TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 28, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 28.08.2017

As suggested in Friday’s chart analysis, the AUDUSD moved above the tighter horizontal channel and also the ascending triangle and has since been bullish. Overall, price continues to be indecisive though and is still ranging between the horizontal support at 0.7870 and the horizontal resistance at 0.7960. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 28.08.2017

The EURGBP has continued to be bullish and is currently forming a swing higher. The bullish moving averages are steady but are starting to tighten a little, suggesting that upside momentum may be weakening. Price is also struggling to reach the bullish channel resistance area, signalling that the EURGBP could attempt a bearish move. If price retraces, buying opportunities could exist around the horizontal levels at 0.9235, 0.9195 and 0.9145, around the bullish channel support area and around the dynamic support of the moving averages.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 28.08.2017

As suggested in Friday’s chart analysis, price moved above the horizontal channel resistance area and has since been bullish. The moving averages are bullish and are widening, signalling that the EURUSD could start up-trending. Opportunities to go long may exist around the bullish moving averages, around the previous horizontal resistance levels at 1.1840 and 1.1825 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 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 no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 28.08.2017

Price is indecisive and is moving within a large horizontal at 1.2785-1.2920. The moving averages have been crossing frequently and are currently moving sideways – confirming the current indecision. Trading opportunities could exist around the horizontal channel support and resistance areas and if the GBPUSD moves out of the horizontal channel (break-out trade).

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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 28.08.2017

The NZDUSD broke to the upside of the recent range but is now looking choppy and indecisive again. The moving averages are tightening and are moving sideways, suggesting that the indecision may continue or that selling momentum is weakening and that price may attempt a bullish move. The NZDUSD may stall or reverse around any of the identified horizontal levels (0.7195, 0.7235, 0.7280, 0.7335).

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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 28.08.2017

As suggested in Friday’s chart analysis, the USDCAD reversed bearish around the shorter-term moving average and the previous horizontal support at 1.2530. Price continues to downtrend within a large bearish channel. The moving averages are bearish and are widening, suggesting that the downside momentum could continue. The USDCAD has struggled to reach the bearish channel resistance area – confirming that the bearish momentum is strong and that price may break to the downside of the channel. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the horizontal levels at 1.2530 and 1.2600 and around the bearish channel resistance area. If price moves below the channel support area, the USDCAD could move lower.

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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 28.08.2017

Price closed below the large range support area and has since been bearish (as suggested in Friday’s chart analysis). The USDCHF has broken to the downside of the range and the moving averages are bearish and are widening, suggesting that price could start down-trending. If the USDCHF starts retracing, selling opportunities may exist around the previous range support at 0.9600, around the bearish moving averages and around the trend resistance 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 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 28.08.2017

As suggested in Friday’s chart analysis, price has reversed around the horizontal resistance at 109.75. The USDJPY continues to be indecisive and move within a horizontal channel at 108.60-109.80 and the identified ascending triangle. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and ascending triangle and if price moves out of either consolidation (break-out trades).

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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 28.08.2017

As a result of the weakening US Dollar, GOLD has been bullish and has moved higher. The indecisive moving averages are starting to be bullish and widen, signalling that price may continue to move higher. Long opportunities could exist around any of the horizontal levels at 1297.40, 1292.85, 1290.60 and 1280.40 and around the dynamic support of the moving averages.