TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 03, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price closed above the horizontal resistance at 0.6935 and has since been bullish. The AUDUSD has moved above the recent consolidation area and the moving averages have just crossed bullish, all signalling that price may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.6935, 0.6930 and 0.6900.

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 manufacturing PMI figure will be announced at 1400 UTC today. An Australian retail sales figure will be announced at 0130 UTC. The RBA will announce the official interest rate and release a rate statement at 0430 UTC.

 

EURGBP – 1 Hour Chart

 

Price has moved above the recent horizontal channel and the moving averages have become bullish, all suggesting that the EURGBP could start up-trending again. Long opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 0.8840, 0.8790 and 0.8740. A bullish move could stall or reverse around the recent swing high at 0.8870.

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 continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around any of the identified horizontal levels at 1.1120, 1.1130, 1.1145, 1.1180, 1.1215 and 1.1220.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the GBPUSD is currently finding resistance around the trend resistance area. Price is down-trending. Opportunities to go short may exist around the trend resistance area and around the horizontal levels at 1.2695, 1.2745 and 1.2785. An attempt to swing lower could be rejected or fail around the horizontal support levels at 1.2610 and 1.2560. The moving averages are tightening and are moving sideways, suggesting that the GBPUSD could become indecisive.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

Price has recently reversed around 0.6555 (as suggested in yesterday’s chart analysis). Just like other USD Forex pairs, the NZDUSD continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they have been crossing frequently. Price is ranging between the horizontal support at 0.6495 and the horizontal resistance at 0.6560. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD closes out of the range (break-out trade). A break to the upside may stall or reverse around the horizontal resistance levels at 0.6580 and 0.6585. A break to the downside may stall or reverse around the horizontal support at 0.6485.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCAD – 1 Hour Chart

 

Price has been bearish. The USDCAD has moved below the trend support area and the moving averages, signalling that the uptrend could be over. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 1.3560, 1.3535, 1.3505, 1.3495, 1.3490, 1.3485 and 1.3430.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF has been bearish and has moved lower. Price is below a number of key support levels and the moving averages have crossed bearish, all suggesting that the USDCHF may start down-trending. Shorting opportunities could exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1.0010, 1.0035, 1.0050 and 1.0055. Price may find support around 0.9975.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the USDJPY has been bearish and has moved lower. Price is down-trending. The moving averages are bearish and widening, all signalling that the downside momentum could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 109.10, 109.20 and 109.25. The USDJPY could find support around 108.05.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

Price has been rallying. GOLD has swung above the recent consolidation area and the moving averages have crossed bullish and are widening, all signalling that price may start up-trending. If price starts retracing, buying opportunities could exist around any of the key Fib levels, around the bullish moving averages and around the horizontal levels at 1302, 1299, 1294 and 1287. GOLD may find resistance around 1312.50.

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/