TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 19, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has been bearish and has moved lower. The AUDUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the support and resistance areas of the recent bearish channel and around the horizontal levels at 0.6830 and 0.6850. A bearish move may be rejected or reverse around the horizontal levels at 0.6750, 0.6740 and 0.6690.

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 manufacturing index figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

Price has been bearish (as suggested in yesterday’s chart analysis) and is now in a retrace move. EURGBP is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8900, 0.8945, 0.8975 and 0.8995. Price may find support around the recent lows at 0.8835.

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 retail sales figure will be announced at 0830 UTC today. The BOE will release a monetary policy summary and announce rates at 1100 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, the EURUSD found support around 1.1015. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the identified horizontal levels at 1.0995, 1.1015, 1.1060, 1.1075, 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%.

A US manufacturing index figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

The GBPUSD has been finding resistance around 1.2505 (as suggested in yesterday’s chart analysis). Price has been moving sideways and is ranging between 1.2395 and 1.2505 (as also suggested in yesterday’s chart analysis). The moving averages are bullish and steady, signalling that the GBPUSD could move higher.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If price breaks to the downside, GBPUSD could stall or reverse around the horizontal levels at 1.2380, 1.2290 and 1.2260. Buying opportunities may exist around the moving averages and around the trend 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 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 retail sales figure will be announced at 0830 UTC today. The BOE will release a monetary policy summary and announce rates at 1100 UTC. A US manufacturing index figure will be announced at 1230 UTC.