TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 01, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 01.09.2017

As suggested in yesterday’s chart analysis, the AUDUSD reversed off the range support area. Price continues to be indecisive and range between the horizontal support at 0.7870 and the recent highs at 0.7995. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the range support and resistance areas 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.

US Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 01.09.2017

The EURGBP found resistance around the horizontal level at 0.9235 (as suggested in yesterday’s chart analysis). Price is now moving within a horizontal channel at 0.9185-0.9235. Trading opportunities may exist around the support and resistance of the horizontal channel and if the EURGBP moves out of the channel (break-out trade). The moving averages are bearish and are widening, signalling that price could break to the downside. If the EURGBP breaks to the upside, price may stall or reverse around the recent high at 0.9305.

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.

UK Manufacturing PMI is at 0830 UTC today. US Non-Farm Employment Change (NFP) may cause market movement on this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 01.09.2017

As suggested in yesterday’s chart analysis, price found support around the trend support area and around the previous horizontal resistance levels. The recent bearish swing has been very strong and the moving averages have crossed bearish and are widening, all suggesting that the EURUSD may struggle to form a higher high. Shorting opportunities could exist around the dynamic resistance of the moving averages. Long opportunities could exist around the trend support area and around the previous horizontal resistance levels at 1.1835 and 1.1825.

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.

US Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 01.09.2017

Price broke to the downside of the recent range but quickly reversed bullish around the 61.8% Fib level (as suggested in yesterday’s chart analysis). The GBPUSD is now looking choppy and has become slightly indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Price may stall or reverse around the identified horizontal levels at 1.2855 and 1.2970.

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.

UK Manufacturing PMI is at 0830 UTC today. US Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC. This is followed by US Manufacturing PMI at 1400 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 01.09.2017

The NZDUSD has been bearish and has moved lower. The moving averages are bearish and are widening, suggesting that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 0.7195 and 0.7225 and around the identified trend resistance. A bearish move may bounce or reverse around the recent swing low at 0.7135.

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 Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 01.09.2017

Price was very bearish during yesterday’s trading sessions. The USDCAD has stalled and has found support around the horizontal support level at 1.2445. Price is looking a little indecisive and is ranging between the clear horizontal support at 1.2445 and the recent swing high at 1.2650. Trading opportunities could exist around the range support and resistance levels and if the USDCAD moves out of the range (break-out trade). The moving averages are moving sideways – confirming the current indecision.

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 Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 01.09.2017

As suggested in yesterday’s chart analysis, price has moved off the horizontal channel resistance area and continues to be indecisive. The USDCHF is moving within a large horizontal channel at 0.9440-0.9695. Trading opportunities could exist around the horizontal channel support and resistance levels and if price moves out of the horizontal channel (break-out trade). The moving averages have been crossing frequently and are providing no clear trend direction – confirming the market 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 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 Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 01.09.2017

The USDJPY is still moving within a large consolidation area (108.45-110.90) and is indecisive. The moving averages confirm this – they have been crossing frequently. Trading opportunities may exist around the identified horizontal levels and around the moving averages.

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 Non-Farm Employment Change (Non-Farm Payrolls), Average Hourly Earnings and Unemployment Rate figures will be released at 1230 UTC today. This is followed by US Manufacturing PMI at 1400 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 01.09.2017

As suggested in yesterday’s chart analysis, GOLD has moved off the 50.0% Fib level and the longer-term moving average and has formed a bullish move. As also suggested, price has bounced off the recent highs at 1324.35. GOLD is now within a potential range at 1301.90-1324.35. Trading opportunities could exist around the support and resistance of the range and if price moves out of the range (break-out trade). The moving averages are tightening (confirming the potential indecision) but are still bullish. If GOLD moves lower and closes below the range support area, price could stall or reverse around the previous horizontal resistance levels at 1298.10 and 1292.85.