TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 26, 2019


 

AUDUSD – 1 Hour Chart

 

AUDUSD has been bearish and has swung below the recent range support area. Price is below the recent range and the moving averages are bearish and steady, all signalling that the AUDUSD may start down-trending again.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.6760, 0.6810 and 0.6830. Price may continue to find support around 0.6750.

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

 

The EURGBP has been bullish and has moved above the recent consolidation area. Price action has formed a bullish channel and the moving averages are bullish and steady, all signalling that the EURGBP could start up-trending.

Opportunities to go long may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 0.8850, 0.8805 and 0.8790. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 0.8890 and 0.8900.

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 President of the ECB will speak at 1330 UTC today. The Governor of the BOE will speak at 1345 UTC.

 

EURUSD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has been bearish and has swung lower. The EURUSD is down-trending within a large bearish channel. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Shorting opportunities could exist around the bearish moving averages, around the diagonal resistance areas and around the horizontal levels at 1.0970, 1.0995 and 1.1025. A bearish move may stall or reverse around the recent swing low at 1.0940 and the bearish channel support area.

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 President of the ECB will speak at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has been bearish. Price action has formed a bearish channel and the moving averages are bearish and steady, all suggesting that the GBPUSD could start down-trending.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2380, 1.2395, 1.2445 and 1.2505. A bearish move could be rejected or reverse around the channel support area and around the horizontal support levels at 1.2290 and 1.2260.

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%.

The Governor of the BOE will speak at 1345 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD has become indecisive and is lacking trend direction. The moving averages are moving sideways – confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6255, 0.6270, 0.6320, 0.6345 and 0.6360.

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 

 

USDCAD continues to be indecisive and range between 1.3230-1.3305. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around the horizontal levels at 1.3210 and 1.3190.

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

 

Just like other USD pairs, the USDCHF is indecisive and is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9850, 0.9890, 0.9940, 0.9955 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

 

Price has been bullish and has swung above the bearish channel resistance area. USDJPY is now looking indecisive. The moving averages are tightening and moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages, around the previous bearish channel resistance area (as support) and around any of the identified horizontal levels at 106.70, 107.00, 107.45, 107.80, 108.25 and 108.45.

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

 

GOLD has been bearish and has been retracing some of the recent bullish move. Price action has formed a bullish channel, suggesting that GOLD may become bullish again. The moving averages are tightening though, signalling market indecision.

Long opportunities could exist around the channel support area and around the horizontal support levels at 1490 and 1486. A bullish move may stall or reverse around the moving averages, around the channel resistance area and around the horizontal levels at 1509, 1516 and 1534.

 

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