TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 10, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 10.07.2017

As suggested in Friday’s chart analysis, price has been rejected and is now reversing off the horizontal resistance at 0.7610. The AUDUSD is moving within a horizontal channel at 0.7570-0.7615. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). If the AUDUSD breaks to the upside, price may stall or reverse around the horizontal resistance at 0.7625.

The Reserve Bank of Australia (RBA) recently decided to hold rates at 1.50%. The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades but there is no major economic indicator that suggests that the RBA will raise rates any time soon. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the political uncertainties intensify.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 10.07.2017

Price moved above the range resistance area and has since been bullish (as suggested in Friday’s chart analysis). The moving averages are bullish and are widening, signalling that the EURGBP may continue to be bullish. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous range resistance at 0.8810. A bullish move may stall or reverse around the high at 0.8875.

Article 50 has been triggered – the UK has started negotiations for leaving the European Union. The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. The ECB have announced that the economic future of the Eurozone is looking more stable and that deflation and economic slow-down is low-risk. This has caused great strength for the Euro.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 10.07.2017

The EURUSD has moved off the symmetrical triangle resistance area (as suggested in Friday’s chart analysis). Price continues to consolidate within a horizontal channel at 1.1315-1.1445 and within a symmetrical triangle. The moving averages confirm the market indecision – they have been crossing frequently and providing no clear direction. Trading opportunities may exist around both consolidation pattern support and resistance areas and if the EURUSD moves out of either pattern (break-out trades).

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify. The ECB have announced that the economic future of the Eurozone is looking more stable and that deflation and economic slow-down is low-risk. This has caused great strength for the Euro.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 10.07.2017

As suggested in Friday’s chart analysis, buying momentum has been weakening – moving price below the recent trend support area. The moving averages are tight and are crossing frequently, signalling indecision. The GBPUSD is below some key support areas, suggesting that price could move lower. Selling opportunities may exist around the previous horizontal levels at 1.2900, 1.2975 and 1.3030 and around the moving averages.

Article 50 has been triggered – the UK has started preparing negotiations for leaving the European Union.  The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 10.07.2017

The NZDUSD continues to be choppy and indecisive. Price has been rejected around the horizontal resistance at 0.7290 (as identified in Friday’s chart analysis). The moving averages are moving sideways – confirming the current market indecision. Trading opportunities could exist around the horizontal levels at 0.7245, 0.7290, 0.7300 and 0.7345. If the NZDUSD moves below the horizontal support at 0.7245, price may attempt a bearish move lower.

The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will not be a rate hike in the foreseeable future. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 10.07.2017

As suggested in Friday’s chart analysis, price moved below the horizontal channel support area and then moved lower. The USDCAD is now retracing some of the bearish swing. The moving averages are bearish and are widening, signalling that price could continue to downtrend. Selling opportunities may exist around the previous horizontal channel support at 1.2920, around the dynamic resistance of the moving averages and around the trend resistance area. The USDCAD could stall or reverse around the identified diagonal support area.

Recent Canadian economic figures have been mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon. The recent sell-off in the OIL market has caused some Canadian Dollar weakness. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 10.07.2017

Price is ranging between the horizontal levels at 0.9600 and 0.9655. The moving averages confirm the current indecision – they are moving sideways and are crossing frequently. Trading opportunities may exist around the range support and resistance areas and if the USDCHF moves out of the range (break-out trade). Price is nearing the trend resistance area. Opportunities to go short may exist around the trend resistance area.

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify. The Swiss National Bank recently decided to keep rates at -0.75%. The CHF could strengthen if political uncertainty in the US or Europe intensify.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 10.07.2017

As suggested in Friday’s chart analysis, the USDJPY has continued to be bullish and has moved higher. The moving averages are bullish and are widening, suggesting that the buying momentum may continue. If price starts to retrace, long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal channel resistance at 113.65 and around the trend support area.

The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US or Europe intensify. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 10.07.2017

GOLD moved below the horizontal channel support area and has since been bearish (as suggested in Friday’s chart analysis). The moving averages are bearish and are widening, signalling that the selling momentum may continue. Shorting opportunities could exist around the previous horizontal channel support area at 1218.10 and around the bearish moving averages.