TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 18, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 18.07.2017

As suggested in yesterday’s chart analysis, price initially retraced after moving below the horizontal channel support area but has since been bullish and has swung higher. The AUDUSD is clearly up-trending. The moving averages are bullish and are steady, signalling that the uptrend could continue. Buying opportunity may exist around the previous horizontal channel levels at 0.7835 and 0.7790, around the dynamic support of the moving averages and around the trend support area.

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. Recent Monetary Policy Minutes have detailed that the Australian economy is improving. This has caused greater bullish momentum. The US Federal Reserve rate recently increased rates 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 - 18.07.2017

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and have been providing no clear market direction. Trading opportunities may exist around the identified horizontal levels. If the EURGBP moves below the horizontal support at 0.8745, price could attempt a bearish move lower.

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 added strength for the Euro.

A UK CPI figure will be released at 0830 UTC today. This is followed by a Bank of England Speech at 1330 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 18.07.2017

As suggested in yesterday’s chart analysis, the EURUSD moved above the consolidation area and has since moved higher. The moving averages have crossed bullish and are widening, suggesting that price may start up-trending. Long opportunities could exist around the previous horizontal resistance at 1.1485, around the trend support area and around the bullish moving averages.

The US Federal Reserve rate recently increased rates 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. 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 added strength for the Euro.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 18.07.2017

The GBPUSD started retracing some of the recent bullish swing (as suggested in yesterday’s chart analysis) and is now ranging between the horizontal levels at 1.3050 and 1.3110. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). The moving averages continue to be bullish and are still widening, signalling that the GBPUSD may continue to uptrend. If price breaks to the downside of the range, the GBPUSD could stall or reverse around the dynamic support of the moving averages and around the previous swing highs at 1.3030 and 1.2975.

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. The US Federal Reserve rate recently increased rates 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.

A UK CPI figure will be released at 0830 UTC today. This is followed by a Bank of England Speech at 1330 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 18.07.2017

Price continues to be indecisive. The moving averages are tightening and have been crossing frequently – confirming the market indecision. The NZDUSD is moving within a large horizontal channel at 0.7200-0.7360. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). If price breaks to the upside, the NZDUSD may attempt a strong bullish move higher.

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. The US Federal Reserve rate recently increased rates 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.

 

USDCAD – 1 Hour Chart

 

USDCAD - 18.07.2017

As suggested in yesterday’s chart analysis, price has reversed around the previous swing low at 1.2700 and continues to be bearish. The USDCAD has been down-trending but is currently moving within a horizontal channel at 1.2635-1.2700. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). The moving averages continue to be bearish, signalling that the downtrend may continue. Selling opportunities could exist around the moving averages and around the horizontal resistance at 1.2765.

The Bank of Canada recently raised rates to 0.75%. The US Federal Reserve rate recently increased rates 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.

 

USDCHF – 1 Hour Chart

 

USDCHF - 18.07.2017

The USDCHF has moved below the bullish channel support area. Price continues to be indecisive and look choppy. The moving averages confirm this – they have been crossing frequently and have been moving sideways. The USDCHF is below some clear support levels, suggesting that price could attempt a bearish move. Shorting opportunities may exist around the previous horizontal support levels at 0.9600 and 0.9605, around the previous bullish channel support area (as resistance) and around the moving averages.

The US Federal Reserve rate recently increased rates 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. 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 - 18.07.2017

As suggested in yesterday’s chart analysis, the USDJPY reversed bearish around the shorter-term moving average and around the previous horizontal support at 112.85. Price continues to downtrend and move within a bearish channel. The moving averages are bearish and are steady, signalling that the downside momentum may continue. Selling opportunities could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the identified horizontal levels at 112.85 and 113.55. A bearish move could stall or reverse around the bearish channel 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. The US Federal Reserve rate recently increased rates 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.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 18.07.2017

GOLD moved above the consolidation resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price action has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish and are steady, all suggesting that GOLD may uptrend. If price pulls-back, long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 1228.10 and 1225.05 and around the trend support area.