TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 02, 2019


 

AUDUSD – 1 Hour Chart

 

Price has been bearish. The AUDUSD has moved below the moving averages and the moving averages are about to cross, all suggesting that the recent uptrend may be over. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6880, 0.6935, 0.6955 and 0.7030.

The Reserve Bank of Australia (RBA) has cut rates by 0.25% to 1.00%. The Australian economy continues to grow at a steady pace and produce positive economic indicators under low interest 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.

The Governor of the RBA will speak at 2130 UTC today. An Australian building approvals figure will be announced at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around 0.8975 and has since been bearish. The EURGBP has formed a head and shoulder pattern and the moving averages have crossed bearish, signalling that price could attempt a move lower. Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8940, 0.8950, 0.8975 and 0.8985. A bearish move could be rejected or reverse around the horizontal support levels at 0.8915, 0.8880 and 0.8870.

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 

 

The EURUSD has been bearish and has been finding support around 1.1280 (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and widening, all signalling that the downtrend may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1350, 1.1390 and 1.1410. A bearish move may stall or reverse around the horizontal levels at 1.1280, 1.1240, 1.1205 and 1.1185.

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 yesterday’s chart analysis, the GBPUSD moved below the range support area and has since been bearish. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that GBPUSD could start down-trending. Opportunities to go short may exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 1.2660, 1.2725 and 1.2760. A bearish move could find support around the channel support area.

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 bearish. The NZDUSD has swung below the recent trend support area and the moving averages, suggesting that price may become indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the horizontal levels at 0.6600 and 0.6720.

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 been bullish and has been retracing some of the recent bearish move. The USDCAD has been down-trending. The moving averages are tightening though and are starting to move sideways, signalling indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3065, 1.3135, 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.

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

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCHF has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and widening, 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 0.9810 and 0.9740. A bullish move may be rejected or reverse around the horizontal levels at 0.9915, 0.9955, 0.9995 and 1.0010.

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 is up-trending but has been finding resistance around 108.50. The moving averages are still bullish and steady, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 108.20, 108.10, 107.70 and 107.60. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 108.50 and 108.75.

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 been finding support around 1384. GOLD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1401 and 1422. A bearish move may stall or reverse around 1383 and 1355.

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/ 

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