TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 7, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bearish and downtrend. Price is clearly down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6750, 0.6795, 0.6865 and 0.6895.

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

 

The EURGBP found support around the longer-term moving average and the horizontal level at 0.9165 (as suggested in yesterday’s chart analysis). Price continues to uptrend but also look indecisive. The moving averages are bullish and widening, signalling that EURGBP could attempt a bullish move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9250, 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 

 

As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and the 38.2% Fib level and has since been bullish. The EURUSD is now looking indecisive. The moving averages are bullish and widening though, signalling that price may attempt a move higher.

Trading opportunities could exist around the dynamic support of the moving averages and around the identified horizontal levels at 1.1115, 1.1160, 1.1170, 1.1180 and 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

 

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways, The GBPUSD is ranging between 1.2090 and 1.2245.

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

 

As suggested in yesterday’s chart analysis, the NZDUSD moved below the range support are and has since been bearish. Price is down-trending again. The moving averages are bearish and steady, signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous range support at 0.6505.

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 

 

USDCAD has been bullish and has swung higher (as suggested in yesterday’s chart analysis). Price continues to uptrend within a bullish channel. The moving averages are bullish and steady, signalling that the upside momentum could continue.

Opportunities to go long may exist around the previous horizontal channel support and resistance areas, around the dynamic support of the moving averages and around the bullish channel support area. A bullish move could find resistance around the channel resistance area.

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.

 

USDCHF – 1 Hour Chart

 

Price has recently swung below a number of key support levels and the moving averages are bearish and widening, all suggesting that the USDCHF may start down-trending.

Selling opportunities could exist around the bearish moving averages and around the horizontal levels at 0.9790, 0.9805, 0.9840 and 0.9885. A bearish move may stall or reverse around the shorter-term moving average and around the recent swing low at 0.9705.

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 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 – 1 Hour Chart

 

Price was recently bearish but is now ranging between 105.60 and 106.70.

Trading opportunities could exist around the moving averages and around the support and resistance areas of the range. Break-out trade opportunities may also exist.

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 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.

 

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