TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 30, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed off the horizontal level at 0.6910. The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.6865, 0.6590, 0.6910, 0.6930 and 0.6935. If price closes above 0.6935, the AUDUSD may attempt a bullish move higher.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

Price continues to 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 may 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 could find support around the horizontal levels at 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 

 

As suggested in yesterday’s chart analysis, the EURUSD has been finding support around 1.1130. Price continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 1.1130, 1.1145, 1.1180, 1.1215 and 1.1220. If the EURUSD closes below 1.1130, price may attempt a bearish move lower.

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 US preliminary GDP figure will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has found support around 1.2610 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the identified horizontal levels at 1.2610, 1.2695, 1.2745 and 1.2785. If the GBPUSD closes below 1.2610, price could attempt a bearish move lower.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

Just like other USD pairs, the NZDUSD continues to be indecisive. Trading opportunities could exist around the identified horizontal levels at 0.6485, 0.6510, 0.6515, 0.6540, 0.6545, 0.6560, 0.6565 and 0.6580. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

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 US preliminary GDP figure will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

Price has moved above the recent consolidation area, suggesting that the USDCAD could start up-trending. The moving averages confirm this – they are bullish and widening. Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3505, 1.3495, 1.3485 and 1.3430. A bullish move could stall or reverse around the recent high at 1.3535.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF reversed around the trend support area and has since been bullish. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.0070, 1.0055, 1.0050, 1.0035 and 1.0010. A bullish move may be rejected or reverse around the horizontal levels at 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.

A US preliminary GDP figure will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has reversed around 109.20 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities may exist around the horizontal levels at 109.10, 109.20, 109.60, 109.70, 109.85, 109.95, 110.05, 110.20 and 110.65.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

Price continues to lack trend momentum. The moving averages have been crossing frequently – confirming the indecision. Trading opportunities could exist around the diagonal resistance area, around the moving averages and around the horizontal levels at 1271, 1278, 1281.50, 1282.50, 1285, 1287, 1288.50 and 1293.50.

 

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