TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 25, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding resistance around 0.6965. The AUDUSD 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 0.6935, 0.6905 and 0.6880. A bullish move may 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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

EURGBP – 1 Hour Chart

 

Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.8870, 0.8880, 0.8910, 0.8950 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 

 

As suggested in yesterday’s chart analysis, the EURUSD has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and steady, signalling that the upside momentum may continue. If the EURUSD starts retracing, long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.1345, 1.1295 and 1.1255. Price may continue to find resistance around 1.1410.

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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has been reversing around the horizontal resistance at 1.2760 and the shorter-term moving average (as suggested in yesterday’s chart analysis). Price continues to be indecisive. Trading opportunities may exist around the diagonal support area, around the moving averages and around the horizontal levels at 1.2655, 1.2675, 1.2720 and 1.2760. If the GBPUSD closes above 1.2760, price could 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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and has reversed off the horizontal level at 0.6650. The NZDUSD is up-trending. Opportunities to go long could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 0.6615, 0.6600 and 0.6555. A bullish move may find resistance around 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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC. The RBNZ will release a rate statement at 0200 UTC.

 

USDCAD – 1 Hour Chart

 

Price has been reversing off the support and resistance areas of the range (as suggested in yesterday’s chart analysis). The USDCAD continues to range between 1.3165 and 1.3220. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside could stall or reverse around the identified horizontal levels at 1.3235, 1.3250 and 1.3340. The moving averages are bearish, signalling that the USDCAD could 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 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 US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has continued to be bearish and move lower. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the bearish moving averages and around any of the key Fib levels. A bearish move may find support around the recent lows at 0.9695.

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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

USDJPY – 1 Hour Chart 

 

The USDJPY has been bearish and has swung lower (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Shorting opportunities may exist around the moving averages and around the horizontal levels at 107.10, 107.70 and 107.85. A bearish move could find support around the recent lows at 106.80.

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.

A US consumer confidence figure will be announced at 1400 UTC today. The Chair of the Federal Reserve will speak at 1700 UTC.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher.  GOLD 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, around any of the key Fib levels and around the horizontal levels at 1407 and 1384. Price may stall or reverse around the recent highs at 1436.

 

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