TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 10, 2019


 

AUDUSD – 1 Hour Chart

 

Price has been bearish. The AUDUSD has moved below the recent consolidation area and the moving averages are bearish and steady, all signalling that price may start down-trending. Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6955, 0.6965 and 0.6990. A bearish move may find support around 0.6905 and 0.6855.

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 FOMC meeting minutes will be released at 1800 UTC.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price closed above the range resistance area and has since been bullish. The EURGBP is up-trending. The moving averages have crossed bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 0.8990, 0.8980 and 0.8955.

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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

The EURUSD has been finding resistance around the shorter-term moving average and the trend resistance area (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downside momentum 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 1.1275 and 1.1305. The EURUSD may find support around 1.1195.

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 FOMC meeting minutes will be released at 1800 UTC today.

 

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 steady, signalling that the downtrend could continue. Opportunities to go short may exist around the trend resistance area, around the bearish moving averages 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.

UK GDP and manufacturing production figures will be announced at 0830 UTC today. US FOMC meeting minutes will be released at 1800 UTC.

 

NZDUSD – 1 Hour Chart

 

Price has continued to move lower (as suggested in yesterday’s chart analysis). The NZDUSD 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 0.6615, 0.6650 and 0.6660. A bearish move may stall or reverse around 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 FOMC meeting minutes will be released at 1800 UTC.

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding resistance around the range resistance area. The USDCAD continues to be indecisive and lack trend trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. 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 find resistance 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 BOC will announce rates and release a rate statement and monetary policy report at 1400 UTC today. This is followed by a press conference at 1415. US FOMC meeting minutes will be released at 1800 UTC.

 

USDCHF – 1 Hour Chart

 

The USDCHF is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that price may move higher. Long opportunities could exist around the trend support area, around the longer-term moving average and around the horizontal levels at 0.9885, 0.9840 and 0.9805.

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 FOMC meeting minutes will be released at 1800 UTC.

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the USDJPY has continued to be bullish and move higher. 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 108.55, 108.50, 108.10 and 107.55.

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 FOMC meeting minutes will be released at 1800 UTC.

 

XAUUSD – 1 Hour Chart

 

Price has been finding support around the horizontal channel support area (as suggested in yesterday’s chart analysis). GOLD continues to be indecisive and move within the large horizontal channel at 1383-1436. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade).

 

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