TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 14, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD found support around 0.6900. Price continues to be indecisive but recent price action has been bearish. The moving averages are bearish and steady, signalling that the downside momentum could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6900, 0.6930, 0.6935 and 0.6965.

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.

US retail sales figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been up-trending within a bullish channel. Price is currently in a retrace phase. The moving averages have crossed bearish and price action has formed a number of resistance levels, all signalling that the uptrend may becoming to an end. Trading opportunities could exist around the channel support and resistance areas, around the diagonal resistance area and around the horizontal levels at 0.8805, 0.8830, 0.8840, 0.8850, 0.8880, 0.8900, 0.8910 and 0.8930.

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.

The Governor of the BOE will speak at 1255 UTC today. US retail sales figures will be released at 1230 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has continued to be bearish and move lower. The EURUSD has been up-trending but the current retrace move suggests that the uptrend could becoming to an end. The moving averages confirm this – they have crossed bearish. Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the identified horizontal levels at 1.1220, 1.1255, 1.1295 and 1.1345.

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.

US retail sales figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price 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 the moving averages and around the horizontal levels at 1.2560, 1.2610, 1.2655, 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.

The Governor of the BOE will speak at 1255 UTC today. US retail sales figures will be released at 1230 UTC.

rrent 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.

US retail sales figures will be released at 1230 UTC today.

 

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