TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 08, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the horizontal level at 0.6955. The AUDUSD 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 could exist around the identified horizontal levels at 0.6880, 0.6905, 0.6935, 0.6955 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.

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

 

EURGBP – 1 Hour Chart

 

Price has reversed around the range resistance area (as suggested in Friday’s chart analysis). 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 the EURGBP moves 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 

 

As suggested in Friday’s chart analysis, the EURUSD has found support around 1.1205. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the moving averages and around the horizontal levels at 1.1240, 1.1275, 1.1305 and 1.1350. A bearish move may find support around 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

 

The GBPUSD has continued to be bearish and move lower (as suggested in Friday’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 1.1260, 1.2585 and 1.2660. A bearish move could find support or reverse around 1.2520 and 1.2500.

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

 

As suggested in Friday’s chart analysis, price moved below the range support area and has since been bearish. As also suggested, the NZDUSD found support around 0.6600. Price action has formed a large double-top and the moving averages have crossed bearish, all signalling that the NZDUSD may start down-trending. Opportunities to go short could exist around the moving averages, around the previous range support area at 0.6660 and around the trend resistance area. A bearish move may be rejected or reverse around the horizontal levels at 0.6615, 0.6600, 0.6555 and 0.6535.

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 become indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. The USDCAD is ranging between 1.3045 and 1.3145. Trading opportunities may 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 upside could stall or reverse around 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

 

As suggested in Friday’s chart analysis, the USDCHF has swung higher and has continued to be bullish. Price 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 0.9885, 0.9840 and 0.9810. The USDCHF may find resistance around 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 has reversed around 108.65 (as suggested in Friday’s chart analysis). Price continues to be indecisive and lack trend direction. 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 horizontal levels at 107.55, 108.10, 108.60 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.

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

 

XAUUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has reversed around 1383. GOLD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is moving within a large horizontal channel at 1383-1436. Trading opportunities could exist around the support and resistance areas of the channel and if GOLD closes out of the channel (break-out trade). A break to the downside may find support around 1355.

 

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