TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 14, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price closed below the range and trend support areas and then moved much lower. The moving averages have crossed bearish and are steady and the AUDUSD is below some key support levels, all signalling that price could attempt a bearish move lower. Selling opportunities may exist around the horizontal levels at 0.8010/15 and 0.8045, around the dynamic resistance of the moving averages and around the previous trend support area (as resistance).
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 CPI and Unemployment Claims figures will be released at 1230 UTC today.
EURGBP – 1 Hour Chart
Price reversed around the shorter-term moving average (as suggested in yesterday’s chart analysis) but is struggling to form a swing lower. Price action has formed a horizontal channel at 0.8990-0.9035. Trading opportunities may exist around the horizontal channel support and resistance areas and if the EURGBP moves out of the channel (break-out trade). The moving averages are bearish, suggesting that price could move lower. Shorting opportunities may exist around the bearish moving averages and around the previous bearish channel support area (as resistance).
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.
The Bank of England (BoE) will announce rates at 1100 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD moved below the horizontal support at 1.1925 and has since been bearish. The moving averages are bearish and steady and price action has formed a short series of lower swing highs, all signalling that the EURUSD may start down-trending. Opportunities to go short could exist around the previous swing low at 1.1925, around the bearish moving averages and around the trend resistance area. A bearish move could stall or reverse around the identified horizontal support levels at 1.1870 and 1.1835.
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.
US CPI and Unemployment Claims figures will be released at 1230 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD has moved below the bullish channel support area and is currently moving sideways. Price has also closed below the moving averages and the moving averages are starting to tighten, suggesting that buying momentum is weakening and that the GBPUSD may struggle to form a swing higher. Trading opportunities could exist around the support and resistance areas of a potential range at 1.3160-1.3320. Selling opportunities could exist around the previous trend 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 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 Bank of England (BoE) will announce rates at 1100 UTC today. US CPI and Unemployment Claims figures will be released at 1230 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been finding support around the horizontal support at 0.7220 and the trend support area. The NZDUSD continues to be very choppy and indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.7220, 0.7310 and 0.7335 and around the trend support area.
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 CPI and Unemployment Claims figures will be released at 1230 UTC today.
USDCAD – 1 Hour Chart
Price looks a little choppy but there is evidence of upside momentum – the moving averages have crossed bullish and the USDCAD has formed higher swing highs and higher swing lows. Long opportunities may exist around the bullish channel support area and around the dynamic support of the moving averages. A bullish move may bounce or reverse around the bullish channel resistance area and the previous horizontal support at 1.2340.
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.
US CPI and Unemployment Claims figures will be released at 1230 UTC today.
USDCHF – 1 Hour Chart
The USDCHF continues to be indecisive and range between the recent lows at 0.9440 and the horizontal resistance at 0.9760 (please see daily chart). The moving averages confirm the lack of trend direction – they have been crossing frequently. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves out of the range (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.
The Swiss National Bank (SNB) will announce interest rates at 0730 UTC today. US CPI and Unemployment Claims figures will be released at 1230 UTC.
USDJPY – 1 Hour Chart
Just like USDCHF, price is ranging (107.40-110.90 – see daily chart). The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around the range support and resistance areas and if the USDJPY moves out of the range (break-out trade).
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 CPI and Unemployment Claims figures will be released at 1230 UTC today.
XAUUSD – 1 Hour Chart
GOLD has moved below the horizontal support at 1323.70. The moving averages are bearish and steady and price action has formed a series of lower swing highs and lower swing lows, all suggesting that price could attempt a bearish move lower. Opportunities to go short may exist around the horizontal levels at 1323.70 and 1334.50, around the trend resistance area and around the moving averages. A bearish move may find support around the previous swing low at 1301.75.
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