TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 28, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. 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, around the trend support area and around the horizontal levels at 0.6955 and 0.6935. Price may find resistance around 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

 

Price has continued to be choppy but bullish (as suggested in yesterday’s chart analysis). The EURGBP is up-trending but is also slightly indecisive. Trading opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 0.8915, 0.8940, 0.8950, 0.8970 and 0.8980. The moving averages are bullish and steady, signalling that the upside momentum could continue.

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 current account figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD has become indecisive and is ranging between 1.1350 and 1.1390. The moving averages confirm the current indecision – they are tight and moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may stall or reverse around 1.1340 and 1.1240. A break to the upside may stall or reverse 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.

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

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has reversed around 1.2720 (as suggested in yesterday’s chart analysis). Price 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 may exist around the moving averages and around the horizontal levels at 1.2520, 1.2655, 1.2720, 1.2760 and 1.2780.

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 current account figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend 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 0.6675, 0.6615 and 0.6600.

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

 

Price has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). The USDCAD has formed a bearish channel and 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, around the channel resistance area and around the horizontal levels at 1.3165 and 1.3220.

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 GDP figure will be announced at 1230 UTC today. The BOC will release a business outlook survey at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has reversed around the 23.6% Fib level. Price is down-trending and is currently in a retrace phase. Shorting opportunities could exist around the moving averages and around the horizontal levels at 0.9810 and 0.9865. The moving averages have crossed bullish and are moving sideways, suggesting that the USDCHF may struggle to swing lower. A bearish move may be rejected or reverse around 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.

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

 

USDJPY – 1 Hour Chart 

 

The USDJPY continues to be indecisive. The moving averages are moving sideways – confirming the market indecision. Trading opportunities may exist around the moving averages and around the identified horizontal levels at 106.80, 107.10, 107.70, 108.00, 108.10 and 108.20.

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

 

Price has become indecisive and is moving sideways. The moving averages confirm the indecision – they are tight and also moving sideways. Trading opportunities could exist around the horizontal levels at 1355, 1384, 1401, 1407 and 1436.

 

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