TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 05, 2019
AUDUSD – 1 Hour Chart
The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are starting to tighten and move sideways.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.6790, 0.6800, 0.6815, 0.6830 and 0.6860.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP – 1 Hour Chart
The EURGBP has been bearish. Price is below the recent consolidation area and has swung below a number of key support levels, suggesting that the EURGBP may start down-trending. The moving averages confirm the potential downside – they are bearish and widening.
Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.8500 and 0.8515. Price may find support around the recent lows at 0.8435.
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 closed above the consolidation area but has since moved back within the consolidation. The moving averages are bullish and steady, signalling that the EURUSD could attempt another bullish.
Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.1090, 1.1070 and 1.1055. A bullish move could be rejected or reverse around the horizontal resistance levels at 1.1090 and 1.1105.
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 yesterday’s chart analysis, price has been bullish and has swung higher. The GBPUSD is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages and around the previous resistance at 1.3010.
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
NZDUSD reversed around the 23.6% Fib level and shorter-term moving average and has swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.
Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.6530 and 0.6505. An attempt to swing higher could stall or reverse around the recent swing high at 0.6550.
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 yesterday’s chart analysis, USDCAD moved below the horizontal channel support area and has since been bearish. Price has moved below the recent consolidation area and the moving averages are bearish and widening, all signalling that the USDCAD may start down-trending.
Shorting opportunities could exist around the previous horizontal support at 1.3205, around any of the key Fib levels and around the bearish moving averages.
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 is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that USDCHF could swing lower.
Opportunities to go short may exist around the longer-term moving average and around the horizontal levels at 0.9895, 0.9915 and 0.9930. A bearish move could find support around the shorter-term moving average and around the horizontal support at 0.9860.
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
Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently.
Trading opportunities may exist around the moving averages and around the horizontal levels at 108.25, 108.45, 109.10, 109.35 and 109.60.
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
As suggested in yesterday’s chart analysis, GOLD has been finding support around 1474 and the shorter-term moving average. Price is up-trending but is currently in a retrace phase. The moving averages are bullish and widening, signalling that the uptrend may continue.
Buying opportunities could exist around the bullish moving averages, around any of the key Fib levels and around the horizontal levels at 1473, 1464 and 1462.
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