TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 18, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, AUDUSD reversed around the moving averages and has since been bearish. Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the AUDUSD could start down-trending.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the recent highs at 0.6885. A bearish move could stall or reverse around the channel support area and around the recent swing low at 0.6830.

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 crude oil inventories is scheduled for 1430 UTC today. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC. Australian employment and unemployment figures will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been finding support around 0.8845 (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.

Shorting opportunities could exist around the bearish moving averages and around the horizontal levels at 0.8900, 0.8945 and 0.8975. EURGBP may continue to find support around 0.8845.

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.

A UK CPI figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart 

 

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the identified horizontal levels at 1.0930, 1.0995, 1.1015, 1.1060, 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%.

US crude oil inventories is scheduled for 1430 UTC today. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price reversed off the longer-term moving average and has since been finding resistance around 1.2505. The GBPUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Price may start ranging between the recent swing low and swing high at 1.2395-1.2505.

Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.2395, 1.2380 and 1.2290. GBPUSD may be rejected or reverse around the horizontal resistance at 1.2505.

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 UK CPI figure will be announced at 0830 UTC today. US crude oil inventories is scheduled for 1430 UTC. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD continues to be indecisive and lack trend direction. The moving averages are currently bearish though, signalling that price could move lower.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6270, 0.6285, 0.6315, 0.6320, 0.6360, 0.6395 and 0.6405.

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 crude oil inventories is scheduled for 1430 UTC today. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC. A GDP figure for New Zealand will be released at 2245 UTC.

 

USDCAD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the USDCAD reversed around the horizontal level at 1.3285. Price action has been forming higher highs and lows, signalling that the USDCAD may start up-trending. The moving averages confirm the potential upside, they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3235, 1.3210 and 1.3190. A bullish move may find resistance around 1.3285 and 1.3320.

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 Canadian CPI figure will be announced at 1230 UTC today. US crude oil inventories is scheduled for 1430 UTC. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

USDCHF – 1 Hour Chart

 

Price has been bullish and has swung above the recent consolidation area, suggesting that USDCHF could now continue to uptrend. The moving averages have crossed bullish – confirming the potential upside.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9890 and 0.9855. A bullish move could stall or reverse around the horizontal resistance levels at 0.9940 and 0.9960.

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 crude oil inventories is scheduled for 1430 UTC today. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

USDJPY – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been finding resistance around 108.25. USDJPY has been up-trending but is now looking indecisive. Price is ranging between 107.45 and 108.25. The moving averages are bullish and steady, signalling that price may break to the upside.

Trading opportunities could exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside may find support around 107.10 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.

US crude oil inventories is scheduled for 1430 UTC today. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

 

XAUUSD – 1 Hour Chart

 

GOLD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between 1486 and 1516.

Trading opportunities may 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 upside could stall or reverse around the horizontal resistance at 1524.

 

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