TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 23, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, upside momentum is weakening – the AUDUSD has been bearish. Price is looking indecisive. The moving averages confirm the 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 0.6960, 0.6965, 0.6990, 0.7000, 0.7045 and 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

 

EURGBP has reversed around the longer-term moving average and the horizontal level at 0.9005 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8955, 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 closed below the horizontal channel support area and has since been bearish. The EURUSD has swung below the recent consolidation area and the moving averages have crossed bearish, all signalling that price may start down-trending.

Opportunities to go short could exist around the previous channel support area at 1.1200 and around the dynamic resistance of the moving averages.

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 continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the identified horizontal levels at 1.2385, 1.2450, 1.2555 and 1.2575.

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 found resistance around the recent highs at 0.6785. Price has been up-trending but has recent swung below the moving averages, signalling that upside momentum is weakening. The moving averages confirm the weakening trend – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6650, 0.6700, 0.6735 and 0.6785.

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 closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price is now finding resistance around 1.3140 (as also suggested). The USDCAD is above the recent consolidation and the moving averages are bullish and widening, all signalling that price could start up-trending.

Opportunities to go long may exist around the bullish moving averages and around the previous consolidation resistance at 1.3090. Price could continue to find resistance around 1.3140 and 1.3145.

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.

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

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed off the bearish channel support area and is now finding resistance around the longer-term moving average. The USDCHF is choppy but is down-trending within a bearish channel. The moving averages have been crossing frequently, signalling indecision.

Shorting opportunities could exist around the longer-term moving average, around any of the key Fib levels, around the channel resistance area and around the horizontal resistance levels at 0.9900 and 0.9905. A bearish move may be rejected or reverse around the shorter-term moving average, around the recent lows at 0.9805 and around the channel support area.

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

 

Price found resistance around the trend resistance area (as suggested in yesterday’s chart analysis) but has since been bullish and moved above the resistance area. The USDJPY is above a number of key resistance areas, suggesting that the recent downtrend could be over. The moving averages confirm the lack of downside momentum – they are above to cross bullish.

Trading opportunities may exist around the previous trend resistance area (as support), around the moving averages and around the horizontal levels at 107.25, 107.80, 108.35 and 108.60.

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 is up-trending and is currently in a retrace phase. The moving averages are tightening and price is below both moving averages, all suggesting that the uptrend may becoming to an end.

Long opportunities could exist around the trend support area and around the horizontal support levels at 1401, 1387 and 1383. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 1417, 1434 and 1447.

 

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