TriumphFX Forex Analysis – Daily Charts – July, August & September 2019


 

AUDUSD – Daily Chart

 

As suggested in our last daily chart analysis, the AUDUSD has continued to be bearish and downtrend. The moving averages are bearish and steady, signalling that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages and around the trend resistance area. An attempt to swing lower could stall or reverse around the recent swing low at 0.6850.

Price action has recently formed an inverted head and shoulder pattern and price is currently attempting a move above the moving averages, signalling that the downtrend could becoming to an end. A bullish move higher may find resistance around the horizontal resistance levels at 0.7190, 0.7270, 0.7380 and 0.7470.

The Reserve Bank of Australia (RBA) has cut rates by 0.25% to 1.00% (a record low). 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 late 2019.

 

EURGBP – Daily Chart

 

The EURGBP is currently indecisive and ranging between 0.8500 and 0.9100. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. 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 shown a slowdown in the British economy. 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 and driving down the Pound. 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 2nd quarter of 2020.

 

EURUSD – Daily Chart 

 

As suggested in our last daily chart analysis, price has continued to see downward pressure and be bearish. The EURUSD is now looking indecisive and is moving sideways. The moving averages are also moving sideways and are tight – confirming the market indecision.

Price action has formed a horizontal channel at 1.1130-1.1430. Trading opportunities could exist around the support and resistance areas of the channel and if EURUSD closes out of the channel (break-out trade). A break to the upside may find resistance around 1.1550 and 1.1800.

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 2nd quarter of 2020. 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 late 2019.

 

GBPUSD – Daily Chart

 

Price has been reversing around the support and resistance areas of the range (as suggested in our last daily chart analysis). Just like other GBP and USD pairs, the GBPUSD is indecisive and is lacking trend direction. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways.

The GBPUSD is ranging between 1.2450 and 1.3325. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out).

Recent economic indicators for the UK have shown a slowdown in the British economy. 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 and driving down the Pound. 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 late 2019.

 

NZDUSD – Daily Chart

 

The NZDUSD is choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around any of the identified horizontal levels at 0.6435, 0.6490, 0.6720 and 0.6940.

The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at the record low of 1.50%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 but recent economic data for New Zealand has been poorer than expected. 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 late 2019.

 

USDCAD – Daily Chart 

 

USDCAD has been up-trending but recent price action has been bearish. Price has formed a lower swing high and the moving averages are above to cross bearish, all suggesting that the USDCAD could start down-trending.

Price action has formed a bearish channel, selling opportunities may exist around the resistance area of the channel. Selling opportunities may also exist around the moving averages and around the horizontal levels at 1.3300, 1.3535 and 1.3650. The USDCAD could be rejected or reverse around the bearish channel support area and around the recent swing low at 1.2800.

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 at a steady pace. 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 and economic outlook.

 

USDCHF – Daily Chart

 

Price has become choppy and indecisive. The moving averages confirm the market indecision – they are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9570, 0.9520, 1.0110 and 1.0200.

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, especially due to the current global uncertainties around Brexit and the US. The SNB has announced that it will continue to intervene with in foreign exchange markets.

 

USDJPY – Daily Chart

 

Price has been slightly bearish but continues to be indecisive. The moving averages are bearish and steady, signalling that the downward direction could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal resistance at 112.10. A bearish move could find support around 107.10.

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.

 

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

I would like to thank you for the efforts you’ve put in writing this blog. I’m hoping to see the same high-grade content from you later on as well. In truth, your creative writing abilities has motivated me to get my own blog now 😉

I’m impressed, I have to admit. Genuinely rarely should i encounter a weblog that’s both educative and entertaining, and let me tell you, you may have hit the nail about the head. Your idea is outstanding; the problem is an element that insufficient persons are speaking intelligently about. I am delighted we came across this during my look for something with this.

10 Comments

Leave a Reply

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