TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 26, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 26.10.2017

Price has continued to be bearish and is forming a swing lower. The AUDUSD is below the recent consolidation area and the moving averages are bearish, signalling that price may start down-trending. Selling opportunities could exist around the previous horizontal support levels at 0.7735, 0.7750 ad 0.7770, 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 0.7690.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 26.10.2017

The EURGBP continues to be indecisive and range between the horizontal support at 0.8855 and the horizontal resistance at 0.9020. Price is also ranging between the horizontal levels at 0.8885 and 0.8975. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of both ranges and if the EURGBP moves out of either range (break-out trades).

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.

The European Central Bank (ECB) will Announce Rates at 1145 UTC today. This is followed by an ECB Press Conference at 1230 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 26.10.2017

Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are currently moving sideways – confirming the current indecision. Trading opportunities may exist around the identified horizontal levels at 1.1685, 1.1735, 1.1850 and 1.1880.

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.

The European Central Bank (ECB) will Announce Rates at 1145 UTC today. This is followed by an ECB Press Conference at 1230 UTC. A US Unemployment Claims figure will be released at 1230 UTC also.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 26.10.2017

As suggested in yesterday’s chart analysis, price reversed around the symmetrical triangle support area. As also suggested, the GBPUSD broke above the consolidation area and has since been bullish. Price action is forming a higher high and the moving averages are bullish and are steady, all suggesting that the GBPUSD may start up-trending. Opportunities to go long could exist around the previous horizontal resistance at 1.3220, around the previous symmetrical triangle resistance area and around the dynamic resistance of the moving averages. A move to the upside may be rejected or reverse around the recent high at 1.3320.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 26.10.2017

The NZDUSD is down-trending. The moving averages are bearish, suggesting that the downside momentum may continue. Price is currently retracing some of the recent bearish move. Shorting opportunities could around the dynamic resistance of the moving averages and around the horizontal levels at 0.6940, 0.7000 and 0.7055.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 26.10.2017

As suggested in yesterday’s chart analysis, the USDCAD reversed around the horizontal level at 1.2650 and has since been very bullish. Price action has formed a bullish channel and the moving averages are bullish and are widening, all signalling that the USDCAD could continue to uptrend. Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2570, 1.2595 and 1.2645. A bullish move could be rejected or reverse around the channel resistance area.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 26.10.2017

Price has formed a swing higher (as suggested in yesterday’s chart analysis) and continues to uptrend. The USDCHF has been finding support around the previous swing high at 0.9880 (as also suggested). The moving averages are bullish and are steady, suggesting that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.9880, 0.9835 and 0.9830. A bullish move may stall or reverse around the recent high at 0.9935.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 26.10.2017

The USDJPY has formed a swing higher but only slightly. The moving averages are tightening and are moving sideways, suggesting that price could become indecisive and move sideways. Trading opportunities could exist around the horizontal levels at 113.10, 113.25 and 114.20.

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.

A US Unemployment Claims figure will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 26.10.2017

As suggested in yesterday’s chart analysis, GOLD closed above the consolidation resistance area and has since been bullish. Price is now moving within a horizontal channel at 1271.85-1283.65. Trading opportunities may exist around the horizontal channel support and resistance areas and if GOLD moves out of the channel (break-out trade). If price breaks to the upside, GOLD could stall or reverse around the horizontal resistance levels at 1290.20 and 1305.95. A bearish move may be rejected or reverse around the previous consolidation support and resistance areas.