TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 21, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. As also suggested, the AUDUSD has been finding resistance around 0.6930. 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 0.6900 and 0.6880. A bullish move may find resistance around 0.6965 and 0.7000.

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 previous channel support area and the horizontal level at 0.8910 (as suggested in yesterday’s chart analysis). The EURGBP is looking indecisive. Trading opportunities may exist around the moving averages, around the previous channel support area and around the horizontal levels at 0.8840, 0.8850, 0.8870, 0.8880, 0.8910, 0.8930 and 0.8970. The EURGBP is below the recent bullish channel and the moving averages are bearish and widening, signalling that price could move lower.

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.

European services and manufacturing PMI figures will be released at 0715 and 0730 UTC today.

 

EURUSD – 1 Hour Chart 

 

The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1185, 1.1205, 1.1220, 1.1240, 1.1255, 1.1295, 1.1310 and 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.

European services and manufacturing PMI figures will be released at 0715 and 0730 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the GBPUSD has become indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1.1220, 1.2560, 1.2655, 1.2675, 1.2720, 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.

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

 

NZDUSD – 1 Hour Chart

 

Price has been bullish (as suggested in yesterday’s chart analysis). The moving averages are bullish and widening, signalling that the upside momentum may continue. Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.6535 and 0.6510. A bullish move may stall or reverse around the horizontal levels at 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

 

As suggested in yesterday’s chart analysis, price has continued to be bearish. The USDCAD is down-trending. The moving averages are bearish and widening, signalling that the downside momentum could continue. Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3235, 1.3250, 1.3340 ad 1.3365. Price could continue to find support around 1.3165.

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 Canadian retail sales figure will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF has been bearish. Price has moved below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the USDCHF may start down-trending. Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9865 and 0.9915.

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, the USDJPY has been bearish. The moving averages are bearish and widening, signalling that price could start down-trending. Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 107.85 and 108.20. A bearish move could find support around the recent lows at 107.10.

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 yesterday’s chart analysis, price has continued to move higher and be bullish. GOLD is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1355, 1345 and 1333. An attempt to swing higher may stall or reverse around the recent high at 1406.

 

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