TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 24, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the AUDUSD reversed around the shorter-term moving average and has since moved higher. The moving averages are bullish and widening, all signalling that the upside momentum could continue. Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6935, 0.6905 and 0.6880. A bullish move could be rejected or reverse around the horizontal levels at 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

 

The EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around any of the identified horizontal levels at 0.8840, 0.8850, 0.8870, 0.8880, 0.8910, 0.8940 and 0.8970.

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 

 

Price has been bullish. The EURUSD has swung above the recent consolidation area and the moving averages are bullish and widening, all signalling that price could start up-trending. Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.1340, 1.1295, 1.1255 and 1.1240. The EURUSD could continue to find resistance around 1.1385.

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

 

As suggested in Friday’s chart analysis, price has been finding resistance around 1.2760. The GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around the moving averages, around the diagonal support area and around the identified horizontal levels at 1.2560, 1.2655, 1.2675, 1.2720, 1.2745 and 1.2760. If price closes above 1.2760, the GBPUSD may attempt a bullish move higher.

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

 

The NZDUSD has been bullish and has swung higher (as suggested in Friday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.6600, 0.6555, 0.6535 and 0.6510. A bullish move could be rejected 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 Friday’s chart analysis, the USDCAD has reversed around the shorter-term moving average. Price is down-trending but is currently ranging between 1.3165 and 1.3220. Trading opportunities could exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade). The moving averages are bearish and widening, signalling that price may break to the downside. A break to the upside may be rejected or reverse around the horizontal levels at 1.3235, 1.3250, 1.3340 and 1.3365.

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 has continued to be bearish and move lower (as suggested in Friday’s chart analysis). The USDCHF is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.9865, 0.9915, 0.9955 and 0.9965.

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 Friday’s chart analysis, price reversed around the 38.2% Fib level. The USDJPY is down-trending and is currently in a retrace phase. The moving averages are bearish, signalling that price may attempt a bearish move lower. Shorting opportunities could exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 107.70, 107.85 and 108.20. A bearish move may find support around 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

 

GOLD has been bullish and has been finding resistance around 1406 (as suggested in Friday’s chart analysis). Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Buying opportunities may exist around any of the key Fib levels, around the bullish moving averages, around the trend support area and around the horizontal levels at 1355 and 1345. GOLD could continue to find resistance around 1407.

 

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