TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 06, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.09.2017

Price has moved above the recent horizontal consolidation area. Price action has formed a bullish channel and the moving averages are finally providing some trend direction – they are bullish and are steady. Opportunities to go long could exist around the previous horizontal resistance at 0.7980, around the dynamic support of the moving averages, around the bullish channel support area and around the recent swing low at 0.7940. A move to the upside may stall or reverse around the bullish channel resistance area.

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.

A US Non-Manufacturing PMI figure will be released at 1400 UTC today. Australian Retails Sales and Trade Balance will be announced at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.09.2017

The EURGBP has moved below the range support area and is forming a swing lower. Price action has formed a bearish channel and price is clearly down-trending within the channel. The moving averages are bearish and steady, suggesting that the bearish momentum could continue. Selling opportunities may exist around the previous swing low at 0.9150, around the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 0.9215 and 0.9230. The EURGBP could stall or reverse around the bearish channel support 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 no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.09.2017

As suggested in yesterday’s chart analysis, price has been reversing around the support and resistance of the ascending triangle. The EURUSD continues to be indecisive and consolidate within a ascending triangle and horizontal channel (1.1835-1.1930). 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 both consolidation patterns and if price moves out of either consolidation (break-out trades). If the EURUSD breaks to the upside, price could bounce or reverse around the recent highs at 1.2060.

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.

A US Non-Manufacturing PMI figure will be released at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.09.2017

Price has moved above the range resistance area and has since been very bullish (as suggested in yesterday’s chart analysis). The moving averages are bullish and are widening and price action has formed a bullish channel, all signalling that the GBPUSD may start up-trending. If price starts retracing some of the recent swing high, buying opportunities could exist around the previous range resistance at 1.2975, around the dynamic support of the moving averages and around the channel support area. Price may 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 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 US Non-Manufacturing PMI figure will be released at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.09.2017

As suggested in yesterday’s chart analysis, the NZDUSD broke to the upside of the symmetrical triangle resistance area and has since moved much higher. As identified in yesterday’s chart analysis, price has bounced off the long-term trend resistance area. The NZDUSD is still looking a little indecisive, even after the recent bullish move. The moving averages confirm this – they have been crossing frequently. Trading opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.7185 and 0.7135. If price moves above the trend resistance area, the NZDUSD could attempt a bullish move higher.

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.

A US Non-Manufacturing PMI figure will be released at 1400 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.09.2017

The USDCAD continues to be indecisive. Price is ranging between the recent lows at 1.2340 and the horizontal resistance at 1.2425. The moving averages are starting to tighten – confirming the current indecision. Trading opportunities could exist around the range support and resistance areas and if the USDCAD moves out of the range (break-out trade). If price breaks to the upside, the USDCAD may bounce or reverse 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.

A Canadian Trade Balance figure will be released at 1230 UTC today. The Bank of Canada will announce Interest Rates at 1400 UTC. A US Non-Manufacturing PMI figure will be released at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.09.2017

As suggested in yesterday’s chart analysis, price has reversed around the moving averages and bearish channel resistance area. The USDCHF continues to downtrend within a bearish channel and steadily move lower. The moving averages have crossed bearish and are widening, signalling that the bearish momentum may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages and around the bearish channel resistance area. Price may stall or reverse around any of the identified horizontal levels and around the bearish channel 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 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.

A US Non-Manufacturing PMI figure will be released at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.09.2017

Price has stalled around the range support area (as suggested in yesterday’s chart analysis). The USDJPY continues to be indecisive and range between the recent lows at 108.45 and the horizontal resistance at 110.90 (see 4 hour chart). The moving averages are bearish and are widening, signalling that price could attempt to move below the range support area. Opportunities to go short may exist around the support and resistance of the previous bearish channel and around the bearish moving averages. If the USDJPY moves below the range support area, price could attempt a move lower.

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.

A US Non-Manufacturing PMI figure will be released at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.09.2017

As suggested in yesterday’s chart analysis, GOLD found support around the shorter-term moving average and has since moved higher. Price is clearly up-trending within a bullish channel. The moving averages are bullish and are steady, signalling that the upside momentum may continue. Long opportunities could exist around the moving averages, around the horizontal levels at 1337.90 and 1324.35 and around the bullish channel support area. A swing to the upside may stall or reverse around the bullish channel resistance area.