TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 05, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.6880, 0.6905, 0.6935, 0.6955, 0.7030 and 0.7045.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, EURGBP is indecisive and is ranging between 0.8920 and 0.8990. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around the support and resistance areas of the range and if price 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 

 

Price has been finding support around the range support area (as suggested in yesterday’s chart analysis). The EURUSD continues to move sideways and range between 1.1275 and 1.1305. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). The moving averages are bearish, signalling that the EURUSD could break to the downside. A move lower could find support around 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price was finding resistance around the shorter-term moving average. The GBPUSD has been down-trending and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend may continue. Opportunities to go short could exist around the moving averages, around any of the key Fib levels, around the previous horizontal support at 1.2660 and around the trend resistance area. A bearish move may 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD has reversed around the range resistance area (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). A break to the downside could find support around 0.6600 and 0.6555.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD continues to be indecisive. Price action has formed a bearish channel though and the moving averages are bearish and widening, all signalling that the USDCAD may move lower. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3065, 1.3145 and 1.3160. A bearish move may be rejected or reverse around the channel support area.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be announced at the same time.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed off the horizontal level at 0.9840. The USDCHF has been up-trending but is now looking a little indecisive. The moving averages confirm the indecision – they are tight. Trading opportunities may exist around the diagonal support area and around the horizontal levels at 0.9695, 0.9740, 0.9810, 0.9840, 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price continues to be indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages and around any of the horizontal levels at 106.80, 107.10, 107.55, 107.70, 108.10, 108.20, 108.50, 108.65 and 108.70.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD has reversed around 1422. Price continues to lack trend momentum. The moving averages confirm the current 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 1383, 1401, 1422 and 1436.

 

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

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *