TiumphFX Intraday Forex Analysis – 1 Hour Charts – October 06, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.10.2017

As suggested in yesterday’s chart analysis, price moved below the range support area and has since been bearish. Price action has formed a bearish channel and the moving averages are about to cross bearish, all signalling that the AUDUSD could start down-trending. Shorting opportunities may exist around the previous range support at 0.7790, around the dynamic resistance of the moving averages and around the bearish channel resistance area. A move to the downside may stall or reverse around the bearish channel 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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.10.2017

Price found support around the bullish channel support area and has since been bullish (as suggested in yesterday’s chart analysis). As also suggested, the EURGBP has been finding resistance around the bullish channel resistance area. Price continues to uptrend within a bullish channel. The moving averages are bullish and are steady, suggesting that the uptrend may continue. Opportunities to go long could exist around the channel support area, around the moving averages and around the previous resistance levels at 0.8890 and 0.8900. The EURGBP may continue to find resistance 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 have been positive. 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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.10.2017

The EURUSD has been bearish and has moved below the consolidation support area at 1.1700, Price action has formed a lower swing highs and lower swing lows and also a potential bearish channel, both signalling that the EURUSD could start down-trending. Selling opportunities may exist around the previous swing low at 1.1700, around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance at 1.1780. A move to the downside could be rejected or reverse around the bearish channel support area.

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 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 Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.10.2017

As suggested in yesterday’s chart analysis, the GBPUSD moved below the tight horizontal channel support area and has since been bearish and has moved much lower. Price is clearly down-trending. The moving averages are bearish and are steady, suggesting that the bearish momentum may continue. The GBPUSD is looking a little over-extended though, signalling that price may start retracing. Selling opportunities could exist around the previous bearish channel support and resistance areas, around the dynamic resistance of the moving averages and around the horizontal levels at 1.3230 and 1.3285.

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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.10.2017

Price has been bearish (as suggested in yesterday’s chart analysis) and has moved below the horizontal channel support area. If the NZDUSD pulls-back, shorting opportunities may exist around the dynamic resistance of the moving averages, around the previous horizontal channel support area at 0.7150 and around the trend resistance area. The moving averages are bearish and steady, suggesting that the current down-trend could continue.

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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.10.2017

As suggested in yesterday’s chart analysis, price closed above the horizontal channel resistance area and has since been bullish. The moving averages have just crossed bullish, signalling that the upside momentum could continue. The USDCAD is looking a little over-extended though, suggesting that price is due a bearish move. A move to the downside may find support around the identified horizontal levels at 1.2420, 1.2450 and 1.2540 and around the moving averages.

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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today. Canadian Employment and Unemployment figures will be released at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.10.2017

The USDCHF has been finding resistance around the bullish channel resistance area (as suggested in yesterday’s chart analysis). Price has been very bullish and is steadily up-trending within a bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around the recent swing low at 0.9715 and around the bullish channel support area. The USDCHF could continue to be rejected or even reverse around the bullish channel resistance area.

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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.10.2017

Price continues to range and be indecisive. The USDJPY is ranging between the horizontal support at 112.25 and the recent highs at 113.20. The moving averages are tight and are crossing frequently – confirming the current market indecision. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If the USDJPY breaks to the downside, price may stall or reverse around the horizontal levels at 111.50 and 111.20.

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.

US Non-Farm Payrolls and an Unemployment Rate will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.10.2017

GOLD has become indecisive and is consolidating within a descending triangle pattern (horizontal support at 1268.00 and the diagonal resistance area). The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the consolidation support and resistance areas and if price moves out of the consolidation (break-out trade). If GOLD breaks to the upside, price could be rejected or reverse around the horizontal levels at 1289.60 and 1291.50.