TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 27, 2017
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD has found support around the longer-term moving average and has since been bullish. Price has been retracing some of the recent bullish swing but has found support around the moving average and the 50.0% Fib level. The moving averages are bullish and steady, signalling that the AUDUSD could attempt to swing higher. Buying opportunities may exist around the 50.0% and 61.8% Fib levels, around the longer-term moving average and around the previous swing high at 0.7590. A swing to the upside could stall or reverse around the horizontal resistance at 0.7635.
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
The EURGBP was rejected at the bullish channel support area and has since moved higher (as suggested in Friday’s chart analysis). The moving averages are bullish and are widening, suggesting that price may continue to be move higher. If price pulls-back, long opportunities could exist around the support and resistance areas of the bullish channel and around the dynamic support of the moving averages. A move to the upside may be rejected or reverse around the recent highs at 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
As suggested in Friday’s chart analysis, price closed above the range resistance area and has since moved much higher. The EURUSD is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and are steady, suggesting that price could continue to uptrend. Opportunities to go long may exist around the dynamic support of the moving averages, around the previous range resistance at 1.1855 and around the trend support 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 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
Price found support around the previous horizontal resistance at 1.3280 and has since swung higher (as suggested in Friday’s chart analysis). As also suggested, price has reversed around the bullish channel resistance area. The GBPUSD is clearly up-trending and is moving within a bullish channel. The moving averages are bullish and steady, suggesting that the upside momentum may continue. Buying opportunities could exist around the bullish moving averages, around the bullish channel support area and around the previous horizontal resistance levels at 1.3280 and 1.3265. A move higher may stall 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.
There is no major scheduled news today that will directly impact this currency pair.
NZDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the NZDUSD attempted a move higher but buying momentum was weak and price quickly reversed bearish. The NZDUSD has moved below the trend support area and is now looking a little indecisive. The moving averages confirm the indecision – they are moving sideways. From a technical analysis view, there are very few areas that may provide trading opportunities. Price could reverse around the horizontal levels at 0.6845, 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
The USDCAD continues to look very choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Price is ranging between the recent lows and horizontal support at 1.2665 and the recent highs and horizontal resistance at 1.2835. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Trading opportunities may also exist around the horizontal level at 1.2745.
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
As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and has since been bearish and has swung lower. The USDCHF has been choppy but has been down-trending. The moving averages are bearish and are steady, suggesting that the downtrend could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.9850 and 0.9880. Price could find support around the recent lows at 0.9785.
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
Price has been clearly down-trending and is now retracing some of the recent bearish move. The moving averages are bearish and are steady, signalling that the USDJPY may attempt another bearish move. Opportunities to go short could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance area. If price closes above the trend resistance area, the USDJPY may attempt a bullish move which could stall or reverse around the horizontal levels at 112.00 and 112.70. 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
GOLD continues to be indecisive. Price is consolidating within 2 horizontal channels; 1275.85-1294.05 and 1287.05-1294.05. Price is also consolidating within a symmetrical triangle pattern. Trading opportunities may exist around the support and resistance areas of the consolidations and if GOLD closes out of either consolidation (break-out trade). The moving averages have been crossing frequently and are now moving sideways – confirming the market indecision.
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