TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 20, 2019

AUDUSD – 1 Hour Chart

AUDUSD has been down-trending and is currently finding support around 0.6780. The moving averages are bearish and widening, suggesting that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.6830, 0.6850, 0.6870 and 0.6885. A bearish move could be rejected or reverse around the horizontal levels at 0.6780 and 0.6740.

The Reserve Bank of Australia (RBA) has cut rates by 0.25% to 1.00% (a record low). The Australian economy continues to grow at a steady pace and produce positive economic indicators under low interest rates. The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

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

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP has continued to be bearish and move lower. Price is down-trending and has formed a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum may continue.

Shorting opportunities could exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 0.8835, 0.8890 and 0.8900. A bearish move may stall or reverse around the channel support area.

Recent economic indicators for the UK have shown a slowdown in the British economy. 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, holding back any rate hikes and driving down the Pound. 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 reversed off the horizontal level at 1.1075 (as suggested in yesterday’s chart analysis). The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between 1.1025 and 1.1075.

Trading opportunities may exist around the support and resistance areas of the range and if EURUSD closes out of the range (break-out trade). A break to the upside could find resistance around 1.1085 and 1.1105. A break to the downside could find support around 1.1015 and 1.0995.

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 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

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

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price has swung higher and continues to uptrend. The moving averages are bullish and steady, signalling that the upside momentum may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2505 and 1.2395.

Recent economic indicators for the UK have shown a slowdown in the British economy. 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, holding back any rate hikes and driving down the Pound. The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

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

NZDUSD – 1 Hour Chart

The NZDUSD has found support around the horizontal support at 0.6285 (as suggested in yesterday’s chart analysis). Price is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 0.6315, 0.6320 and 0.6360. A bearish move could find support around the channel support area and around the horizontal support levels at 0.6285 and 0.6270.

The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at the record low of 1.50%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 but recent economic data for New Zealand has been poorer than expected. The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%.

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

USDCAD – 1 Hour Chart

USDCAD is starting to look indecisive but has a general upward direction. The moving averages are bullish and steady, suggesting that the upside momentum may continue.

Long opportunities could exist around the bullish moving averages, around the diagonal support area and around the horizontal support levels at 1.3235, 1.3210 and 1.3190. An attempt to swing higher may find resistance around the shorter-term moving average and around the horizontal resistance levels at 1.3285 and 1.3305.

The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%. 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. Further rate hikes are expected. Oil price fluctuations may impact the Canadian economy and economic outlook.

A Canadian CPI figure will be announced at 1230 UTC today. US crude oil inventories is scheduled for 1430 UTC. The FOMC will release a statement, economic projections and account the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

USDCHF – 1 Hour Chart

Price is up-trending and is currently in a retrace phase. The moving averages are tightening and moving sideways, suggesting market indecision – USDCHF could fail to swing higher.

Buying opportunities may exist around the trend support area and around the horizontal levels at 0.9890 and 0.9855. A bullish move could be rejected or reverse around the moving averages and around the horizontal resistance levels at 0.9940, 0.9955 and 0.9980.

The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%. 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 so far 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

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tight and moving sideways. The USDJPY is ranging between the horizontal support at 107.45 and the recent highs at 108.45.

Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside may find support around the horizontal levels at 107.10, 106.75 and 106.40.

The US Federal Open Market Committee (FOMC) has cut rates by 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.25%. 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 continues to be indecisive and move within the horizontal channel at 1485-1516. The moving averages are tight and have been crossing frequently – confirming the current indecision.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the channel (break-out trade). A break to the upside could find resistance around 1524.

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