TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 08, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has reversed around the horizontal level at 0.7035 and the diagonal support area.  Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels at 0.6965, 0.6990, 0.7025, 0.7040 and 0.7070.

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

 

The EURGBP has continued to be bullish. Price has swung above the moving averages and trend resistance area, suggesting that the recent downtrend could now be over. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8495, 0.8540, 0.8620 and 0.8640.

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 continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the diagonal support area and around the identified horizontal levels at 1.1120, 1.1150, 1.1175, 1.1215, 1.1225, 1.1245 and 1.1260.

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

 

Price has been bearish and is now looking indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities may exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 1.2960, 1.2975, 1.2990, 1.3010, 1.3090, 1.3125 and 1.3165.

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

 

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the moving averages. Price action has formed a series of lower swing lows and lower swing highs – the NZDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.6615, 0.6645, 0.6660 and 0.6680. Price may find support around 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.

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

 

USDCAD – 1 Hour Chart

 

The USDCAD has reversed around the horizontal levels at 1.3415 and 1.3485 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The USDCAD is moving within a horizontal channel at 1.3415-1.3485. Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade). A break to the upside could stall or reverse around 1.3515. A break to the downside could stall or reverse around 1.3390, 1.3375 and 1.3340.

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

 

As suggested in yesterday’s chart analysis, price has reversed around the range resistance area. The USDCHF continues to be indecisive and range between 1.0130-1.0225. Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

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 

 

Price has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). The USDJPY is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Shorting opportunities may exist around any of the key Fib levels, around the bearish moving averages and around the horizontal levels at 110.30, 110.90 and 111.10.

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 is currently finding resistance around the range resistance area. Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade).

 

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