TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 05, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price found support around the 23.6% Fib level and has moved higher. The AUDUSD continues to uptrend and be bullish. The moving averages are bullish and widening, signalling that the upside momentum may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the previous resistance levels at 0.6935 and 0.6930. Price is starting to look a little over-extended, signalling that the AUDUSD is due a retrace 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.

A US non-manufacturing PMI figure will be released at 1400 UTC today.

 

EURGBP – 1 Hour Chart

 

Price has been clearly up-trending and is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the EURGBP could attempt a bullish move higher. Long opportunities may exist around the moving averages, around the trend support areas and around the horizontal levels at 0.8840, 0.8830, 0.8805 and 0.8790. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.8870 and 0.8900.

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 continued to be bullish and move higher. Price continues to be above the recent consolidation area and the moving averages are still bullish and widening, all signalling that the EURUSD may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages around the horizontal levels at 1.1230, 1.1220, 1.1215 and 1.1180. A bullish move may stall or reverse around 1.1265.

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 non-manufacturing PMI figure will be released at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD found support around the shorter-term moving average and has since moved higher (as suggested in yesterday’s chart analysis). Price has started to uptrend. The moving averages are bullish and widening, signalling that the upside direction could continue. Opportunities to go long may exist around the trend support area, around the previous trend resistance area (as support), around the dynamic support of the moving averages and around the horizontal levels at 1.2695, 1.2610 and 1.2560. A bullish move could be rejected or reverse around the horizontal resistance levels at 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.

A US non-manufacturing PMI figure will be released at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. The NZDUSD is up-trending. The moving averages are bullish and widening, all signalling that the uptrend could continue. If price starts retracing, long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.6580 and 0.6560.

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 non-manufacturing PMI figure will be released at 1400 UTC today.

 

USDCAD – 1 Hour Chart

 

Price has continued to be bearish but overall looks indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 1.3370, 1.3405, 1.3430 and 1.3490. If the USDCAD closes below the horizontal support at 1.3370, 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 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 non-manufacturing PMI figure will be released at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF reversed off the 23.6% Fib level and has since moved lower. Price is down-trending. The moving averages are bearish and widening, signalling that the downside momentum could continue. If the USDCHF starts retracing, opportunities to go short 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 1.0010 and 1.0035. Price could continue to find support around 0.9905.

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 non-manufacturing PMI figure will be released at 1400 UTC today.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has been down-trending but is currently ranging between the horizontal support at 107.85 and the horizontal resistance at 108.40. The moving averages confirm the current indecision – they are starting to tighten. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may find resistance around the longer-term moving average and around the previous horizontal support at 109.20. If the USDJPY breaks to the downside, price may start down-trending again.

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 non-manufacturing PMI figure will be released at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. The moving averages are bullish and widening, signalling that the upside momentum could continue.

 

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