TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 23, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.11.2017

The AUDUSD has been bullish and is forming a swing higher. The moving averages are bullish and are widening and price action has formed a bullish channel, all suggesting that price could start up-trending. Buying opportunities may exist around the bullish channel support area, around the previous swing high at 0.7585 and around the dynamic support of the moving averages. The AUDUSD could find resistance around the channel resistance 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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.11.2017

Price is looking a little choppy and indecisive. The moving averages confirm this – they are tightening and are moving sideways. From a technical analysis view, there are very few areas that may provide trading opportunities. The EURGBP could stall or reverse around the support and resistance areas of the tight bullish channel and around the horizontal levels at 0.8795, 0.8820, 0.8845, 0.8945 and 0.9010.

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 second GDP estimate figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 23.11.2017

As suggested in yesterday’s chart analysis, price has moved above the bearish channel resistance area and has been very bullish. The EURUSD is looking a little indecisive and seems to be ranging between the horizontal support at 1.1720 and the recent highs at 1.1850. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (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 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 - 23.11.2017

The GBPUSD reversed bullish around the recent low and horizontal support at 1.3215 (as suggested in yesterday’s chart analysis). Price is slightly choppy but is clearly up-trending. Price action has formed a new bullish channel and the moving averages are bullish and steady, all signalling that the upside momentum may continue. If the GBPUSD starts retracing, long opportunities could exist around the previous horizontal resistance levels at 1.3280 and 1.3265, around the moving averages and around the channel support area. Price may be rejected or reverse 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 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 second GDP estimate figure will be released at 0930 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 23.11.2017

As suggested in yesterday’s chart analysis, the NZDUSD has been bullish and is up-trending. As also suggested, price has found resistance around the horizontal level at 0.6885. The moving averages have crossed bullish and are widening, signalling that the upside momentum could continue. Opportunities to go long may exist around the previous swing high at 0.6845, around the trend support area and around the dynamic support of the moving averages. A bullish move could stall or reverse around the horizontal resistance levels at 0.6885 and 0.6910.

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 - 23.11.2017

Price has become indecisive (as suggested in yesterday’s chart analysis) and has moved below the recent bullish channel support area. The moving averages have been crossing frequently – confirming the current market indecision. Trading opportunities could exist around the horizontal levels at 1.2665, 1.2715 and 1.2835 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.

A Canadian retail sales figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.11.2017

As suggested in yesterday’s chart analysis, price closed below the horizontal channel support area and has since moved lower. The moving averages are bearish and price action has formed a swing lower, all suggesting that the USDCHF could start down-trending. Shorting opportunities may exist around the previous horizontal support levels at 0.9850 and 0.9875 and around the dynamic resistance of 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 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 23.11.2017

The USDJPY moved below the horizontal channel support area and has since been bearish (as suggested in yesterday’s chart analysis). Price is clearly down-trending – price action has formed a long series of lower swing lows and lower swing highs. The moving averages are bearish, signalling that the downtrend may continue. If the USDJPY retraces, selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance area. Price may continue to find support around 111.10.

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 - 23.11.2017

As suggested in yesterday’s chart analysis, GOLD has reversed around the recent highs and horizontal resistance at 1294.05. Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and providing no clear trend direction. Trading opportunities could exist around the horizontal levels at 1271.50, 1275.90 and 1294.05, around the moving averages and around the diagonal support area.

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