TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 03, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD swung lower and then found support around the bearish channel support area. Price is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downside direction could continue.

Selling opportunities may exist around the bearish moving averages, around the channel resistance area and around the horizontal resistance levels at 0.6740 and 0.6750. A bearish move could find support around the channel support area and around the horizontal support at 0.6690.

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 manufacturing PMI figure will be announced at 1400 UTC today. An Australian GDP figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP has been finding resistance around the horizontal channel resistance area. Price continues to be indecisive and move within the horizontal channel at 0.9020-0.9095. 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 channel and if the EURGBP closes out of the channel (break-out trade). A break to the upside may 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 yesterday’s chart analysis, price has continued to be bearish and move lower. The EURUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1055 and 1.1070.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price reversed around the shorter-term moving average and has since been bearish (as suggested in yesterday’s chart analysis). GBPUSD is down-trending. Price has swung below a number of key support levels and the moving averages are bearish, all signalling that the downtrend may continue.

Opportunities to go short could exist around the bearish moving averages and around any of the identified horizontal levels at 1.2045, 1.2075, 1.2120 and 1.2170.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, NZDUSD has been bearish and has swung lower. Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6315 and 0.6350. An attempt to swing lower could stall or reverse around the horizontal support levels at 0.6285 and 0.6270.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCAD – 1 Hour Chart 

 

USDCAD has been bullish. Price has moved above the recent consolidation area and has formed a bullish channel, signalling that the USDCAD may start up-trending. The moving averages confirm the potential upside – they are bullish and steady.

Buying opportunities could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 1.3320, 1.3280 and 1.3255. A bullish move may be rejected or reverse around the channel resistance area and around the recent highs at 1.3345.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average and continues to be bullish. The USDCHF is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the previous horizontal resistance at 0.9875. A bullish move could find resistance 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.

A US manufacturing PMI figure will be announced at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. The USDJPY is ranging between 105.95 and 106.65.

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 stall or reverse around the horizontal support levels at 105.65, 105.10 and 104.75.

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 manufacturing PMI figure will be announced at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD has been reversing off the support and resistance areas of the range. Price continues to be indecisive within a large bullish channel and range between 1519 and 1530.

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 break to the upside could find resistance around the horizontal resistance at 1549 and the bullish channel resistance area. A break to the downside could find support around the channel support area and the horizontal levels at 1508 and 1492.

 

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