TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 12, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish and has swung above the range resistance area. Price continues to uptrend and be bullish. 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 and around the horizontal levels at 0.6775 and 0.6850.

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%.

US CPI figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP reversed around the recent swing low at 0.8905 (as suggested in yesterday’s chart analysis). Price has since been moving sideways and is looking a little indecisive. The moving averages confirm the potential indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages, around the previous bearish channel resistance area (as support) and around the horizontal levels at 0.8905, 0.8945, 0.8970, 0.8995 and 0.9020.

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.

The ECB will announce the official bank rate and release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price moved below the range support area and has since been bearish. The EURUSD is below the recent consolidation area and the moving averages have crossed bearish, all signalling that price could start down-trending.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1015, 1.1060 and 1.1080. A bearish move could find support around the recent low at 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%.

The ECB will announce the official bank rate and release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC. US CPI figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has been reversing off the horizontal levels at 1.2310 and 1.2380 (as suggested in yesterday’s chart analysis). GBPUSD has become indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Price action has formed a range at 1.2310-1.2380.

Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the downside may be rejected or reverse around the horizontal levels at 1.2295, 1.2260 and 1.2190.

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%.

US CPI figures will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the NZDUSD moved below the range support area and then reversed around 0.6405. Price continues to be indecisive and is now ranging between 0.6405 and 0.6445. The moving averages are tight and moving sideways – confirming the market indecision.

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

US CPI figures will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart 

 

USDCAD has been bullish. Price has swung above the recent consolidation area, suggesting that USDCAD may move higher. The moving averages are still tightening and moving sideways though, signalling market indecision.

Long opportunities could exist around the moving averages and around the horizontal support at 1.3140. A bullish move may stall or reverse around any of 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.

US CPI figures will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been bullish. The USDCHF is above the recent consolidation area and the moving averages are bullish and steady, all suggesting that price could start up-trending.

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 0.9925 and 0.9895.

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.

US CPI figures will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has continued to be bullish and move higher. USDJPY is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.

If price pulls back, buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 107.05 and 106.70.

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.

US CPI figures will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD is down-trending and is currently in a retrace phase. The moving averages are starting to tighten, suggesting that downside momentum is weakening.

Shorting opportunities may exist around the longer-term moving average and around the horizontal levels at 1505, 1519 and 1524. A bearish move could find support around the shorter-term moving average and around the recent swing low at 1486.

 

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