TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 05, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has continues to be bullish and move higher. Price has swung above a number of key resistance levels and the moving averages are bullish and widening, all signalling that the AUDUSD could start up-trending.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6800, 0.6780 and 0.6750.

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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP found support around 0.9020 (as suggested in yesterday’s chart analysis). As also suggested, price then closed below the support level and has since been bearish. The EURGBP is below the recent consolidation area and the moving averages have crossed bearish, all signalling that price may start down-trending.

Selling opportunities could exist around the bearish moving averages and around the horizontal levels at 0.9020 and 0.9095.

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 reversed around the 50.0% Fib level. The EURUSD is down-trending. Price is above the recent trend resistance though and the moving averages have crossed bullish, all signalling that the EURUSD could struggle to swing lower.

Shorting opportunities may exist around the 50.0% and 61.8% Fib levels and around the horizontal levels at 1.1055 and 1.1070. A bearish move could find support around the moving averages and around the previous trend resistance area (as support).

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 been bullish and is now looking indecisive. The moving averages confirm the lack of trend direction – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2075, 1.2120, 1.2190, 1.2255 and 1.2295.

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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD has continued to be bullish and move higher. The moving averages are bullish and widening, signalling that the upside momentum could continue.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6350 and 0.6315. A bullish move could stall or reverse around the horizontal resistance levels at 0.6405 and 0.6425.

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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC.

 

USDCAD – 1 Hour Chart 

 

USDCAD has been bearish. Price has swung below the recent consolidation area and the moving averages have crossed bearish, all suggesting that USDCAD may start down-trending.

Opportunities to go short could exist around the previous horizontal support levels at 1.3230, 1.3255 and 1.3280.

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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC.

 

USDCHF – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.9800. USDCHF has no clear trend direction. The moving averages have been crossing frequently, confirming the market indecision. The moving averages are currently bearish and widening though, signalling that price could attempt a bearish move.

Trading opportunities may exist around the moving averages and around the identified horizontal levels at 0.9710, 0.9800, 0.9875 and 0.9925.

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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC. The Chair of the SNB will speak at 1600 UTC.

 

USDJPY – 1 Hour Chart

 

Price has reversed around the horizontal resistance at 106.75 (as suggested in yesterday’s chart analysis). The USDJPY continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the horizontal levels at 105.65, 105.85, 106.40 and 106.75. If price closes above 106.75, the USDJPY may 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 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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by US crude oil inventories at 1500 UTC.

 

XAUUSD – 1 Hour Chart

 

GOLD has been bullish and has moved above the recent horizontal channel, suggesting that price could start up-trending. The moving averages confirm the potential upside – they are bullish and widening.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support at 1518. A bullish move could be rejected or reverse around the horizontal resistance levels at 1549 and 1555.

 

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