TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 06, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.11.2017

The AUDUSD continues to be indecisive and continues to move within the horizontal channel at 0.7630-0.7720. The moving averages are 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 price moves out of the horizontal channel (break-out trade).

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.

The Reserve Bank of Australia (RBA) will releases a Rate Statement at 0330 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.11.2017

Price has been bearish and has been retracing some of the recent bullish move. The moving averages are bullish and are widening, signalling that the EURGBP may attempt a bullish move higher. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.8840, 0.8825 and 0.8800. A move to the upside may stall or reverse around the horizontal levels at 0.8940, 0.8970 and 0.9025.

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 very positive. The Bank of England have an increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. 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

 

EURUSD - 06.11.2017

As suggested in Friday’s chart analysis, price was rejected and reversed around the range resistance area. The EURUSD closed below the range support area but has failed to swing lower. Price is now looking very choppy and indecisive. The moving averages confirm this – they are tight and are moving sideways. The EURUSD could reverse around any of the identified horizontal levels at 1.1580, 1.1675, 1.1735 and 1.1830.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.11.2017

The GBPUSD has been slowly retracing some of the recent GBP sell-off. Price is still below the recent consolidation area and the moving averages are bearish and widening, all suggesting that the GBPUSD could start down-trending. Shorting opportunities may exist around any of the key Fib levels and around the bearish moving averages. Price could find support around the recent lows and horizontal support at 1.3045.

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 very positive. The Bank of England have an increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. 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.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.11.2017

Price continues to be indecisive, just like many USD pairs. The moving averages are moving sideways and are starting to tighten – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.6830, 0.6875, 0.6940 and 0.7000. If the NZDUSD moves below the horizontal support and recent lows at 0.6830, price could attempt a bearish move lower.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.11.2017

As suggested in Friday’s chart analysis, the USDCAD reversed around the shorter-term moving average and has swung lower. The moving averages are bearish and are widening, suggesting that price may start down-trending. Selling opportunities could exist around the previous horizontal support at 1.2805 and around the dynamic resistance of the moving averages. A downside move may be rejected or reverse around the horizontal level at 1.2645.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.11.2017

The USDCHF continues to be indecisive and move within a large horizontal channel at 0.9935-1.0035. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the horizontal channel (break-out trade).

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.11.2017

As suggested in Friday’s chart analysis, price was reversing around the support and resistance areas of the tight range. As also suggested, price closed above the range resistance area and has since moved higher. The USDJPY is looking a little bullish – price is above a recent resistance area and the moving averages are bullish. Price action has also formed a bullish channel. Opportunities to go long could exist around the horizontal levels at 114.30, 114.25 and 113.80, around the dynamic support of the moving averages and around the bullish channel support area. A move to the upside may stall or reverse around the bullish 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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.11.2017

GOLD has reversed around the horizontal channel support area (as suggested in Friday’s chart analysis). Price continues to be indecisive and move within a horizontal channel at 1265.30-1281.40. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade).