TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 01, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 01.12.2017

The AUDUSD continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Price is ranging between the recent low at 0.7530 and the horizontal resistance at 0.7645. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). Trading opportunities could also exist around the horizontal levels at 0.7555 and 0.7595.

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 manufacturing PMI figure will be released at 1500 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 01.12.2017

As suggested in yesterday’s chart analysis, the EURGBP reversed bearish around the previous horizontal support at 0.8820 and has moved lower. Price action is now looking a little indecisive and has formed a horizontal channel at 0.8790-0.8825. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURGBP moves out of the horizontal channel (break-out trade). The moving averages are bearish and are widening, signalling that price could become bearish. Selling opportunities may exist around the bearish moving averages and around the previous swing low at 0.8845.

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 PMI figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 01.12.2017

Price reversed around the trend support area and has since been bullish (as suggested in yesterday’s chart analysis). The EURUSD is above the recent horizontal channel but the moving averages are tight and are moving indecisive, suggesting that price may become indecisive. Trading opportunities could exist around the trend support area and around the horizontal levels at 1.1720, 1.1830, 1.1875 and 1.1960.

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 manufacturing PMI figure will be released at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 01.12.2017

As suggested in yesterday’s chart analysis, price has swung higher and has been very bullish. The GBPUSD is clearly up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Price is looking a little over-extended though and may be due a bearish retrace move. Buying opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous horizontal resistance at 1.3375.

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 PMI figure will be released at 0930 UTC today. This is followed by a US manufacturing PMI figure at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 01.12.2017

The NZDUSD has formed a lower swing high – price has been down-trending (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, suggesting that the NZDUSD may attempt a move lower. Shorting opportunities could exist around the horizontal levels at 0.6865 and 0.6880 and around the dynamic resistance of the moving averages. A move to the downside may stall or reverse around the recent low at 0.6780.

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 manufacturing PMI figure will be released at 1500 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 01.12.2017

Price is currently bearish and retracing some of the recent bullish move. The USDCAD is still above the recent consolidation and the moving averages are bullish and are steady, signalling that price could attempt a swing higher. Long opportunities may exist around the horizontal levels at 1.2855 and 1.2835, around the dynamic support of the moving averages and around any of the key Fib levels. A move to the upside could be rejected or reverse around the recent swing high at 1.2905.

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.

Canadian GDP, employment change and unemployment rate figures will be announced at 1330 UTC today. This is followed by a US manufacturing PMI figure at 1500 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 01.12.2017

As suggested in yesterday’s chart analysis, price reversed bearish around the horizontal level at 0.9880. The USDCHF has moved below the recent diagonal support area and is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between the horizontal support at 0.9520 and the horizontal level at 0.9880. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). If price breaks to the downside, the USDCHF could find support around the recent lows at 0.9785. If price breaks to the upside, the USDCHF could find resistance around the horizontal resistance at 0.9945.

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 manufacturing PMI figure will be released at 1500 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 01.12.2017

The USDJPY found support around the shorter-term moving average and has since been bullish (as suggested in yesterday’s chart analysis). As also suggested, price has stalled around the horizontal level at 112.70. The moving averages are bullish and are widening, signalling that the USDJPY may continue to move higher. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the previous horizontal resistance at 111.70. The USDJPY may continue to find resistance around 112.70.

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 manufacturing PMI figure will be released at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 01.12.2017

GOLD continues to be very choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are providing no clear trend direction. Trading opportunities could exist around the identified horizontal levels at 1271.45, 1275.85, 1287.05 and 1298.35.

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