TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 17, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average and has moved lower. The AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.6910 and 0.6935.

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

 

Price continues to uptrend and be bullish (as suggested in yesterday’s chart analysis). The EURGBP is up-trending. 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, around the trend support area and around the horizontal levels at 0.8685, 0.8650 and 0.8645. The EURGBP could continue to find resistance around 0.8745.

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 reversed off the longer-term moving average. Price has been indecisive but recent price action has been bearish. The moving averages have crossed bearish and are steady, signalling that the bearish direction may continue. Shorting opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.1180, 1.1215, 1.1220 and 1.1245. A move lower may stall or reverse around the horizontal support levels at 1.1150 and 1.1125.

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

 

The GBPUSD continues to move lower (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2865, 1.2905, 1.2940.

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 has moved lower. The NZDUSD is down-trending again. The moving averages are bearish and steady, suggesting that the downward pressure may continue. Shorting opportunities could exist around the bearish moving averages and around the horizontal levels at 0.6545, 0.6565, 0.6570, 0.6580, 0.6590 and 0.6610.

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

 

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3375, 1.3385, 1.3405, 1.3415, 1.3485 and 1.3495.

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 swung above the recent range, suggesting that price may move higher. Long opportunities could exist around the moving averages, around the trend support area and around the horizontal levels at 1.0055 and 1.0050. A bullish move may find resistance around 1.0130, 1.0155 and 1.0160. The moving averages are moving sideways, signalling 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 

 

As suggested in yesterday’s chart analysis, the USDJPY closed above the range resistance area and then reversed off the resistance at 110.05. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 109.10, 109.70, 110.05, 110.30 and 110.90.

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 continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight. Trading opportunities could exist around the horizontal levels at 1278, 1280, 1282, 1286, 1288, 1290, 1293.50, 1299 and 1301.50.

 

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