TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 10, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed off the 38.2% Fib level and has since swung higher. The AUDUSD is now retracing some of the recent bullish move. The moving averages have crossed and are moving sideways, signalling market indecision. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 0.6900, 0.6935, 0.6965, 0.7000 and 0.7010.

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

 

Price reversed around the trend support area and has swung higher (as suggested in Friday’s chart analysis). The EURGBP continues to uptrend and be bullish. The moving averages have crossed bullish, signalling that the upside momentum could continue. Opportunities to go long may exist around the moving averages, around the trend support area and around the horizontal levels at 0.8900, 0.8885, 0.8870, 0.8840 and 0.8830.

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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the EURUSD reversed around the 50.0% Fib level and the longer-term moving average. As also suggested, price has since been bullish and has moved higher. The EURUSD 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 areas and around the horizontal levels at 1.1295, 1.1265, 1.1255, 1.1220 and 1.1215. A bullish move may be rejected or reverse around the recent swing high at 1.1340.

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

 

The GBPUSD has been bullish but continues to look indecisive. Trading opportunities may exist around the horizontal levels at 1.2560, 1.2610, 1.2670, 1.2695, 1.2745, 1.2760 and 1.2785. The moving averages are slight bullish and steady, suggesting that price could attempt another bullish move.

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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has swung higher and has been bullish. The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6615 and 0.6560. A bullish move may stall or reverse around the horizontal resistance levels at 0.6650 and 0.6675.

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

 

Price has continued to be bearish and move lower (as suggested in Friday’s chart analysis). The USDCAD is down-trending. The moving averages are bearish and widening, all signalling that the downside direction could continue. Opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support levels at 1.3365. Price could find support around the recent lows at 1.3235.

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.

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

 

USDCHF – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the USDCHF reversed around the longer-term moving average and has since been bearish. Price has been down-trending but is currently ranging between the horizontal support at 0.9865 and the horizontal resistance at 0.9950. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade). The moving averages are bearish and widening, signalling that price may break to the downside.

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 

 

The USDJPY closed above the recent range resistance area and has since been bullish (as suggested in Friday’s chart analysis). Price has been down-trending and is currently in a retrace phase. The moving averages are signalling market indecision – the downtrend could becoming to an end. Trading opportunities may exist around the identified diagonal support and resistance areas, around the moving averages and around the horizontal levels at 107.85, 108.45, 108.60, 109.20 and 109.60.

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 Friday’s chart analysis, price reversed around the 23.6% Fib level and the shorter-term moving average and has since moved higher. GOLD is up-trending and is currently in a retrace phase. Buying opportunities may exist around any of the key Fib levels. A bullish move could be rejected or reverse around the moving averages and around the horizontal resistance levels at 1341 and 1345.

 

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