TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 09, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 09.11.2017

Price continues to be indecisive and move within a horizontal channel at 0.7630-0.7725. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the 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.

A US unemployment claims figure will be released at 1330 UTC today. The Reserve Bank of Australia will release a monetary policy statement at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 09.11.2017

The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. From a technical view, there are very few areas that could provide trading opportunities. Price may reverse around the horizontal levels at 0.8735, 0.8795, 0.8940 and 0.8970.

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 - 09.11.2017

Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are currently moving sideways– confirming the  indecision. The EURUSD could be rejected or reverse around the identified horizontal levels at 1.1560, 1.1620, 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.

A US unemployment claims figure will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 09.11.2017

Just like most currency pairs, the GBPUSD is looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are providing no clear trend direction. Trading opportunities may exist around the identified horizontal levels at 1.3045, 1.3105, 1.3180 and 1.3310.

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.

A US unemployment claims figure will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 09.11.2017

As suggested in yesterday’s chart analysis, the NZDUSD found support around the trend support area and has moved higher. The moving averages are bullish and are steady, suggesting that price may start up-trending. Opportunities to go long could exist around the previous swing high at 0.6950, around the dynamic support of the moving averages 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 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 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 09.11.2017

Price has been bearish but is still looking a little indecisive. The moving averages confirm the current indecision – they were bearish but are beginning to move sideways. Trading opportunities may exist around the horizontal levels at 1.2700, 1.2805 and 1.2910. If the USDCAD closes below the horizontal support at 1.2700, price could attempt a bearish move lower.

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 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 09.11.2017

The USDCHF continues to be indecisive. Price is ranging between the horizontal level at 0.9935 and the horizontal resistance at 1.0035. The moving averages have been crossing frequently and are providing no clear market direction – confirming the market indecision. 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 horizontal level at 0.9970 may provide trading opportunities.

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 1330 UTC today. The Chairman of the Swiss National Bank will speak at 1630 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 09.11.2017

Price has moved below the range support area but the USDJPY continues to be choppy and indecisive. Price action has formed a bearish channel and the moving averages are slightly bearish, signalling that the USDJPY could move lower. Selling opportunities may exist around the previous horizontal support at 113.70 and around the bearish channel resistance area. A move to the downside could stall or reverse around the channel support area and around the horizontal support at 112.95.

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 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 09.11.2017

As suggested in yesterday’s chart analysis, price has moved above the horizontal channel resistance area and has seen been slightly bullish. GOLD continues to look very choppy and indecisive though. Buying opportunities could exist around the previous horizontal channel resistance at 1281.80, around the trend support area and around the dynamic support of the moving averages. A move to the upside may be rejected or reverse around the recent horizontal resistance at 1290.10.