TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 28, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has reversed around the bearish channel resistance area and the shorter-term moving average. The AUDUSD is down-trending within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal resistance levels at 0.6830 and 0.6855. A bearish move could stall or reverse around the channel support area and around the horizontal levels at 0.6815, 0.6805 and 0.6785.

The Reserve Bank of Australia (RBA) has cut rates again by 0.25% to 0.75% (a record low). The current low rate is needed to help reduce the unemployment rate and stimulate economy . It is likely that official rate will stay low and may even be cut further. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

EURGBP – 1 Hour Chart

 

Price continues to be indecisive and range between 0.8580 and 0.8695. The moving averages are tight and also moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). A break to the upside may find resistance around 0.8790.

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%. The official rate could see a limited and gradual increase if there is a smooth Brexit and economic indicators continue to show growth. Brexit deal talks are progressing positively, given strength to the GBP. 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.

There is a UK Parliament Brexit vote scheduled for today.

 

EURUSD – 1 Hour Chart 

 

As suggested in Friday’s chart analysis, EURUSD has been bearish and has swung lower. Price is down-trending and has formed a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 1.1105, 1.1120, 1.1155 and 1.1170. A bearish move could be rejected or reverse around the channel support area and around the horizontal levels at 1.1075 and 1.1055.

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 a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD has been finding support around the recent swing low at 1.2805 (as suggested in Friday’s chart analysis). Price is down-trending and has formed a bearish channel. 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 channel resistance area and around the horizontal resistance levels at 1.2940 and 1.3000. A bearish move may find support around the channel support area and around the horizontal levels at 1.2805, 1.2690 and 1.2545.

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%. The official rate could see a limited and gradual increase if there is a smooth Brexit and economic indicators continue to show growth. Brexit deal talks are progressing positively, giving strength to the GBP. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

There is a UK Parliament Brexit vote scheduled for today.

 

NZDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, price has continued to be bearish and has been finding support around 0.6345. The moving averages are bearish and widening, signalling that the NZDUSD could attempt to swing lower.

Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the previous horizontal support at 0.6385. A bearish move could find support around any of the horizontal levels at 0.6345, 0.6335, 0.6310 and 0.6280.

The Reserve Bank of New Zealand (RBNZ) have cut rates further to a record low of 1.00%. Due to poor economic indicators, there are no forecast rate hikes in the near future. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

USDCAD – 1 Hour Chart 

 

Price has been down-trending. Recent price action has been sideways though, suggesting indecision. The moving averages are also moving sideways – confirming the indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3055, 1.3115 and 1.3180. If USDCAD closes below 1.3055, price may attempt a bearish move lower.

The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. 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. The economy is currently performing well and inflation targets are currently at their potential, meaning that the rate of 1.75% may not change in the near future.

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

 

USDCHF – 1 Hour Chart

 

The USDCHF has been bullish but overall is looking indecisive.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9910, 0.9950 and 0.9995.

The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. 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 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

 

USDJPY is indecisive and is ranging between 108.30 and 108.90. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

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 108.15 and 107.40.

The US Federal Open Market Committee (FOMC)  has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. 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 closed above the consolidation area and has since been bullish. As also suggesting, price then reversed around 1515. GOLD is above the recent consolidation area and the moving averages are bullish, all suggesting that price could start up-trending.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1496 and 1483. Price could continue to find resistance around 1515.

 

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