TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 13, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has become indecisive and is moving sideways. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between 0.6745 and 0.6815.

Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the upside could find resistance around the horizontal resistance levels at 0.6865 and 0.6895. A break to the downside could find support around the horizontal support at 0.6695.

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 has found support around the previous resistance at 0.9245 and the shorter-term moving average (as suggested in yesterday’s chart analysis). Price continues to uptrend and be bullish. The moving averages are bullish and steady, signalling that the uptrend could continue.

Opportunities to go long may exist around the bullish moving averages and around the horizontal level at 0.9245. A bullish move could stall or reverse around the recent highs at 0.9325. A break to the downside could find support around 0.9170 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 has reversed off the range support area. EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price is ranging between 1.1165 and 1.1245.

Trading opportunities could exist around the support and resistance areas of the range and around the diagonal resistance area. If the EURUSD breaks to the downside of range, price may find support around 1.1160 and 1.1115.

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 has reversed around the shorter-term moving average (as suggested in yesterday’s chart analysis). The GBPUSD is down-trending. Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the downtrend could continue.

Opportunities to go short may exist around the channel resistance area, around around the dynamic resistance of the moving averages and around the horizontal levels at 1.2105, 1.2205 and 1.2245. A bearish move could be rejected or reverse around the channel support area and around the recent swing low at 1.2020.

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 has been finding resistance around the trend resistance area. Price is down-trending. The moving averages have crossed bullish, signalling that downside momentum is weakening.

Selling opportunities could exist around the trend resistance area, around the moving averages and around the horizontal levels at 0.6495, 0.6505 and 0.6575. A bearish move may find support around 0.6395.

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%.

 

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