out of the range (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

 

The USDCHF has reversed around the shorter-term moving average and has since swung higher (as suggested in yesterday’s chart analysis). Price continues to uptrend and be bullish. The moving averages are bullish and steady, signalling that the upside momentum could continue. Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.0155 and 1.0130.

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 has moved below the recent range support area. Price is below the recent consolidation and the moving averages are bearish, all suggesting that the USDJPY may start down-trending. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance levels at 112.00 and 112.10. A bearish move may be rejected or reverse around the horizontal levels at 111.80, 111.70 and 111.50.

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

 

Price has been down-trending but is currently moving within a horizontal channel at 1271.75-1279.50. Trading opportunities may exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade). A break to the upside could be rejected or reverse around the horizontal levels at 1282.50, 1285.80 and 1293.00.

 

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