TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 23, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and has swung lower. The AUDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.6780, 0.6810, 0.6830 and 0.6850. A strong bearish move may find support around 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%.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

Price found resistance around the shorter-term moving average and the previous horizontal support at 0.8835 (as suggested in Friday’s chart analysis). The EURGBP has since been bullish, price is in a retrace move. EURGBP is down-trending within a bearish channel. 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 bearish channel resistance area and around the horizontal levels at 0.8835, 0.8890, 0.8900 and 0.8945. A bearish move could stall or reverse around the recent swing low at 0.8790 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.

A French services PMI figure will be announced at 0715 UTC today. This is followed by German manufacturing and services PMI figures at 0730 UTC. The President of the ECB will speak at 1300 UTC today.

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, the EURUSD found support around the horizontal level at 1.0995. Price continues to be choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.0930, 1.0995, 1.1025, 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 French services PMI figure will be announced at 0715 UTC today. This is followed by German manufacturing and services PMI figures at 0730 UTC. The President of the ECB will speak at 1300 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD found support around the longer-term moving average (as suggested in Friday’s chart analysis) but has since been bearish. Price has moved below the recent trend support area and below both moving averages, signalling that the uptrend could becoming to an end. The moving averages confirm this – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 1.2260, 1.2290, 1.2380, 1.2395, 1.2505 and 1.2570.

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

 

As suggested in Friday’s chart analysis, price has been bearish and has swung much lower. The NZDUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6315, 0.6320 and 0.6360. Price may be rejected or reverse around the horizontal support levels at 0.6270 and 0.6255.

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%.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart 

 

Price reversed around 1.3290 (as suggested in Friday’s chart analysis). The USDCAD continues to be indecisive and lack trend direction. The moving averages are tightening and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the diagonal support area and around the identified horizontal levels at 1.3190, 1.3210, 1.3235, 1.3290, 1.3305 and 1.3375.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

As suggested in Friday’s chart analysis, the USDCHF has been finding support around the trend support area. Price is up-trending. The moving averages have crossed bearish and are widening, signalling that USDCHF may struggle to swing higher – the uptrend may becoming to an end.

Buying opportunities could exist around the trend support area and around the horizontal levels at 0.9890 and 0.9855. A bullish move may become bearish around the moving averages and around the horizontal resistance levels at 0.9940, 0.9960 and 0.9980.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart

 

The USDJPY has reversed around 107.45 (as suggested in Friday’s chart analysis). Price is indecisive and is ranging between 107.45 and 108.45. The moving averages are moving sideways – confirming the current indecision.

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

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price found resistance around the range resistance area. GOLD has moved above the recent range and the moving averages are bullish and widening, all suggesting that price may start up-trending. GOLD has formed a potential bullish channel.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1509 and 1485. A bullish move may stall or reverse around the channel resistance area and around the horizontal levels at 1516, 1524 and 1555.

 

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