TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 11, 2017
AUDUSD – 1 Hour Chart
The AUDUSD has formed a new swing high and is now retracing. The moving averages are still bullish and are steady, suggesting that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the previous horizontal resistance at 0.8020 and around the trend support area. A bullish move may stall or reverse around the recent swing high at 0.8120.
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
Price moved back into the bearish channel (after breaking to the upside) and has been finding support around the channel support area. The EURGBP is clearly down-trending within the bearish channel. The moving averages are bearish but tight – signalling that price may attempt a bullish move and start retracing. Selling opportunities could exist around the previous swing low and horizontal support at 0.9135, around the moving averages and around the bearish channel resistance area. If the EURGBP closes below the channel support area, price may attempt a move lower.
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. Recent comments by the ECB have been fairly dovish though.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
The EURUSD has been bearish and is retracing some of the recent bullish move. The moving averages are bullish and are widening, suggesting that the upside momentum could continue and that price could attempt a swing higher. Buying opportunities may exist around the bullish moving averages, around the previous consolidation resistance at 1.1945 and around the long-term trend support area. A bullish move may bounce or reverse around the horizontal resistance at 1.2080.
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. Recent comments by the ECB have been fairly dovish though.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the GBPUSD has continued to be bullish and move higher. Price is now retracing. The moving averages are bullish and steady, signalling that the GBPUSD may continue to uptrend. If price continues to retrace, long opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous resistance levels at 1.3075 and 1.2975.
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
Price has reversed around the previous symmetrical triangle consolidation area (as suggested in Friday’s chart analysis). The NZDUSD is now looking choppy again and is lacking clear trend direction. Trading opportunities may exist around the identified support and resistance areas. The moving averages are bullish and are steady, signalling that price could move higher. Long opportunities may exist around the moving averages.
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
Just like many currency pairs, the USDCAD is retracing. Price has been clearly down-trending but has recently been bullish. The moving averages are bearish and are steady, suggesting that the downside momentum may continue. Opportunities to go short could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move may stall or reverse around the recent low at 1.2065.
The Bank of Canada have unexpectedly raised rates to 1.00%. This has caused the Canadian Dollar to strengthen. 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
As suggested in Friday’s chart analysis, price reversed around the previous bearish channel support area and tested the range support area again. The range support area has held and recent price action has been bullish. The USDCHF may be forming a descending triangle pattern (horizontal support at 0.9440 and the identified diagonal resistance). The moving averages are bearish and steady, suggesting that price may move within the triangle pattern. Trading opportunities could exist around the support and resistance of the descending triangle and if price moves out of the descending triangle (break-out trade).
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
Price is retracing – just like many other currency pairs. The USDJPY is down-trending, price is currently bullish and retracing some of the recent sell-off. The moving averages are bearish and steady, suggesting that the USDJPY could attempt a bearish move and try to swing lower. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move may stall or reverse around the recent lows at 107.40.
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
GOLD has moved below the bullish channel support area. The moving averages are moving sideways, signalling a change in momentum – price may become bearish or indecisive. Selling opportunities could exist around the previous bullish channel support area (as resistance), around the moving averages and around the horizontal levels at 1343.75 and 1355.00. GOLD could start ranging between the horizontal levels at 1329.20 and 1343.75.
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