TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 09, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in Friday’s chart analysis, AUDUSD reversed around the horizontal level at 0.6855. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. AUDUSD is currently ranging between 0.6815 and the horizontal resistance at 0.6855.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around 0.6860. A break to the downside could find support around 0.6800 and 0.6790.

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.

The Governor of the RBA will speak at 2205 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP reversed around the 23.6% Fib level and has since been bearish (as suggested in Friday’s chart analysis). Price is clearly down-trending. The moving averages are bearish and steady and price action has formed a bearish channel, all signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8430 and 0.8455. A bearish move may be rejected or reverse around the channel support area.

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 

 

Price has been bearish but continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.1025, 1.1050, 1.1070, 1.1090 and 1.1110.

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

 

As suggested in Friday’s chart analysis, price has been bullish and has swung higher. GBPUSD is clearly up-trending. The moving averages are bullish and steady, signalling that the upside direction may continue.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3160 and 1.3105.

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.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD has continues to be bullish and move higher (as suggested in Friday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6550, 0.6520 and 0.6505. An attempt to swing higher could find resistance around 0.6570.

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 

 

As suggested in Friday’s chart analysis, the USDCAD has been finding resistance around 1.3265. Price has become indecisive again. The moving averages confirm the indecision – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.3165, 1.3205, 1.3265 and 1.3325.

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

 

Price reversed around the range support area at 0.9860 (as suggested in Friday’s chart analysis). USDCHF has since been bullish. Price is above the recent consolidation area and has formed a bullish channel, suggesting that the USDCHF could become bullish. The moving averages confirm the potential upside – they have crossed bullish.

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 0.9895, 0.9870 and 0.9860. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal levels at 0.9915, 0.9930 and 0.9960.

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

 

As suggested in Friday’s chart analysis, price has reversed around the horizontal level at 108.95. The USDJPY continues to be indecisive. Recent price action has been bearish though and the moving averages are bearish and steady, all signalling that the downside momentum may continue.

Shorting opportunities could exist around the moving averages and around the horizontal levels at 108.95 and 109.10. A bearish move may stall or reverse around the horizontal support levels at 108.45 and 108.30.

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

 

GOLD has been bearish. Price has become indecisive again. The moving averages confirm the lack of trend momentum – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1453, 1462, 1464, 1473 and 1479.

 

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/