TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 6, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bearish and move lower. AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downside momentum could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6865 and 0.6895. A bearish move could find support around the recent lows and newly formed horizontal support at 0.6750.

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 cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

 

EURGBP – 1 Hour Chart

 

Price has been bullish and has formed a swing higher. The EURGBP is up-trending again. The moving averages are bullish and widening, signalling that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9185, 0.9165 and 0.9090.

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 – 1 Hour Chart 

 

EURUSD has been bullish. Price has swung above the recent resistance levels and the moving averages have crossed bullish and are widening, all signalling that the EURUSD may start up-trending.

Long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 1.1180 and 1.1160 and around any of the key Fib levels. A bullish move may be rejected or reverse around the recent swing high at 1.1245.

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 cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the GBPUSD has been finding support around 1.2090 and continues to range between 1.2090 and 1.2245. The moving averages confirm the current indecision – they are tight and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside could find resistance around 1.2425.

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 cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

 

NZDUSD – 1 Hour Chart

 

Price has reversed off the horizontal level at 0.6575 (as suggested in yesterday’s chart analysis). The NZDUSD has been down-trending but is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price action has formed a horizontal channel consolidation at 0.6505-0.6575.

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

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 cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

 

USDCAD – 1 Hour Chart 

 

 

As suggested in yesterday’s chart analysis, price has reversed off the bullish channel resistance area. The USDCAD is up-trending within a bullish channel and is currently in a retrace phase. Price action has formed a horizontal channel at 1.3185-1.3250. The moving averages are tightening and are moving sideways – confirming the current indecision.

Opportunities to go long may exist around the horizontal channel and bullish channel support areas and around the horizontal support at 1.3120. A bullish move could be rejected or reverse around the moving averages and both channel resistance areas.

The US Federal Open Market Committee (FOMC)  has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%. 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.

 

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