TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 06, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.12.2017

As suggested in yesterday’s chart analysis, price reversed off the bullish channel resistance area. The AUDUSD has been very bearish and has closed below the channel support area. Price is now looking very choppy and indecisive again. The moving averages confirm this – they have been crossing frequently and are now moving sideways. Trading opportunities could exist around the horizontal levels at 0.7530, 0.7555 and 0.7655 and around the previous channel support area (as resistance).

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC. An Australian trade balance figure will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.12.2017

Price continues to be indecisive. The moving averages are very tight and are moving sideways – confirming the market indecision. The EURGBP is ranging between the recent low at 0.8760 and the recent swing high at 0.8850. 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 identified diagonal 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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.12.2017

The EURUSD closed below the horizontal channel support area but has not yet attempted a strong bearish move lower. The moving averages are bearish and are widening, suggesting that selling momentum may be increasing. Shorting opportunities could exist around the previous horizontal channel support at 1.1830, around the trend resistance area and around the dynamic resistance of the moving averages. A bearish move may find support around the recent swing low at 1.1720.

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.12.2017

As suggested in yesterday’s chart analysis, the GBPUSD reversed bullish around the 50.0% Fib level and the previous horizontal resistance at 1.3375. Price has been up-trending and is currently in a bearish retrace phase. The moving averages have crossed bearish and are widening, signalling that the GBPUSD could struggle to swing higher. Buying opportunities may exist around the 50.0% and 61.8% Fib levels and around the previous horizontal resistance at 1.3375. Selling opportunities may exist around the moving averages and around the horizontal resistance levels at 1.3515 and 1.3545.

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.12.2017

Price continues to be very indecisive. The moving averages have been crossing frequently and are currently moving sideways – confirming the indecision.  The NZDUSD is currently finding resistance around the horizontal resistance level at 0.6905 (as suggested in yesterday’s chart analysis). Trading opportunities could exist around the horizontal levels at 0.6780, 0.6790, 0.6820, 0.6910 and 0.6945, Trading opportunities could also exist around the identified diagonal support areas.

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.12.2017

As suggested in yesterday’s chart analysis, price continued to be bearish and has swung lower. The USDCAD has since been bullish and is retracing some of the large bearish move. The moving averages are bearish and are steady, suggesting that price could attempt a bearish move lower. Selling opportunities may exist around any of the key Fib levels and around the longer-term moving average.

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC. The Bank of Canada will announce rates at 1500 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.12.2017

Just like many other USD pairs, the USDCHF continues to be choppy and indecisive. Once again the moving averages confirm the current indecision – they are tight and have been crossing frequently. Trading opportunities may exist around the horizontal levels at 0.9745, 0.9885 and 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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.12.2017

The USDJPY has moved out of the recent bullish channel and is now moving sideways. Price action is looking indecisive. The moving averages are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 110.90, 111.80, 113.00 and 113.25. Trading opportunities could also exist around the diagonal resistance area.

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.

US non-farm employment change is at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.12.2017

As suggested in yesterday’s chart analysis, GOLD has been bearish and has moved much lower. Price is below the recent consolidation area and the moving averages are bearish and steady, all suggesting that GOLD could start down-trending. Price action has formed a bearish channel. Shorting opportunities may exist around the bearish channel resistance area, around the previous consolidation support at 1271.45 and around the dynamic resistance of the moving averages. A bearish move could be rejected or reverse around the recent swing low at 1263.55 and around the channel support area.