TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 30, 2019


 

AUDUSD – 1 Hour Chart

 

The AUDUSD has reversed off the moving averages and has since been bearish. Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the bearish momentum could continue.

Selling opportunities may exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 0.6750 and 0.6780. The AUDUSD could find support around the channel support area and around the recent lows 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%.

A US personal spending figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, EURGBP has been finding resistance around 0.9095 and is ranging. Price is indecisive and is ranging between the recent lows at 0.9020 and the horizontal resistance at 0.9095. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if EURGBP closes out of the range (break-out trade). A break to the upside may stall or reverse around the horizontal levels at 0.9180 and 0.9250.

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 

 

Price found support around 1.1055 (as suggested in yesterday’s chart analysis) but has since been bearish. The EURUSD has moved below the recent consolidation area and the moving averages are bearish, all signalling that price could start down-trending.

Shorting opportunities may exist around the bearish moving averages and around the horizontal levels at 1.1055, 1.1070 and 1.1105.

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%.

A US personal spending figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the previous channel support area. As also suggested, price is now finding support around 1.2170. GBPUSD is below the recent bullish channel and the moving averages are bearish and widening, all signalling that price may move lower.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the previous channel support area (as resistance) and around the horizontal levels at 1.2200, 1.2255, 1.2285 and 1.2295. A bearish move may be rejected or reverse around 1.2170, 1.2120 and 1.2075.

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%.

A US personal spending figure will be announced at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD reversed off the shorter-term moving average and the previous horizontal support at 0.6350 and has since been bearish (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal level at 0.6350.

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%.

A US personal spending figure will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart 

 

The USDCAD continues to be indecisive. Price is now ranging between 1.3280 and 1.3315. The moving averages confirm the market indecision – they are crossing frequently and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if USDCAD closes out of the range (break-out trade). A break to the upside may find resistance around 1.3335. A break to the downside may find support around 1.3255, 1.3230 and 1.3215.

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.

A US personal spending figure will be announced at 1230 UTC today. A Canadian GDP figure will be released at the same time.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price found resistance around 0.9875. The USDCHF has since been bullish though and has swung above the recent consolidation area, signalling that price could start up-trending. Price action has formed a bullish channel and the moving averages are bullish and steady – confirming the potential upside momentum.

Buying opportunities may exist around the channel support area, around the bullish moving averages and around the horizontal levels at 0.9875, 0.9825 and 0.9800.

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.

A US personal spending figure will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

Price moved above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). USDJPY has moved above the range resistance area and the moving averages are bullish and steady, all suggesting that price may start up-trending.

Long opportunities could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 106.20 and 105.65. A bullish move may stall or reverse around the horizontal resistance at 106.75.

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.

A US personal spending figure will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to move within a bullish channel. Price is retracing. The moving averages are becoming bearish, suggesting that the retrace move could continue.

Opportunities to go long may exist around the bullish channel support area and around the horizontal levels at 1508, 1492 and 1486. A bullish move could find resistance around the moving averages and around the horizontal levels at 1526 and 1549.

 

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