TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 09, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been finding support around 0.6955. Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6880, 0.6905, 0.6935, 0.6955, 0.6990 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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is ranging between 0.8920 and 0.8990. Trading opportunities could exist around the support and resistance areas of the range and if the 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 

 

As suggested in yesterday’s chart analysis, price has continued to be bearish and find support around 1.1205. The EURUSD is down-trending. The moving averages are bearish and steady, signalling that the downside momentum could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1235, 1.1275 and 1.1305. A bearish move could stall or reverse 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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price reversed around the shorter-term moving average and has since moved lower (as suggested in yesterday’s chart analysis). The GBPUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.2495, 1.2535, 1.2560 and 1.2585.

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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the shorter-term moving average and has since been bearish. Price is down-trending. The moving averages are bearish and widening, signalling that the downside momentum could continue. Selling opportunities may exist around the moving averages and around the horizontal levels at 0.6650, 0.6660 and 0.6720. A bearish move could find support around 0.6615, 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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

USDCAD – 1 Hour Chart

 

The USDCAD has reversed around the range support area (as suggested in yesterday’s chart analysis). Price is indecisive and is ranging between 1.3045 and 1.3145. Trading opportunities could exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade). A break to the upside may be rejected 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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. The USDCHF is up-trending. The moving averages are bullish and widening, signalling that the upside momentum could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9885 and 0.9840. A bullish move could be rejected or reverse 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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

USDJPY – 1 Hour Chart 

 

Price has been bullish. The USDJPY is above the recent consolidation area and the moving averages are bullish and widening, all signalling that price may start up-trending. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 108.60, 108.50 and 108.10.

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.

The Chair of the Federal Reserve will speak at 1245 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to be indecisive and range between 1383 and 1436. 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 have been crossing frequently and are moving sideways – confirming the current indecision.

 

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