TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 26, 2019
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD has been finding resistance around the horizontal level at 0.7120. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels at 0.7045, 0.7060, 0.7085, 0.7095, 0.7120 and 0.7165.
The Reserve Bank of Australia (RBA) continues to hold the official interest rate at the record low of 1.5%. The rate has been held at 1.5% for over 24 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) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US consumer confidence figure will be announced at 1400 UTC today.
EURGBP – 1 Hour Chart
The EURGBP is coming off the shorter-term moving average (as suggested in yesterday’s chart analysis). The moving averages are bearish and widening, signalling that price could attempt a bearish move lower. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 0.8580, 0.8590, 0.8340 and 0.8670. A bearish move could find support around the horizontal support levels at 0.8535, 0.8510 and 0.8490.
Recent economic indicators for the UK have been positive – giving strength to the Pound. 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%. Brexit continues to add uncertainty to the UK economy. The recent rejection of the Prime Ministers Brexit deal leads to a number of different Brexit options, including cancelling Brexit or leaving the EU without a deal. The European Central Bank (ECB) have cut economic forecasts, Europe is heading for recession. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until late 2019.
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 has been finding resistance around the shorter-term moving average and the trend resistance area. The EURUSD is down-trending. The moving averages are bearish and widening, signalling that the downside momentum may continue. Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1320, 1.1335 and 1.1355. A bearish move may find support around the recent swing low and horizontal support at 1.1280.
The European Central Bank (ECB) have cut economic forecasts, Europe is heading for recession. The official rate continues to be at the record low of 0.00% though. Most economists agree that a rate hike is not likely until late 2019. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US consumer confidence figure will be announced at 1400 UTC today.
GBPUSD – 1 Hour Chart
Price has reversed off the trend resistance area (as suggested in yesterday’s chart analysis). The GBPUSD has been down-trending but is now looking indecisive. The moving averages confirm the current indecision – they have crossed and are moving sideways. Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.3045, 1.3145, 1.3220, 1.3245, 1.3295 and 1.3335.
Recent economic indicators for the UK have been positive – giving strength to the Pound. 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%. Brexit continues to add uncertainty to the UK economy. The recent rejection of the Prime Ministers Brexit deal leads to a number of different Brexit options, including cancelling Brexit or leaving the EU without a deal. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US consumer confidence figure will be announced at 1400 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has been bullish but is now retracing some of the recent move. Price continues to be indecisive and lack trend direction. The moving averages are tight – confirming the indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6810, 0.6830, 0.6870, 0.6895 and 0.6930.
The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at 1.75%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 and perhaps into 2020. The economy is looking balanced and a drop in NZD price is desirable in order to boost exports. The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future.
A US consumer confidence figure will be announced at 1400 UTC today. The RBNZ will release a rate statement at 0100 UTC.
USDCAD – 1 Hour Chart
The USDCAD has been up-trending but is now looking indecisive. The moving averages confirm this – they are starting to move sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3340, 1.3360, 1.3385, 1.3440 and 1.3460.
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Canada (BOC) continues to raise interest rates, as expected. The current rate is 1.75% – it’s highest since December 2008. Further rate hikes are expected. The recent USMCA has given strength to the Canadian Dollar.
A US consumer confidence figure will be announced at 1400 UTC today.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been bearish and is failing to swing lower. The USDCHF is down-trending. Selling opportunities could exist around the moving averages and around the trend resistance area. The moving averages are tightening and are moving sideways, suggesting that the downtrend may becoming to an end. A bearish move may be rejected or reverse around the horizontal support levels at 0.9915 and 0.9895. A bullish move may find resistance around the previous diagonal support area and the recent swing high at 0.9965.
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss Franc continues to be highly valued. The SNB has announced that it will continue to intervene with in foreign exchange markets.
A US consumer confidence figure will be announced at 1400 UTC today.
USDJPY – 1 Hour Chart
Price has reversed around the most recent swing low at 109.75 (as suggested in yesterday’s chart analysis). The USDJPY is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous swing low at 110.35. Price could continue to find support around recent swing low at 109.75.
The US Federal Open Market Committee (FOMC) continues to steadily raise interest rates. The current Fed Funds rate is 2.25%. Recent employment and other economic data for the US has been very positive, giving strength to the Dollar. This suggests that there could be further rate hikes in the near future. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is under-performing.
A US consumer confidence figure will be announced at 1400 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD has been bullish and has formed a swing higher. Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1310.90, 1305.85 and 1300.05. A bullish move may stall or reverse around the horizontal resistance levels at 1319.05 and 1322.55.
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