TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 10, 2019

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD continued to be bullish and move higher. Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the upside momentum could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous horizontal resistance levels at 0.6800 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%.

A US crude oil inventories figure will be announced at 1430 UTC today.

EURGBP – 1 Hour Chart

The EURGBP reversed around the longer-term moving average and has since swung lower (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady and price action has formed a potential bearish channel, all signalling that the downtrend may continue.

Selling opportunities could exist around the bearish moving averages, around the channel resistance areas and around the horizontal levels at 0.8945, 0.8995 and 0.9020. A bearish move may find support around the recent swing low at 0.8905 and the channel support area.

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 continues to move sideways and be indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. EURUSD is ranging between 1.1015 and 1.1080.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside could stall or reverse around the horizontal resistance levels at 1.1115 and 1.1155. A break to the downside could stall or reverse around 1.0930.

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 crude oil inventories figure will be announced at 1430 UTC today.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the 23.6% Fib level and has since swung higher. GBPUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2345, 1.2295, 1.2260 and 1.2190. Price may find resistance around the recent swing high at 1.2380.

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

NZDUSD swung higher and continues to uptrend (as suggested in yesterday’s chart analysis). Price is up-trending but is currently in a range at 0.6415-0.6445. The moving averages are bullish and steady, signalling that the uptrend could continue.

Trading opportunities may exist around the support and resistance areas of the range and if NZDUSD moves out of the range (break-out trade). A break to the downside could find support around the horizontal levels at 0.6405, 0.6395 and 0.6350. Buying opportunities may exist around the moving averages.

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 crude oil inventories figure will be announced at 1430 UTC today.

USDCAD – 1 Hour Chart

The USDCAD is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, suggesting that the downtrend may continue. Price has recent moved above trend support area though, suggesting that buying momentum is strengthening.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3195, 1.3230 and 1.3240. A bearish move may be rejected or reverse around the previous trend resistance area (as support) and around the recent swing low at 1.3140.

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 crude oil inventories figure will be announced at 1430 UTC today.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, price is reversing off the range resistance area. The USDCHF is indecisive and is ranging between 0.9800 and 0.9925. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the range and if price 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.

A US crude oil inventories figure will be announced at 1430 UTC today.

USDJPY – 1 Hour Chart

Price found support around the shorter-term moving average and has since been bullish (as suggested in yesterday’s chart analysis). The USDJPY is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 107.05, 106.75 and 106.40.

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 crude oil inventories figure will be announced at 1430 UTC today.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed around the shorter-term moving average and has since swung lower. Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1505 and 1524. A bearish move could be rejected or reverse around the horizontal support levels at 1492 and 1488.

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