TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 31, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has reversed around the horizontal level at 0.6935. Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 0.6865, 0.6890, 0.6910, 0.6930 and 0.6935. If the AUDUSD closes above 0.6935, price could 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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been finding resistance around the channel resistance area (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the current indecision. Trading opportunities could continue to exist around the support and resistance areas of the horizontal channel (0.8790-0.8840) and if the EURGBP moves out of the channel (break-out). 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 have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.1120, 1.1130, 1.1145, 1.1180 and 1.1215. The moving averages have recently been bearish and are widening, signalling that the EURUSD could move lower. Selling opportunities may exist around the moving averages.

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 has been slightly bearish. The moving averages are bearish and steady, suggesting that the downside direction may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2610, 1.2695, 1.2745 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

 

The NZDUSD continues to be indecisive and lack trend momentum. 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 0.6485, 0.6515, 0.6525, 0.6540, 0.6545, 0.6555 and 0.6565.

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

 

As suggested in yesterday’s chart analysis, the USDCAD has reversed around the trend support area and has swung higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3535, 1.3505, 1.3495, 1.3490 and 1.3485.

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 Canadian GDP figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has reversed off the horizontal level at 1.0095 (as suggested in yesterday’s chart analysis). The USDCHF has swung below the trend support area and the moving averages, signalling that the recent uptrend could be over. Price is now looking indecisive. The moving averages are tightening and moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 1.0010, 1.0035, 1.0050, 1.0055, 1.0070, 1.0080, 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 

 

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 109.85. The USDJPY has since been bearish. Price has swung below the recent consolidation area, signalling that the USDJPY may start down-trending. Shorting opportunities could exist around the moving averages, around the trend resistance area and around the horizontal levels at 109.10, 109.20, 109.25, 109.60 and 109.70.

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 has been bullish but continues to move within an area of indecision. The moving averages continue to cross frequently – confirming the market indecision. Trading opportunities may exist around any of the identified horizontal levels and around the moving averages.

 

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