TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 04, 2019


 

AUDUSD – 1 Hour Chart

 

Price has closed above the range resistance area but continues to lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 06935, 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.

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

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal resistance at 0.8985. The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price is ranging between 0.8920 and 0.8990. Trading opportunities may exist around the support and resistance areas of the range and if EURGBP closes out of the range (break-out trade).

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 

 

EURUSD has been reversing around the identified horizontal levels at 1.1275 and 1.1305 (as suggested in yesterday’s chart analysis). Price is moving sideways and is ranging between these levels. Trading opportunities could exist around the range levels and if the EURUSD moves out of the range (break-out trade). A break to the downside may find support around 1.1240, 1.1205 and 1.1185. A break to the upside may find resistance around the diagonal resistance area and around the horizontal levels at 1.1350 and 1.1390.

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 has continued to be bearish and move lower. Price is down-trending. The moving averages are bearish and widening, signalling that the downside momentum could continue. If price pulls-back, selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal level at 1.2660. A bearish move could stall or reverse around the horizontal support levels at 1.2560 and 1.2520.

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 finding resistance around 0.6720 (as suggested in yesterday’s chart analysis). The NZDUSD is indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between 0.6660 and 0.6720. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD closes out of the range (break-out trade). A break to the downside may be rejected or reverse around 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

 

The USDCAD has been bearish and has moved below the recent range support area. Price continues to be indecisive though and is lacking clear trend direction. The moving averages confirm the indecision – they are tight and have been crossing frequently. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3065, 1.3145, 1.3160 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

 

USDCHF has been slightly bullish (as suggested in yesterday’s chart analysis). Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend may continue. Buying opportunities could exist around the moving averages, around the horizontal levels at 0.9840 and 0.9810 and around the trend support area. A bullish move may find resistance around 0.9885 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 

 

As suggested in yesterday’s chart analysis, the USDJPY reversed around the horizontal level at 107.60. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages and around the horizontal levels at 106.80, 107.10, 107.55, 107.70, 108.10, 108.20 and 108.50.

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 continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and have been moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1355, 1383, 1401, 1422 and 1436.

 

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