TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 18, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 18.12.2017

Price has started to retrace some of the recent bullish move. The moving averages are bullish and are steady, suggesting that the AUDUSD could attempt to swing higher. Opportunities to go long may exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 0.7640 and 0.7575. An attempt to swing higher could stall or reverse around the recent high at 0.7690.

The Reserve Bank of Australia (RBA) recently held 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 and employment data strongly suggest that the Australian economy is improving. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.

Australian monetary policy meeting minutes will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 18.12.2017

As suggested in Friday’s chart analysis, price has reversed around the range resistance area. The EURGBP is ranging between the horizontal resistance at 0.8855 and the recent low at 0.8695. The EURGBP is also ranging between the horizontal resistance at 0.8855 and the horizontal support at 0.8760. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the ranges and if price moves out of either range (break-out trades).

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently 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 - 18.12.2017

The EURUSD has become even more choppy and indecisive. The moving averages are tightening and are moving sideways – confirming the indecision. Trading opportunities may exist around any of the identified horizontal levels at 1.1720, 1.1845, 1.1875 and 1.1930. If price closes below the horizontal support at 1.1720, the EURUSD could attempt a bearish move lower.

The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may 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 - 18.12.2017

As suggested in Friday’s chart analysis, the GBPUSD has reversed around the horizontal support at 1.3305. Price continues to be indecisive. The moving averages confirm this – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the horizontal levels at 1.3225, 1.3305, 1.3455, 1.3515 and 1.3545 and around the diagonal resistance area.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 18.12.2017

Price reversed around the range resistance area (as suggested in Friday’s chart analysis). The NZDUSD continues to range between the horizontal resistance and recent highs at 0.7030 and the recent swing low at 0.6975. The moving averages are starting to tighten and move sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Trading opportunities could also exist around the diagonal support area. If the NZDUSD breaks to the downside, buying opportunities may exist around the horizontal levels at 0.6955 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 recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 18.12.2017

The USDCAD has been bullish. Price found resistance around the horizontal resistance at 1.2885 (as identified in Friday’s chart analysis) and has since been looking indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.2640, 1.2745, 1.2885 and 1.2905. If price moves above the horizontal resistance at 1.2905, the USDCAD could start trending higher.

The Bank of Canada recently raised rates to 1.00%. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 18.12.2017

Just like many other currency pairs, the USDCHF is looking choppy and indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. Price action has formed a horizontal channel at 0.9840-0.9930. Trading opportunities may exist around the horizontal channel support and resistance areas and if the USDCHF moves out of the channel (break-out trade). If price breaks to the upside, the USDCHF could be rejected or reverse around the recent highs at 0.9970. Price could also be rejected or reverse around the previous trend resistance area (as support).

The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken. The CHF is a safe-haven currency, which means it could strengthen if uncertainty in the US, the UK or Europe intensifies 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 - 18.12.2017

As suggested in Friday’s chart analysis, price is finding resistance around the horizontal level at 112.80. The USDJPY is looking choppy but the moving averages are still bearish and steady, signalling that price could attempt a bearish move. Selling opportunities may exist around the longer-term moving average and around the horizontal levels at 112.80, 113.25 and 113.70. A bearish move could find support around the horizontal support 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, the UK or Europe intensifies 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 recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 18.12.2017

Price action has formed a tight horizontal channel at 1251.40-1259.60. The moving averages are moving sideways and are tightening – confirming the indecision. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade). If price breaks to the upside, GOLD may stall or reverse around the previous horizontal support at 1271.35. If price breaks to the downside, GOLD may stall or reverse around the recent lows at 1237.25.

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