TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 03, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD closed above the horizontal channel resistance area and has since been bullish. Price has swung above a number of key resistance levels and the moving averages have crossed bullish and are widening, all signalling that the AUDUSD could start up-trending.

If price starts retracing, buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6830 and 0.6800.

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.

An Australian GDP figure will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

The EURGBP has been bullish. Price has swung above the bullish channel resistance area and the moving averages have crossed bullish, suggesting that the EURGBP may start up-trending.

Long opportunities could exist around the bullish moving averages, around the previous bearish channel resistance area (as support), around the diagonal support area and around the horizontal levels at 0.8540, 0.8530 and 0.8515.

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

 

EURUSD – 1 Hour Chart 

 

As identified in yesterday’s chart analysis, price has found resistance around 1.1090. EURUSD has been very bullish but is still looking indecisive and moving within the current consolidation area.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1030, 1.1040, 1.1055 and 1.1090. If price closes above 1.1090, EURUSD could attempt a bullish move higher.

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

 

Price found resistance around 1.2950 (as suggested in yesterday’s chart analysis) but has since moved higher. GBPUSD continues to be indecisive but recent price action has been bullish and the moving averages are bullish, all signalling that GBPUSD may attempt a move higher.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2885, 1.2910, 1.2950 and 1.2970. If price closes above 1.2970, GBPUSD may attempt a bullish move higher.

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

 

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