TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 10, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 10.11.2017

The AUDUSD continues to be indecisive and move within a horizontal channel at 0.7630-0.7725. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the price 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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 10.11.2017

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are currently moving sideways – confirming the current indecision. The EURGBP may reverse around the horizontal levels at 0.8735, 0.8795, 0.8940 and 0.8970. Price action has formed a bullish channel. Trading opportunities could exist around the bullish channel support and resistance areas.

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.

A UK Manufacturing Production figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 10.11.2017

The EURUSD continues to be choppy and indecisive. The moving averages have been crossing frequently and are currently moving sideways– confirming the  indecision. Price could be rejected or reverse around the identified horizontal levels at 1.1560, 1.1620, 1.1675, 1.1735 and 1.1830 and around the moving averages.

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 - 10.11.2017

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities may exist around the identified horizontal levels at 1.3045, 1.3090, 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 UK Manufacturing Production figure will be released at 0930 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 10.11.2017

As suggested in yesterday’s chart analysis, price is up-trending and has been finding support around the longer-term moving average and trend support area. The moving averages are bullish and are widening, signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area. An upside move may stall or reverse around the recent swing high at 0.6970. If the NZDUSD becomes bearish, price could be rejected or reverse around the horizontal support at 0.6880.

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 - 10.11.2017

The USDCAD is down-trending – price has formed a short series of lower swing lows and lower swing highs and also a bearish channel. The moving averages are bearish and are widening, suggesting that the selling momentum could continue. Shorting opportunities may exist around the previous swing low at 1.2700, around the bearish moving averages and around the bearish channel resistance area. A swing lower could find support around the channel support 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 10.11.2017

Price has moved below the recent sideways consolidation and the moving averages have become bearish, all signalling that the USDCHF may start down-trending. Opportunities to go short could exist around the previous horizontal support at 0.9970, around the dynamic resistance of the moving averages and around the trend 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 10.11.2017

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 113.70 and has moved lower. As also suggested, price found support around the bearish channel support area. The USDJPY is down-trending within a bearish channel. The moving averages are bearish and are widening, suggesting that the downside momentum could continue. Selling opportunities may exist around the previous horizontal support at 113.70, around the dynamic resistance of the moving averages 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 10.11.2017

GOLD continues to look very choppy and indecisive. The moving averages are bullish and are steady, suggesting that price may move higher. Trading opportunities could exist around the moving averages and around the horizontal levels at 1265.30, 1281.80 and 1290.10.

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