TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 19, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD closed above the recent highs at 0.7045 and has since been bullish. Price has moved above the recent consolidation area and the moving averages are bullish and steady, all signalling that AUDUSD may start up-trending.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7045 and 0.7000. Price may continue to find resistance around 0.7075.

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.

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

 

EURGBP – 1 Hour Chart

 

The EURGBP has been bearish and has moved lower. The moving averages are tightening and price is nearing the most recent swing low, suggesting that the current uptrend could becoming to an end.

Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.8920, 0.8955, 0.8970, 0.9005, 0.9015 and 0.9045.

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.

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 reversed around the range resistance area. The EURUSD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price continues to range between 1.1200-1.1280.

Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). A break to the upside may find resistance around 1.1305 and 1.1350.

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.

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

 

GBPUSD – 1 Hour Chart

 

Price has been bullish. The GBPUSD has swung above the moving averages and the moving averages are tightening, all signalling that the recent downtrend is over. The GBPUSD is now looking indecisive and is ranging between 1.2380 and 1.2575.

Trading opportunities may exist around the support and resistance areas of the range and if price moves 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 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.

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

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD has swung off the channel support area and has been bullish. Price is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the channel support area, around the bullish moving averages and around the horizontal levels at 0.6735 and 0.6700. A move higher may find resistance around the channel resistance area.

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.

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

 

USDCAD – 1 Hour Chart 

 

The USDCAD has been reversing off the support and resistance areas of the horizontal channel (as suggested in yesterday’s chart analysis). Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The USDCAD is moving within a large horizontal channel at 1.3020-1.3090.

Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade).

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.

A Canadian retail sales figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been bearish. Price action has formed a bearish channel and a lower swing low, signalling that the USDCHF may start down-trending. The moving averages are tight and moving sideways though, signalling market indecision.

Selling opportunities could exist around the moving averages, around the channel resistance area and around the horizontal resistance levels at 0.9900, 0.9905 and 0.9945. The USDCHF may find support around the channel support area and around the horizontal levels at 0.9825 and 0.9810.

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.

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

 

USDJPY – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been bearish and has moved lower. The USDJPY is down-trending. The moving averages are bearish and steady, signalling that the downside direction could continue.

Shorting opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 107.80 and 108.35. An attempt to swing lower could stall or reverse around the recent swing low at 107.25.

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

 

GOLD has been bullish. Price has moved above the recent consolidation area, suggesting that GOLD may start up-trending. The moving averages confirm this – they are bullish and widening.

Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1434, 1428 and 1417. GOLD may continue to find resistance around 1447.

 

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