TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 28, 2019


 

AUDUSD – 1 Hour Chart

 

Price continues to be indecisive and lack trend momentum. Trading opportunities could exist around the identified horizontal levels at 0.6865, 0.6890, 0.6910, 0.6930, 0.6935 and 0.6970. The moving averages are bullish and widening, suggesting that the AUDUSD may attempt a bullish move.

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

 

As suggested in yesterday’s chart analysis, price has been reversing off the support and resistance areas of the horizontal channel. The EURGBP continues to be indecisive and move between 0.8790 and 0.8840. The moving averages confirm the market indecision – they are tightening and are moving sideways. 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 downside could find support around the horizontal levels at 0.8740, 0.8685 and 0.8645.

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 

 

The EURUSD is finding support around the shorter-term moving average and the horizontal level at 1.1180 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages and around the 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

 

Just like other USD pairs, the GBPUSD has become indecisive and is lacking trend momentum. Trading opportunities may exist around the identified horizontal levels at 1.2610, 1.2695, 1.2745 and 1.2785. The moving averages confirm the current indecision – they are tight and are moving sideways.

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, price has reversed around the shorter-term moving average and has since been bullish. The NZDUSD continues to look indecisive but recent price action has been bullish. The moving averages are bullish and widening, signalling that the upside direction may continue. Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6545, 0.6540 and 0.6515. A bullish move may be rejected or reverse around the horizontal levels at 0.6560, 0.6565, 0.6570 and 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.

The RBNZ will release a financial stability report at 2100 UTC today. This is followed by a RBNZ speech at 2300 UTC and a business confidence figure at 0100 UTC.

 

USDCAD – 1 Hour Chart

 

Price continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may 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 yesterday’s chart analysis, the USDCHF has reversed around the trend resistance area and around the previous horizontal support levels at 1.0055 and 1.0050. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1.0050, 1.0055, 1.0070, 1.0080, 1.0095, 1.0120 and 1.0130. A bearish move may stall or reverse around the shorter-term moving average and around the recent swing low at 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 

 

The USDJPY continues to be indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 109.10, 109.25, 109.55, 109.70, 109.85, 110.05 and 110.20.

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, just like most USD pairs. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 1271, 1278, 1280, 1281.50, 1282, 1287, 1288.50, 1290, 1293.50 and 1299.

 

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