TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 29, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been finding resistance around 0.6930. Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.6865, 0.6890, 0.6910, 0.6930, 0.6935 and 0.6970.

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.

Australian building approvals and private capital expenditure figures will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has reversed off the horizontal channel resistance again (as suggested in yesterday’s chart analysis). Price continues to be indecisive and move within the horizontal channel at 0.8790-0.8840. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities could exist around the support and resistance areas of the channel and if the EURGBP closes out of the channel (break-out trade). A break to the downside may find support around 0.8740 and 0.8685.

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 confirm the indecision – they have been crossing frequently. Trading opportunities may 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

 

As suggested in yesterday’s chart analysis, price found resistance around the moving averages and around the horizontal level at 1.2695. The GBPUSD continue to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.2610, 1.2695, 1.2745, 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 reversed off the horizontal resistance at 0.6560 (as suggested in yesterday’s chart analysis). Price is now indecisive and is ranging between the horizontal levels at 0.6540 and 0.6560. Trading opportunities may exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). A break to the downside could find support around 0.6515 and 0.6485. A break to the upside could find resistance around 0.6565, 0.6580 and 0.6610. The moving averages are tightening and are moving sideways – confirming the current indecision.

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.

A New Zealand budget release is scheduled for 0200 UTC.

 

USDCAD – 1 Hour Chart

 

Just like most other USD pairs, the USDCAD is indecisive. Price has recently reversed around the horizontal level at 1.3495 (as suggested in yesterday’s chart analysis). Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.3370, 1.3380, 1.3405, 1.3415, 1.3430, 1.3485, 1.3495 and 1.3505. If the USDCAD closes above 1.3505, price may attempt a bullish move higher.

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.

The BOC will release a rate statement and announce rates at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average. The USDCHF has since been bullish. Price action has formed a short series of higher swing highs and higher swing lows, signalling that price could start up-trending. The moving averages confirm this – they have crossed bullish. Buying opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 1.0055 and 1.0050. A bullish move could be rejected or reverse around the horizontal levels at 1.0070, 1.0080, 1.0090, 1.0095 and 1.0120.

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 off the horizontal level at 109.55 (as suggested in yesterday’s chart analysis). The USDJPY continues to be indecisive. Trading opportunities could exist around the identified horizontal levels at 109.10, 109.20, 109.60, 109.70, 109.90, 109.95 and 110.05. The moving averages are bearish and steady, signalling that price may attempt a bearish move 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

 

As suggested in yesterday’s chart analysis, GOLD has reversed around the horizontal level at 1278. Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are currently tightening – confirming the indecision. Trading opportunities may exist around the horizontal levels at 1271, 1277.50, 1280, 1281.50, 1282.50, 1287, 1288.50, 1290, 1293.50 and 1299.

 

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