TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 26, 2019
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD continued to be bearish. Price is down-trending and is currently retracing some of the recent bearish swing. The moving averages are bearish and widening, all signalling that the downward pressure may continue. Opportunities to go short could exist around the bearish moving averages, around any of the key Fib levels and around the trend resistance area. A bearish move may be rejected or reverse around the recent swing low at 0.6995.
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.
A US advanced GDP figure will be released at 1230 UTC today.
EURGBP – 1 Hour Chart
EURGBP continues to be indecisive and lack trend direction. Trading opportunities may exist around any of the identified horizontal levels at 0.8590, 0.8600, 0.8620, 0.8635, 0.8650 and 0.8675. The moving averages have become bearish and are widening, suggesting that price could attempt a bearish move.
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
As suggested in yesterday’s chart analysis, price has continued to be bearish and move lower. The EURUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. If price starts retracing, shorting opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support at 1.1205. The EURUSD may continue to find support around 1.1120.
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.
A US advanced GDP figure will be released at 1230 UTC today.
GBPUSD – 1 Hour Chart
Price has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). The GBPUSD is down-trending. The moving averages are bearish and steady, signalling that the downside 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 1.2960, 1.2975 and 1.3010. A bearish move could stall or reverse around the recent lows at 1.2865.
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 US advanced GDP figure will be released at 1230 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has been down-trending and is currently in a retrace phase. Opportunities to go short could exist around any of the horizontal levels at 0.6670, 0.6690 and 0.6700. Price has retraced above the moving averages, signalling that downside momentum may be weakening. A bearish move may be rejected or reverse around the moving averages and around the newly formed swing low at 0.6580.
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 US advanced GDP figure will be released at 1230 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD continued to be move higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Opportunities to go long may exist around any of the key Fib levels, around the moving averages, around the trend support area and around the previous resistance levels at 1.3395 and 1.3385. An attempt to swing higher could find resistance around 1.3515.
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 US advanced GDP figure will be released at 1230 UTC today.
USDCHF – 1 Hour Chart
Price has reversed off the range resistance area at 1.0225 (as suggested in yesterday’s chart analysis). The USDCHF continues to be indecisive and range between 1.0170 and 1.0225. The moving averages are tightening and moving sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside may find support 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.
The Chairman of the SNB will speak at 0800 UTC today. A US advanced GDP figure will be released at 1230 UTC.
USDJPY – 1 Hour Chart
Price has been bearish and is now looking indecisive again. Trading opportunities may exist around the horizontal levels at 111.45, 111.85, 112.00, 112.10 and 112.35, around the moving averages and around the previous diagonal support area (as resistance). The moving averages are starting to become bearish, suggesting that the USDJPY could attempt a bearish move.
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.
A US advanced GDP figure will be released at 1230 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD has reversed off the horizontal level at 1282.50. Price continues to be indecisive and lack trend direction. Trading opportunities could exist around the diagonal support area, around the moving averages and around the horizontal levels at 1267.65, 1271.75, 1279.50, 1282.50 and 1293.00.
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