TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 27, 2018

AUDUSD – 1 Hour Chart

Price continues to be indecisive and range between the horizontal levels at 0.7345 and 0.7445. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade).

The Reserve Bank of Australia (RBA) have held the official interest rate at 1.5% for over 18 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.  The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been reversing around the horizontal levels at 0.8800 and 0.8825. The EURGBP continues to be indecisive. The moving averages have been crossing frequently – confirming the indecision. Trading opportunities could exist around the identified horizontal levels at 0.8720, 0.8725, 0.8800, 0.8825 and 0.8830. If price closes above the horizontal level at 0.8830, the EURGBP may attempt a bullish move higher.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% and plan to increase rates again in the very near future. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economic boom will slow-down and that an interest rate hike is not in the near future.

The Governor of the Bank of England will speak at 0830 UTC today.

EURUSD – 1 Hour Chart 

The EURUSD has been finding support around the longer-term moving average (as suggested in yesterday’s chart analysis). Price is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.1515, 1.1595, 1.1630, 1.1720, 1.1735 and 1.1835 and around the moving averages.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD has been finding support around 1.3210. Price continues to be indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1.3105, 1.3210, 1.3290, 1.3310 and 1.3325.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% and plan to increase rates again in the very near future. The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

The Governor of the Bank of England will speak at 0830 UTC today. A US durable goods orders figure will be announced at 1230 UTC. This is followed by US crude oil inventories at 1430 UTC.

NZDUSD – 1 Hour Chart

Price has been bearish and is forming a swing lower. The NZDUSD is down-trending. The moving averages have crossed bearish, suggesting that the downtrend could continue. Opportunities to go short may exist around the previous swing low at 0.6825, around any of the key Fib levels and around the dynamic resistance of the moving averages.

The Reserve Bank of New Zealand (RBNZ) recently kept rates at 2.00% and announced that there will unlikely be a rate hike in the foreseeable future – there is some economic uncertainty caused by New Zealand’s GDP and CPI figures. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC. The RBNZ will announce the official rate and release a rate statement at 2100 UTC.

USDCAD – 1 Hour Chart

Price continues to move within the horizontal channel at 1.3260-1.3340. The moving averages confirm the lack of trend momentum – they are tight and are moving sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCAD closes out of the channel (break-out trade). If price breaks to the downside, the USDCAD may stall or reverse around the horizontal levels at 1.3200 and 1.3165.

The Bank of Canada (BOC) recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will increase the interest rate at least 1 more time before the end of 2018. The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC. The Governor of the BOC will speak at 1900 UTC today.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCHF has reversed around the horizontal level at 0.9920. Price continues to be choppy and indecisive. The moving averages are tightening – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 0.9800, 0.9830, 0.9920 and 0.9985.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The bearish stock markets may give strength to the Swiss Franc as the CHF is a safe-haven currency. The concern of a potential tariff war between the US and China may also give strength to the CHF.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

USDJPY – 1 Hour Chart 

The USDJPY continues to be indecisive. The moving averages have been crossing frequently and are currently moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 109.25, 109.40, 110.20, 110.70 and 110.90.

The US Federal Open Market Committee (FOMC)  recently raised rates to 2.00%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets become bearish, the Yen may continue to strength. The concern of a potential tariff war between the US and China may also give strength to the Yen. The Bank of Japan (BOJ) has not changed the official interest rate since early 2016. Economic indicators for Japan continue to show signs of moderate growth.

A US durable goods orders figure will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price moved below the range support area and has since been bearish. GOLD is down-trending. The moving averages are bearish and widening and price action has formed a bearish channel, all signalling that the downside momentum could continue. Selling opportunities may exist around the previous swing low at 1262.75, around the dynamic resistance of the moving averages, around the channel resistance area and around the swing high at 1271.95. A bearish move could stall or reverse around the channel support area.

Hits: 4