TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 12, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.6965. The AUDUSD 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 could exist around the moving averages and around the identified horizontal levels at 0.6910, 0.6955, 0.6965, 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.

A US PPI figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

Price reversed around the trend support area (as suggested in yesterday’s chart analysis). The EURGBP has been up-trending but is now looking indecisive. The moving averages are tightening and moving sideways – confirming the current indecision. Trading opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 0.8920, 0.8955, 0.8970, 0.8980, 0.8990 and 0.9005.

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, the EURUSD has reversed around the shorter-term moving average. Price continues to be indecisive. Trading opportunities could exist around the identified horizontal levels at 1.1195, 1.1230, 1.1250, 1.1280, 1.1305 and 1.1350. The moving averages are bullish and widening, signalling that the EURUSD may attempt a bullish move.

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.

A US PPI figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has reversed around 1.2560 (as suggested in yesterday’s chart analysis). The moving averages are bullish and price action has formed an inverted head and shoulder pattern, all signalling that the GBPUSD could become bullish. Buying opportunities may exist around the moving averages and around the horizontal levels at 1.2535, 1.2500 and 1.2450. A bullish move could be rejected or reverse around the horizontal levels at 1.2560, 1.2585 and 1.2660.

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.

A US PPI figure will be announced at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.6660. The NZDUSD continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6595, 0.6615, 0.6650, 0.6660 and 0.6720.

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.

A US PPI figure will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

Price has closed below the horizontal channel support area and has since been bearish (as suggested in yesterday’s chart analysis). The USDCAD is below the recent consolidation area and the moving averages are bearish and widening, all signalling that price could start down-trending. Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3045, 1.3090 and 1.3140.

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.

A US PPI figure will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

The USDCHF continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.9805, 0.9840, 0.9855, 0.9885 and 0.9945.

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.

A US PPI figure will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the USDJPY has reversed around the longer-term moving average and the horizontal level at 108.60.  Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 107.55, 107.90, 108.10, 108.60 and 108.95.

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.

A US PPI figure will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

Price continues to be indecisive and move within the horizontal channel at 1383-1436. Trading opportunities could exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade). The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

 

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