TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 08, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 08.08.2017

As suggested in yesterday’s chart analysis, the AUDUSD reversed bearish around the shorter-term moving average. The downside move found support around the bearish channel support area (as also suggested in yesterday’s chart analysis) and price is now retracing. The AUDUSD continues to downtrend within a bearish channel. The moving averages are bearish and are steady, signalling that the selling momentum may continue. Shorting opportunities could exist around the moving averages and around the bearish channel resistance area. A move lower may stall or reverse around the channel support area and around the horizontal support at 0.7900. If price moves above the bearish channel resistance area, the AUDUSD could start ranging between the horizontal support at 0.7900 and the horizontal resistance at 0.7980.

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 - 08.08.2017

The EURGBP has continued to be bullish and has formed a swing higher (as suggested in yesterday’s chart analysis). Price is moving within a large bullish channel and the EURGBP is around the channel resistance area – suggesting that price may soon start retracing. The moving averages are tightening – confirming that upside momentum could be weakening. If price does start retracing, long opportunities may exist around the moving averages, around the identified horizontal levels at 0.9010, 0.8990 and 0.8975 and around the bullish channel support area. The EURGBP could continue to find resistance around the bearish channel resistance area.

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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 08.08.2017

Price continues to be indecisive and move within a horizontal channel at 1.1720-1.1885. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities may exist around the horizontal channel support and resistance areas and if the EURUSD moves out of the channel (break-out trade).

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 - 08.08.2017

As suggested in yesterday’s chart analysis, price has been bouncing off the horizontal levels at 1.3010 and 1.3060. The GBPUSD is now ranging between those levels. 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 are bearish and are widening, signalling that the GBPUSD may move lower. Selling opportunities could exist around the dynamic resistance of 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. 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.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 08.08.2017

The NZDUSD moved below the horizontal channel support area and has since been bearish (as suggested in yesterday’s chart analysis). Price action has formed a bearish channel and the NZDUSD is down-trending within the channel. The moving averages are bearish and are widening – suggesting that the downtrend could continue. Selling opportunities may exist around the moving averages, around the previous horizontal channel support at 0.7390 and around the bearish channel resistance area. A bearish move may stall or reverse around the channel support area and around the horizontal support at 0.7335.

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 - 08.08.2017

As suggested in yesterday’s chart analysis, the USDCAD has continued to be bullish and has reversed around the bullish channel resistance area. Price is now retracing and heading towards the channel support area. The moving averages are bullish and are steady, suggesting that the USDCAD may continue to uptrend within the bullish channel. Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the previous swing high at 1.2615. A bullish move may stall or reverse around the bullish channel resistance area.

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 - 08.08.2017

Price has reversed around the horizontal channel support area and the shorter-term moving average (as suggested in yesterday’s chart analysis). The USDCHF is ranging between the horizontal support at 0.9710 and the horizontal resistance at 0.9740. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade). The moving averages are bullish and are steady, signalling that price could attempt a move higher. Buying opportunities may exist around the bullish moving averages and around the trend support area.

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 - 08.08.2017

As suggested in yesterday’s chart analysis, price has reversed around the range resistance area. The USDJPY continues to be indecisive and range between the horizontal levels at 109.85-110.90. The moving averages are crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).

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 - 08.08.2017

GOLD continued to find support around the horizontal support at 1256.05 (as suggested in yesterday’s chart analysis) and is now retracing. Price is moving within a bearish channel and also a horizontal channel at 1256.05-1272.92. The moving averages are bearish and are steady, suggesting that GOLD may continue to move lower within the bearish channel. Selling opportunities could exist around the dynamic resistance of the moving averages and around the bearish channel resistance area. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the horizontal channel (break-out trade).