TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 23, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.08.2017

Price continues to move within a horizontal channel at 0.7870-0.7960. The moving averages confirm the market indecision – they are tight and are moving sideways. Price action has also formed a symmetrical triangle pattern. Trading opportunities could exist around both consolidation pattern support and resistance areas and if the AUDUSD moves out of either pattern (break-out trade).

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. 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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

US Crude Oil Inventories is at 1430 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.08.2017

As suggested in yesterday’s chart analysis, the upside momentum has continued and price has been bullish. The EURGBP continues to uptrend within a bullish channel. The moving averages are bullish and are widening, suggesting that the uptrend could continue. Opportunities to go long may exist around the previous consolidation resistance at 0.9145, around the dynamic support of the moving averages and around the bullish channel support area. Price could stall or reverse around the channel resistance area.

The UK has started negotiations for leaving the European Union. Brexit and political uncertain in the UK are causing weakness in sterling. 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 Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro.

There is a European Central Bank (ECB) speech at 0700 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 23.08.2017

The EURUSD continues to be indecisive and range between the horizontal support at 1.1690 and the horizontal resistance at 1.1840. 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 have been crossing frequently and are moving sideways – confirming the current indecision.

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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro.

There is a European Central Bank (ECB) speech at 0700 UTC today. US Crude Oil Inventories is at 1430 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 23.08.2017

As suggested in yesterday’s chart analysis, the GBPUSD moved below the horizontal channel support area and has since been bearish. Price has been clearly down-trending. The GBPUSD is below the recent horizontal channel consolidation area and the moving averages are bearish and starting to widen – signalling that the selling momentum may continue. Shorting opportunities could exist around the previous horizontal channel support and resistance areas (1.2845 and 1.2910), around the bearish moving averages and around the trend resistance area.

The UK has started negotiations for leaving the European Union. Brexit and political uncertain in the UK are causing weakness in sterling. 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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

US Crude Oil Inventories is at 1430 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 23.08.2017

Price has reversed bearish off the range resistance area (as suggested in yesterday’s chart analysis). The NZDUSD continues to range between the horizontal levels at 0.7225 and 0.7330. The moving averages confirm the market indecision – they have been crossing frequently and providing no clear trend direction. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade).

The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will unlikely 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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

US Crude Oil Inventories is at 1430 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 23.08.2017

As suggested in yesterday’s chart analysis, price has reversed around the bearish channel support area. The USDCAD is now retracing some of the recent bearish swing and continues to move within the bearish channel. As price pulls-back, selling opportunities may exist around the longer-term moving average and around the bearish channel resistance area. The moving averages are moving sideways, suggesting market indecision. The USDCAD could start ranging between the horizontal levels at 1.2530 and 1.2605. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the range (break-out trade). Another move to the downside may reverse around the bearish channel support 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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

US Crude Oil Inventories is at 1430 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.08.2017

Just like many other currency pairs, the USDCHF continues to be indecisive. Price continues to move within the large horizontal channel at 0.9595-0.9765. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDCHF moves out of the channel (break-out trade). The moving averages confirm the market indecision – they have been crossing frequently and are now moving sideways.

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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken. The Swiss National Bank recently decided to keep rates at -0.75%. The CHF is a safe-haven currency, which means it could strengthen if political uncertainty in the US or Europe intensify or if the possibility of war between the US and North Korea starts to solidify.

US Crude Oil Inventories is at 1430 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 23.08.2017

The USDJPY also continues to move within a large horizontal channel. Trading opportunities may exist around the horizontal channel support and resistance areas (108.65 & 110.90) and if price moves out of the channel (break-out trade). The moving averages are tightening and are moving sideways – confirming the current indecision.

The Bank of Japan have kept interest rates at a low of -0.10%. The Yen is a safe-haven currency, which means it could strengthen if political uncertainty in the US or Europe intensify or if the possibility of war between the US and North Korea starts to solidify, though war between these 2 countries may have a negative impact on the JPY due to Japan’s geographical location and history with North Korea. 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 intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

US Crude Oil Inventories is at 1430 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 23.08.2017

As suggested in yesterday’s chart analysis, GOLD has been reversing around the range support area. Price continues to be indecisive. The moving averages are crossing frequently and are moving sideways – confirming the market indecision. GOLD is ranging between the horizontal support at 1282.95 and the recent high at 1297.45. Trading opportunities could exist around the range support and resistance areas and if price moves out of the channel (break-out trade). Longer-term, GOLD is up-trending and is currently in a retrace phase. Buying opportunities could exist around the identified trend support area. If price moves below the trend support area, GOLD may attempt a bearish move lower.