TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 20, 2019


 

AUDUSD – 1 Hour Chart

 

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and moving sideways. The AUDUSD continues to range between 0.6740 and 0.6815.

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.

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 is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, suggesting that the EURGBP may attempt a bearish move. Price is currently retracing within a tight bullish channel.

Opportunities to go short could exist around the longer-term moving average, around the diagonal resistance area, around the bullish channel resistance area and around the horizontal resistance levels at 0.9250 and 0.9325. A bearish move may find support around the shorter-term moving average, around the retrace channel support and around the horizontal support at 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 

 

EURUSD is down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue. Price could start ranging between 1.1070 and 1.1110.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1110, 1.1160 and 1.1165. A bearish move could be rejected or reverse around 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

 

The GBPUSD has been bearish. Price has swung below the recent bullish channel and the moving averages, signalling that the GBPUSD may start down-trending.

Selling opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2095, 1.2175, 1.2210 and 1.2245. A bearish move may stall or reverse around the horizontal levels at 1.2095, 1.2045 and 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%.

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

 

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