TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 09, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has continued to be bullish and move higher. The AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the upside momentum may continue.

Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6800 and 0.6780.

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 was bearish and has formed a swing lower (as suggested in Friday’s chart analysis). EURGBP is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downside momentum could continue.

Shorting opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.9020 and 0.9095. A bearish move could find support around the shorter-term moving average and around the recent swing low at 0.8945.

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.

UK GDP and manufacturing production figures will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the EURUSD found resistance around 1.1055. Price has becoming indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.0930, 1.1055, 1.1080 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%.

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

 

GBPUSD – 1 Hour Chart

 

The GBPUSD found support around the shorter-term moving average (as suggested in Friday’s chart analysis) but has since moved lower. Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that GBPUSD could attempt to swing higher.

Long opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.2190 and 1.2120. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 1.2295 and 1.2345.

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%.

UK GDP and manufacturing production figures will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and has since swung higher. The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous horizontal resistance levels at 0.6405 and 0.6350. An attempt to swing higher may stall or reverse around the recent highs at 0.6440.

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 reversed around the shorter-term moving average and previous support at 1.3230 and has since swung lower (as suggested in Friday’s chart analysis). The USDCAD is down-trending. The moving averages are bearish and steady, signalling that the downside momentum could continue.

Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.3195, 1.3230, 1.3240 and 1.3255.

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

 

USDCHF continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are crossing frequently and are moving sideways. Price is ranging between the recent swing low at 0.9800 and the recent highs at 0.9925.

Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade).

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

 

As suggested in Friday’s chart analysis, the USDJPY found support around the shorter-term moving average and around the previous resistance at 106.75. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 106.75, 106.40 and 105.85. A bullish move could stall or reverse around the recent swing high at 107.05.

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 has become choppy and indecisive. GOLD is ranging between 1505 and 1524. The moving averages are bearish and widening, suggesting that price may move lower.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the downside may find support around the horizontal support at 1492.

 

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