TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 19, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, AUDUSD 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 could 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 may find resistance around 0.6900. A break to the downside may find support around 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%.

Australian monetary policy meeting minutes will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has continued to be bearish and has been finding support around 0.9090 (as suggested in Friday’s chart analysis). Price is moving in a general downward direction. The moving averages are bearish and widening, signalling that the downside momentum could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.9250 and 0.9325. EURGBP could continue to 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 Friday’s chart analysis, price has continued to be bearish and move lower. The EURUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.

Shorting opportunities could exist around the bearish moving averages, around the diagonal resistance area and around the horizontal levels at 1.1160 and 1.1165. A bearish move may be rejected or reverse around the horizontal support levels at 1.1070 and 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

 

Price has continued to be bullish and move higher (as suggested in Friday’s chart analysis). The GBPUSD is up-trending. Price action has formed a bullish channel and the moving averages are bullish and widening, all signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 1.2095, 1.2045 and 1.2020. A bullish move could stall or reverse around the bullish 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

 

NZDUSD has been bearish. Price has moved below the recent range consolidation area, suggesting that the NZDUSD may move lower. The moving averages confirm the downside momentum, they are bearish and steady.

Opportunities to go short could exist around the diagonal resistance area, around the bearish moving averages and around the horizontal levels at 0.6420, 0.6450, 0.6465 and 0.6495. Price 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%.

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

 

USDCAD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, USDCAD found support around 1.3280. Price has since moved lower though and continues to be choppy and indecisive. The moving averages are crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities may exist around the diagonal support area and around any of the identified horizontal levels at 1.3185, 1.3195, 1.3215, 1.3255, 1.3280 and 1.3340.

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

 

Price has swung above the recent consolidation area, suggesting that the USDCHF may start up-trending. The moving averages confirm this – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the diagonal support area and around the previous consolidation resistance at 0.9790. A bullish move higher may be rejected or reverse around the horizontal levels at 0.9885 and 0.9970.

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

 

Price continues to range between 105.10 and 106.75. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). A break to the upside could stall or reverse around 108.45 and 109.25.

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

 

As suggested in Friday’s chart analysis, GOLD has reversed around the range resistance area. Price is indecisive. The moving averages are tight and moving sideways – confirming the lack of trend momentum. GOLD is ranging between the horizontal support at 1486 and the horizontal resistance at 1532.

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

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/ 

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