TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 01, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding support around the longer-term moving average. The AUDUSD continues to be indecisive. The moving averages are moving sideways and are tightening – confirming the market indecision. Price is ranging between the horizontal levels at 0.7035 and 0.7070. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the downside could stall or reverse around the recent lows at 0.6995. A break to the upside could stall or reverse around the horizontal levels at 0.7115, 0.7135 and 0.7140.

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 manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

EURGBP – 1 Hour Chart

 

Price has found support around the recent lows at 0.8595 (as identified in yesterday’s chart analysis). The EURGBP is down-trending. The moving averages are bearish and steady, signalling that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8620, 0.8635 and 0.8650. Price may continue to find support around 0.8595.

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, the EURUSD has reversed around the horizontal level at 1.1225. Price has been bullish. The moving averages are bullish and widening, signalling that the upside momentum could continue. Long opportunities may exist around the dynamic support of the moving averages, around the diagonal support area and around the previous trend resistance area (as support). A bullish move could be rejected or reverse around the horizontal levels at 1.1225, 1.1260 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.

A US manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has been bullish (as suggested in yesterday’s chart analysis). Price has swung higher and the moving averages are bullish and widening, all signalling that the GBPUSD may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3010, 1.2975, 1.2960 and 1.2940. A bullish move may find resistance around the horizontal levels at 1.3050 and 1.3120.

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 manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

NZDUSD – 1 Hour Chart

 

Price has been bearish but continues to be indecisive. The moving averages are tightening and are moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6580, 0.6655, 0.6670, 0.6680, 0.6690, 0.6700, 0.6725, 0.6745 and 0.6780.

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 manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

USDCAD – 1 Hour Chart

 

Price has been bearish and has moved lower. The USDCAD is down-trending. The moving averages are bearish ad steady, signalling that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3395, 1.3440 and 1.3470. A bearish move may find support around the horizontal support levels at 1.3340 and 1.3290.

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 manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC. The Governor of the BOC will speak at 2015 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has been finding support around the range support area. Price continues to be indecisive and lack trend direction. The USDCHF has been ranging between 1.0170 and 1.0225. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Shorting opportunities may exist around the diagonal resistance area. A break to the downside could stall or reverse around the horizontal levels at 1.0155, 1.0130 and 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.

A US manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

USDJPY – 1 Hour Chart 

 

The USDJPY is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 111.50, 111.70, 111.85, 111.90, 112.00 and 112.10. An attempt to swing lower may find support around the diagonal support area and around the horizontal support levels at 111.45 and 111.25.

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 manufacturing PMI figure will be announced at 1400 UTC today. The FOMC will release a rate statement and announce the official funds rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed off the horizontal support at 1278. GOLD 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 moving averages, around the diagonal resistance area and around the horizontal levels at 1267.50, 1272, 1278, 1279.50, 1286 and 1288.

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/