TriumphFX Inter-day Forex Analysis – Daily Charts – September 27, 2017


 

AUDUSD – Daily Chart

 

AUDUSD - 27.09.2017 - Daily

As suggested in our last inter-day chart analysis, the AUDUSD found support and has since swung higher. Price action has formed a higher swing high but only slightly, signalling that upside momentum could be weakening. The moving averages confirm this – they are starting to tighten. The AUDUSD could start ranging between the horizontal support at 0.7825 and the recent highs and resistance area at 0.8055. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade). If the AUDUSD breaks to the downside, price may stall or reverse around the previous horizontal resistance at 0.7745 and the identified trend support 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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

 

GBPUSD – Daily Chart

 

GBPUSD - 27.09.2017

Price has been bullish and has moved above some key resistance levels on the daily and weekly charts. The GBPUSD is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and are steady, suggesting that the uptrend may continue. Opportunities to go long could exist around the previous swing highs at 1.3230 and 1.3030, around the dynamic support of the moving averages and around the 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 have been positive. The Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

 

NZDUSD – Daily Chart

 

NZDUSD - 27.09.2017 - Daily

The NZDUSD is indecisive and is looking very choppy. The moving averages confirm the market indecision – they have been crossing frequently and providing no clear market direction. Even though price is choppy, price action has formed a number of clear horizontal levels. The NZDUSD may be rejected or reverse around any of these levels (0.6825, 0.7050, 0.7140, 0.7335 and 0.7525), which could provide some trading opportunities.

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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

 

USDCAD – Daily Chart

 

USDCAD - 27.09.2017 - Daily

As suggested in our last inter-day chart analysis, price reversed bearish around the 23.6% Fib level and the shorter-term moving average. The USDCAD has since formed a swing lower and has been very bearish. Price is clearly down-trending. The moving averages are bearish and steady, signalling that the downside momentum may continue. Shorting opportunities could exist around the identified horizontal levels at 1.2425, 1.2775 and 1.3015 and around the dynamic resistance of the moving averages. A bearish move may stall or reverse around the recent low at 1.2105.

The Bank of Canada have unexpectedly raised rates to 1.00%. This has caused the Canadian Dollar to strengthen. The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

 

USDCHF – Daily Chart

 

USDCHF - 27.09.2017 - Daily

Price is indecisive and is moving within a horizontal channel at 0.9440-0.9760. The moving averages are very tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (break-out trade). If price breaks to the upside, the USDCHF could be rejected or reverse around the identified horizontal levels at 0.9855 and 1.0095.

The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. 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.

 

USDJPY – Daily Chart

 

USDJPY - 27.09.2017 - Daily

Just like the USDCHF, the USDJPY is moving sideways. Price is ranging between the horizontal support at 107.80 and the horizontal resistance at 114.40. Trading opportunities could exist around the range support and resistance areas and if the USDJPY moves out of the range (break-out trade). If price breaks to the upside, the USDJPY may be rejected or reverse around the horizontal resistance levels at 115.20 and 118.25. Price action is forming a potential bearish channel. Opportunities to go short could exist around the bearish channel resistance 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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.

 

XAUUSD – Daily Chart

 

XAUUSD - 27.09.2017 - Daily

As suggested in our last inter-day chart analysis, GOLD moved above the range resistance area and has since formed a swing higher. Price is currently retracing some of the recent bullish move. GOLD is moving within a bullish channel and the moving averages are bullish and are widening, signalling that price could attempt a swing higher. Buying opportunities may exist around the 50.0% and 61.8% Fib levels, around the longer-term moving average and around the bullish channel support area. A bullish move may stall or reverse around the bullish channel resistance area and the recent highs around 1348.00.