TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 06, 2019

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the longer-term moving average. AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.6780, 0.6790, 0.6815, 0.6850 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

EURGBP – 1 Hour Chart

Price has been finding support around 0.8430 (as suggested in yesterday’s chart analysis). EURGBP is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Opportunities to go short may exist around the bearish moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.8500 and 0.8515. Price could continue to find support around 0.8430.

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 

As suggested in yesterday’s chart analysis, EURUSD has been bullish and has found resistance around 1.1105. Price continues to be indecisive but the moving averages are bullish and steady, signalling potential upside.

Opportunities to go long could exist around the dynamic support of the moving averages, around the horizontal levels at 1.1090, 1.1070 and 1.1055 and if EURUSD closes above 1.1055. Price may continue to find resistance around 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

GBPUSD – 1 Hour Chart

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

If GBPUSD starts retracing, long opportunities may 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

NZDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average. The NZDUSD is up-trending. The moving averages are bullish and steady, signalling that the upside direction may continue.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.6520 and 0.6505. Price may be rejected or reverse around the recent highs 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

USDCAD – 1 Hour Chart 

Price action is forming a swing low below the recent consolidation area and also below a number of key support areas, all suggesting that the USDCAD could attempt to downtrend. The moving averages confirm the potential downside – they are bearish and widening.

Shorting opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1.3205 and 1.3265. The USDCAD could find support around the recent lows at 1.3165.

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 non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCHF reversed around the horizontal level at 0.9895. Price is potentially down-trending but is currently ranging between 0.9860 and 0.9895. The moving averages are bearish, signalling that USDCHF may break to the downside of the range.

Trading opportunities could exist around the support and resistance areas of the range and if USDCHF moves out of the range (break-out trade). A break to the upside may find resistance around the longer-term moving average and around the horizontal levels at 0.9915 and 0.9930.

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 non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

USDJPY – 1 Hour Chart

USDJPY continues to be indecisive and lack trend momentum. 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, 108.95, 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed off the horizontal level at 1473. GOLD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that price may attempt to swing higher.

Opportunities to go long could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1473 and 1464.

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