TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 27, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the AUDUSD has been finding resistance around 0.6935. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. 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.

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 been reversing off the support and resistance areas of the horizontal channel (as suggested in Friday’s chart analysis). The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside may find support around the horizontal levels at 0.8740, 0.8685 and 0.8645. Trading opportunities could also exist around the previous trend support area (as resistance).

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 Friday’s chart analysis, price has been finding resistance around 1.1215. The EURUSD has recently been bullish but price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently – confirming the indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1.1130, 1.1145, 1.1180, 1.1215, 1.1220, 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 did reverse off the trend resistance area (as suggested in Friday’s chart analysis) but has since moved higher. The GBPUSD is above the trend resistance area and the moving averages, signalling that the recent downtrend may becoming to an end. The moving averages confirm this – they are tightening and are about to cross bullish. Buying opportunities could exist around the moving averages, around the diagonal support area, around the previous trend resistance (as support) and around the horizontal levels at 1.2690 and 1.2610. A bullish move may find resistance around 1.2785 and 1.2985.

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

 

The NZDUSD has been bullish and is moving higher. The moving averages have crossed bullish, suggesting that the upside momentum could continue. Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6550, 0.6545, 0.6515 and 0.6485. A bullish move could be rejected or reverse around the horizontal levels at 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

 

The USDCAD continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 1.3370, 1.3380, 1.3405, 1.3415, 1.3480, 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 Friday’s chart analysis, price has continued to be bearish and move lower. The USDCHF is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.0050, 1.0055, 1.0070, 1.0080 and 1.0095. A bearish move could find support around 1.0010.

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 reversed around the levels at 109.70 and 109.25 (as suggested in Friday’s chart analysis). The USDJPY continues to be indecisive. Trading opportunities could exist around any of the identified horizontal levels at 109.10, 109.25, 109.55, 109.70, 109.90, 110.05, 110.20, 110.30 and 110.65. The moving averages are bearish and widening, signalling that the USDJPY may swing lower.

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

 

GOLD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1271, 1278, 1280, 1282, 1288.50, 1290, 1294 and 1299.

 

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