TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 13, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has continued to move higher and be bullish. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.

If the AUDUSD starts retracing, buying opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.6860 and 0.6855.

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.

US retail sales figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

The EURGBP broke to the upside of the range and then reversed around 0.8500 (as suggested in yesterday’s chart analysis). Price has since swung much lower and is down-trending again. The moving averages have crossed bearish, signalling that the downtrend may continue.

Selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 0.8395 and 0.8455.

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. The Conservative party have won a parliament majority, given hope that the UK Prime Ministers Brexit deal can now be agreed. 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 suggested in yesterday’s chart analysis, price reversed around the shorter-term moving average and previous resistance at 1.1110 and has since swung higher. The EURUSD 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, around the trend support area and around the horizontal levels at 1.1145 and 1.1110. A bullish move could stall or reverse around 1.1185.

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.

US retail sales figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

Price has continued to be bullish and move higher (as suggested in yesterday’s chart analysis). The GBPUSD is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 1.3225 and 1.3175. An attempt to swing higher may be rejected or reverse around the recent highs at 1.3490.

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. The Conservative party have won a parliament majority, given hope that the UK Prime Ministers Brexit deal can now be agreed. 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.

US retail sales figures will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, NZDUSD has continued to be bullish and move higher. Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.6570 and 0.6520.

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.

US retail sales figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart 

 

USDCAD has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3190 and 1.3225.

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.

US retail sales figures will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been down-trending but is now looking indecisive. The moving averages are tightening and starting to move sideways – confirming the market indecision. USDCHF is ranging between 0.9815 and 0.9870.

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 the horizontal levels at 0.9895, 0.9910 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.

US retail sales figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart

 

Price continues to be indecisive and lack trend direction. If USDJPY closes above 109.70, price may attempt a bullish move higher.

Trading opportunities could exist around any of the identified horizontal levels at 108.45, 108.80, 108.95, 109.35, 109.40, 109.60 and 109.70.

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.

US retail sales figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GOLD reversed around 1484. Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1453, 1459, 1473, 1479 and 1484.

 

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