TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 24, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.11.2017

As suggested in yesterday’s chart analysis, price found resistance around the bullish channel resistance area. The AUDUSD is up-trending within a bullish channel and is currently retracing some of the recent bullish swing. The moving averages are bullish and are widening, signalling that the uptrend may continue. Opportunities to go long could exist around the bullish channel support area, around the dynamic support of the moving averages and around the recent swing high at 0.7585. A move to the upside may stall or reverse 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 - 24.11.2017

Price has been moving off the bullish channel resistance area (as suggested in yesterday’s chart analysis). The EURGBP still looks a little choppy and indecisive but the bullish channel is holding and the moving averages have crossed bullish and are widening, all signalling that price could move higher. Buying opportunities may exist around the bullish channel support area and around the moving averages. Trading opportunities may exist 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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 24.11.2017

As suggested in yesterday’s chart analysis, the EURUSD has been finding resistance around the recent highs. Price continues to be indecisive and range between the horizontal support at 1.1720 and the recent highs at 1.1855. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD 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 - 24.11.2017

The GBPUSD has reversed around the bullish channel resistance area and is now retracing some of the recent bullish swing (as suggested in yesterday’s chart analysis). Price is clearly up-trending and moving within a bullish channel. The moving averages are bullish and are steady, suggesting that the buying momentum may continue. 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.

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 - 24.11.2017

As suggested in yesterday’s chart analysis, price continued to be bullish and move higher. The NZDUSD is now retracing some of the recent bullish move. The moving averages are bullish and are widening, signalling that price could move higher. Opportunities to go long may exist around the trend support area, around the bullish moving averages and around the horizontal level at 0.6850. A move to the upside could be rejected or reverse around the horizontal resistance levels at 0.6900 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 - 24.11.2017

Price continues to look very choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. The USDCAD is ranging between the recent lows and horizontal support at 1.2665 and the recent highs and horizontal resistance at 1.2835. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).

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 - 24.11.2017

The USDCHF is forming a new swing low at 0.9800. Price action has formed a downtrend but the USDCHF does look a little choppy. The moving averages are bearish and are widening, suggesting that the downtrend could continue. Shorting opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.9850 and 0.9875. Price could continue to find support around the recent lows at 0.9800.

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 - 24.11.2017

As suggested in yesterday’s chart analysis, the USDJPY continued to find support around the recent lows at 111.10. Price has been clearly down-trending and is now retracing some of the recent bearish move. The moving averages are bearish and are widening, signalling that the USDJPY may attempt another bearish move. 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 - 24.11.2017

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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