TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 02, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the bearish channel support area and has since found resistance around the channel resistance area. AUDUSD is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum may continue.

Opportunities to go short could exist around the moving averages and around the channel resistance area. If price breaks to the upside of the channel, shorting opportunities could exist around the horizontal levels at 0.6750 and 0.6780. A bearish move may stall or reverse 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 Australian retail sales figure will be released at 0130 UTC. This is followed by a rate statement and announcement by the RBA at 0430 UTC.

 

EURGBP – 1 Hour Chart

 

Price has been finding support around the range support area (as suggested in Friday’s chart analysis). The EURGBP is indecisive and has formed a horizontal channel at 0.9020-0.9095. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the channel and if price breaks out of the channel (break-out trade). A break to the upside could find resistance around 0.9180.

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, the EURUSD has been bearish and has moved lower. Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue.

Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1055 and 1.1070. The EURUSD may find support around the recent lows at 1.0970.

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 reversed around the longer-term moving average (as suggested in Friday’s chart analysis). Price is down-trending and has formed a tight bearish channel. 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, around the channel resistance area and around the horizontal levels at 1.2210, 1.2250 and 1.2255. A bearish move could stall or reverse around the channel support area and around the horizontal levels at 1.2140, 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%.

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

 

NZDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and continues to be bearish. The NZDUSD continues to downtrend. The moving averages are bearish and steady, signalling that the downside momentum may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal level at 0.6350. Price may be rejected or reverse around the most recent swing low at 0.6285.

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 continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around any of the identified horizontal levels at 1.3215, 1.3230, 1.3255, 1.3280, 1.3320 and 1.3335. If the USDCAD closes above 1.3335, price could 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 Friday’s chart analysis, the USDCHF has reversed off the channel resistance area. Price is up-trending. Price action has formed a bullish channel, signalling that the uptrend may continue. The moving averages confirm this – they are bullish and widening.

Opportunities to go long could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 0.9875, 0.9825 and 0.9800. A bullish move may find resistance around 0.9915 and around the channel resistance area.

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 reversed around 106.75 (as suggested in Friday’s chart analysis). Price has been bearish and is now looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around any of the identified horizontal levels at 104.75, 105.10, 105.65, 106.20, 106.65 and 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.

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

 

XAUUSD – 1 Hour Chart

 

Price continues to move within a large bullish channel. GOLD is currently indecisive though and has formed a tight range at 1519-1530. The moving averages have crossed bearish, signalling that price may attempt a bearish move.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around the bullish channel support area ad around the horizontal levels at 1508, 1492 and 1486. A break to the upside may find resistance around 1549 and the channel resistance area.

 

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