TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 11, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 11.12.2017

As suggested in Friday’s chart analysis, the AUDUSD reversed bearish around the shorter-term moving average and the previous consolidation support. Price is still below the recent consolidation and the moving averages are bearish and are widening, signalling that the AUDUSD may attempt a bearish move lower. Shorting opportunities could exist around the previous support areas at 0.7530 and 0.7555, around any of the key Fib levels and around the longer-term moving average.

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 - 11.12.2017

The EURGBP is retracing some of the recent bearish swing. Price has been down-trending with a bearish channel. The moving averages are bearish and are widening, suggesting that the downtrend could continue. Price recently struggled to reach the channel support area though, signalling that selling momentum is weakening. Opportunities to go short may exist around the bearish channel resistance area and around the horizontal resistance at 0.8850. A bearish move could become bullish around the horizontal support levels at 0.8760 and 0.8695.

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 - 11.12.2017

Price has been bullish and has moved above the trend resistance area. The moving averages are still bearish and are steady, signalling that the EURUSD may attempt a bearish move. Selling opportunities could exist around the longer-term moving average and around the horizontal levels at 1.1805 and 1.1830. A move to the downside may stall or reverse around the previous trend resistance area (as support) and around the recent low at 1.1735.

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 - 11.12.2017

As suggested in Friday’s chart analysis, price reversed around the range resistance area. The GBPUSD continues to be indecisive and range between the horizontal resistance at 1.3515 and the recent swing low at 1.3330. The moving averages confirm the current 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). If the GBPUSD breaks to the downside, price could be rejected or reverse around the horizontal support at 1.3220. If the GBPUSD breaks to the upside, price could be rejected or reverse around the recent highs at 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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 11.12.2017

The NZDUSD reversed around the horizontal channel support area (as suggested in Friday’s chart analysis). Price has since been very bullish and has closed above the horizontal channel resistance area. The NZDUSD is still looking very choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.6820, 0.6910 and 0.6945.

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 - 11.12.2017

Price continues to be indecisive and is moving within 2 horizontal channels; 1.2815-1.2870 and 1.2640-1.2905. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the support and resistance areas of both horizontal channels and if the USDCAD moves out of either channel (break-out trades).

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 - 11.12.2017

As suggested in Friday’s chart analysis, price continued to be bullish and move higher. The USDCHF has since been bearish and is retracing some of the recent bullish swing. Price is still looking a little choppy and indecisive. The moving averages are starting to tighten and move sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 0.9745, 0.9885 and 0.9970.

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 - 11.12.2017

The USDJPY is up-trending within a bullish channel. The moving averages are bullish and are widening, suggesting that the uptrend could continue. If price continues to retrace, opportunities to go long may exist around the previous swing high at 113.00, around the moving averages, around the bullish channel support area and around the horizontal levels at 112.05 and 111.80.

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 - 11.12.2017

Price continues to downtrend within a bearish channel. The moving averages are bearish and are steady, signalling that the downtrend could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the identified horizontal levels. GOLD could continue to find support around the channel support area.

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