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


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD continues to find support around 0.6865. Price is still indecisive. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6865, 0.6890, 0.6910, 0.6935 and 0.6965. If the AUDUSD closes below 0.6865, price may attempt a bearish move lower. The moving averages are bearish and widening, signalling that a break to the downside could happen.

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 continues to uptrend and be bullish (as suggested in yesterday’s chart analysis). Price is clearly up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the moving averages, around the trend support area and around the horizontal levels at 0.8790, 0.8750, 0.8740 and 0.8685. A bullish move may be rejected or reverse around the recent swing high at 0.8835.

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.

A French services PMI figure will be released at 0715 UTC today. This is followed by German manufacturing and services PMI figures at 0730 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price is finding support around 1.1145. The EURUSD has become indecisive and is lacking trend direction. Price is ranging between the horizontal support at 1.1145 and the horizontal resistance at 1.1180. Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). The moving averages are bearish and steady, signalling that price may break to the downside.

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 French services PMI figure will be released at 0715 UTC today. This is followed by German manufacturing and services PMI figures at 0730 UTC.

 

GBPUSD – 1 Hour Chart

 

Price has swung lower and continues to be bearish (as suggested in yesterday’s chart analysis). The GBPUSD is clearly down-trending. The moving averages are bearish and steady, signalling that the downtrend 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 1.2690 and 1.2785.

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 has continued to be bearish and downtrend. The moving averages are bearish and widening, signalling that the downside direction may continue. Shorting opportunities could exist around the trend resistance area, around the bearish moving averages and around the horizontal levels at 0.6515, 0.6545 and 0.6550.

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 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 1.3370, 1.3380, 1.3405, 1.3415, 1.3485, 1.3495 and 1.3505.

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 reversed off the horizontal level at 1.0120. The USDCHF 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 identified horizontal levels at 1.0050, 1.0055, 1.0070, 1.0080, 1.0095, 1.0120, 1.0130 and 1.0155.

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 been finding support around the longer-term moving average and the horizontal level at 110.20 (as suggested in yesterday’s chart analysis). The USDJPY is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 110.05, 109.85, 109.70, 109.55, 109.25 and 109.05. A bullish move could stall or reverse around the shorter-term moving average and around the horizontal levels at 110.30, 110.65 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

 

As suggested in yesterday’s chart analysis, GOLD reverse off the horizontal support at 1269. Price continues to be indecisive and lack trend momentum. Trading opportunities could exist around the identified horizontal levels at 1269, 1278, 1280, 1282 and 1288.50. The moving averages are bearish and steady, signalling that GOLD may attempt a bearish move.

 

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