TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 11, 2019


 

AUDUSD – 1 Hour Chart

 

Price has been bullish and is up-trending but is currently moving sideways. Price action has formed a horizontal channel at 0.6850-0.6875. The moving averages are bullish and steady, suggesting that the AUDUSD may attempt a bullish move higher.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). Opportunities to go long could exist around the moving averages and around the previous 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

 

As suggested in yesterday’s chart analysis, price has been reversing around the bearish channel resistance area. EURGBP is down-trending. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 0.8945, 0.8970, 0.8995 and 0.9020. A bearish move could be rejected or reverse around the recent swing low at 0.8905 and around 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 

 

The EURUSD continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tightening and are moving sideways. Price is ranging between the horizontal support at 1.1015 and the horizontal resistance at 1.1080.

Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). A break to the upside may find resistance around 1.1115 and 1.1155.

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, the GBPUSD reversed around the trend support area and has been bullish. Price is up-trending. 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 and around the horizontal levels at 1.2310, 1.2295, 1.2260 and 1.2190. A bullish move could stall or reverse around the recent swing high and horizontal resistance 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

 

Price reversed around the range support area and the longer-term moving average (as suggested in yesterday’s chart analysis). The NZDUSD was up-trending but is currently moving sideways. The moving averages are tightening and moving sideways, signalling market indecision. Price is ranging between 0.6410 and 0.6445.

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

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 

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 1.3195 and then found support around 1.3140. USDCAD has been down-trending but is currently moving sideways. The moving averages confirm the current indecision – they are tightening. Price is ranging between the horizontal support at 1.3140 and the recent swing high at 1.3185. The moving averages are still bearish, signalling that price could break to the downside of the range.

Trading opportunities may exist around the support and resistance areas of the range and if USDCAD moves out of the range (break-out trade). A break to the upside could stall or reverse around the horizontal levels at 1.3190, 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF continues to find resistance around the range resistance area (as suggested in yesterday’s chart analysis). Price is moving within a large range at 0.9800-0.9930. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves 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

 

As suggested in yesterday’s chart analysis, the USDJPY has continued to be bullish and move higher. Price is up-trending. 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 the trend support area and around the horizontal levels at 107.05 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.

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

 

XAUUSD – 1 Hour Chart

 

Price reversed off the trend resistance area and swung lower (as suggested in yesterday’s chart analysis). GOLD has since been bullish though and has moved above the trend resistance area. The moving averages are bearish and steady, signalling that the downside momentum may continue.

Opportunities to go short could exist around the bearish moving averages and around the horizontal levels at 1505 and 1524. A bearish move may find support or reverse around the horizontal support levels at 1492 and 1486.

 

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