TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 05, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 05.09.2017

As suggested in yesterday’s chart analysis, the AUDUSD has bounced again around the large horizontal channel resistance area. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are now moving sideways. The AUDUSD is moving within a large horizontal channel at 0.7870-0.7995 and also a tighter horizontal channel at 0.7940-0.7980. Trading opportunities could exist around the support and resistance areas of either horizontal channel and if price moves out of either channel (break-out trades).

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.

The Governor of the Reserve Bank of Australia will give a Speech at 0910 UTC today. An Australian GDP figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 05.09.2017

The EURGBP moved above the potential bearish channel and is now looking indecisive. The moving averages are tightening and moving sideways – confirming the current indecision. Price is ranging between the horizontal support at 0.9150 and the horizontal resistance at 0.9235. Trading opportunities may exist around the range support and resistance areas and if the EURGBP moves out of the range (break-out trade). If price breaks to the upside, the EURGBP may stall or reverse around the recent highs 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.

A UK Services PMI figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 05.09.2017

As suggested in yesterday’s chart analysis, price continues to be indecisive and has been moving off the horizontal channel resistance area. The EURUSD is consolidating within a horizontal channel at 1.1835-1.1925 and also within a ascending triangle. Trading opportunities could exist around the support and resistance areas of both consolidation patterns and if price moves out of either pattern (break-out trades). The moving averages are tightening and are moving sideways – 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 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 - 05.09.2017

Just like many other currency pairs, the GBPUSD is indecisive and is ranging. Price is ranging between the recent swing low at 1.2855 and the horizontal resistance at 1.2975. The moving averages confirm the lack of trend direction – they have been crossing frequently and are now moving sideways. Trading opportunities may exist around the range support and resistance areas and if the GBPUSD moves out of the range (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.

A UK Services PMI figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 05.09.2017

Price continues to be choppy and lack trend direction. Price action has formed a symmetrical triangle consolidation pattern. The NZDUSD is also ranging between clear horizontal levels. Trading opportunities could exist around the support and resistance of the symmetrical triangle and if price breaks out of the triangle. The NZDUSD may reverse around the identified horizontal levels at 0.7135, 0.7185 and 0.7195. The moving averages confirm the market indecision – they are tightening and starting to move sideways.

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 - 05.09.2017

As suggested in yesterday’s chart analysis, price has reversed bearish off the shorter-term moving average. Even though the USDCAD is currently bearish, price action has formed a horizontal channel at 1.2370-1.2425. Trading opportunities could exist around the support and resistance of the horizontal channel and if price moves out of the channel (break-out trade). The moving averages are bearish and are widening, signalling that the USDCAD could move lower and continue to downtrend. Selling opportunities may exist around the dynamic resistance of the moving averages and around the previous horizontal support at 1.2450.

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 - 05.09.2017

The USDCHF continues to be very choppy and indecisive (just like many other currency pairs). The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price action has formed a horizontal channel at 0.9545-0.9675 and also a bearish channel. Price action has also formed clear horizontal resistance levels around the 0.9695 area. Trading opportunities may exist around the bearish channel resistance area and around the other areas of support and resistance.

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 - 05.09.2017

As suggested in yesterday’s chart analysis, the USDJPY reversed around the shorter-term moving average and the trend resistance area. Price continues to range between the recent lows at 108.45 and the horizontal resistance at 110.90. The USDJPY is now also moving within a bearish channel. The moving averages have crossed bearish and are widening, signalling that the downside momentum could continue. Shorting opportunities may exist around the moving averages and around the bearish channel resistance area. A swing lower could stall or reverse around the bearish channel support area and around the range support area.

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 - 05.09.2017

GOLD is moving within a tight horizontal channel at 1332.55-1337.95. Trading opportunities could exist around the support and resistance of the tight horizontal channel and if price moves out of the channel (break-out trade). Longer-term, GOLD continues to uptrend within a bullish channel. The moving averages are bullish and are widening, suggesting that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1324.35 and around the bullish channel support area. A move to the upside may stall or reverse around the bullish channel resistance area.