TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 16, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price continues to be indecisive and range between 0.6740 and 0.6815. The moving averages confirm the market indecision – they have been crossing frequently 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 downside could stall or reverse around 0.6695. A break to the upside could stall or reverse around 0.6900.

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%.

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

 

EURGBP – 1 Hour Chart

 

Price has reversed off the diagonal resistance area and has been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish and widening, signalling that the downside momentum may continue.

Opportunities to go short could exist around the diagonal resistance area and around the dynamic resistance of the moving averages. A bearish move may find support around 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.

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, the EURUSD has continued to be bearish and move lower. Price is down-trending. The moving averages are bearish and widening, all signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.1160 and 1.1165. A bearish move could be rejected or reverse around 1.1030.

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%.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD has moved above the tight horizontal channel resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price action has formed a bullish channel and the moving averages are bullish and steady, all signalling that the upside momentum may continue.

Opportunities to go long could exist around the moving averages, around the channel support area and around the horizontal levels at 1.2095, 1.2045 and 1.2020. A bullish move may find resistance around the channel resistance area and around the horizontal resistance levels at 1.2210 and 1.2245.

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%.

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, price has been finding support around 0.6420. The NZDUSD has become indecisive and has formed 2 range consolidation areas at 0.6420-0.6465 and 0.6395-0.6595. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of both ranges and if price moves out of either range (break-out trades).

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%.

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

 

USDCAD – 1 Hour Chart 

 

Price has reversed off the recent highs at 1.3340 (as suggested in yesterday’s chart analysis). The USDCAD is choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around any of the identified horizontal levels at 1.3120, 1.3190, 1.3215, 1.3240, 1.3280 and 1.3340. If price closes above 1.3340, the USDCAD may attempt a bullish move higher.

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.

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, the USDCAD is finding resistance around the range resistance area. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. USDCAD has formed a horizontal channel at 0.9670-0.9790.

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 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY has been rejected at the range resistance area (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they are tight and are moving sideways. USDJPY has formed a horizontal channel at 105.10-106.75.

Trading opportunities could 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 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.

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

 

XAUUSD – 1 Hour Chart

 

Just like most USD pairs, GOLD is indecisive and is lacking trend direction. The moving averages are tight and moving sideways – confirming the current indecision. Price is ranging between the horizontal support at 1486 and the recent highs at 1532.

Trading opportunities may exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade). A strong downside break could find support around 1432.

 

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