TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 11, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6900, 0.6930, 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

 

As suggested in yesterday’s chart analysis, the EURGBP has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and widening, signalling that the upside momentum 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 0.8900, 0.8885, 0.8870, 0.8850, 0.8840 and 0.8830. The EURGBP may continue to find resistance around 0.8925.

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.

A UK averages earnings index figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

Price has reversed around the previous resistance at 1.1295 and the shorter-term moving average (as suggested in yesterday’s chart analysis). The EURGBP is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Long opportunities may exist around the moving averages, around the trend support areas and around the horizontal levels at 1.1295, 1.1255, 1.1220 and 1.1215. A bullish move could 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

 

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are currently tight and moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2560, 1.2610, 1.2675, 1.2745 and 1.2760.

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 UK averages earnings index figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD found support around 0.6615. Price has since been bearish though and has swung below the horizontal level. The NZDUSD is below a number of key support areas and the moving averages are crossing bearish, signalling that the recent uptrend could be over. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6495, 0.6560, 0.6615, 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

 

The USDCAD has been finding resistance around the 23.6% Fib level (as suggested in yesterday’s chart analysis). Price is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downside direction may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area, around any of the key Fib levels and around the horizontal levels at 1.3365 and 1.3430. The USDCAD may find support around the recent swing low 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

 

Price continues to range between 0.9865 and 0.9955. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade). A break to the upside could be rejected or reverse around the horizontal levels at 1.0010 and 1.0095. The moving averages confirm the current indecision – they are tight and are moving sideways.

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 found support around the moving averages. The USDJPY continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. Trading opportunities could exist around the moving averages, around the identified diagonal support and resistance areas 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

 

GOLD continues to be in a retrace phase. Opportunities to go long could exist around any of the key Fib levels. The moving averages have crossed bearish, signalling that price may struggle to swing higher. A bullish move may be rejected or reverse around the moving averages and around the horizontal resistance levels at 1341 and 1345.

 

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