TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 21, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 21.12.2017

As suggested in yesterday’s chart analysis, the AUDUSD has been moving off the support and resistance areas of the symmetrical triangle. Price continues to consolidate within a symmetrical triangle and a horizontal channel at 0.7640-0.7690. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of either consolidation pattern (break-out trades).

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.

A final GDP figure for the US will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 21.12.2017

The EURGBP reversed around the trend support area and has since been very bullish (as suggested in yesterday’s chart analysis). Price is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous horizontal resistance levels at 0.8860 and 0.8840, around the dynamic support of the moving averages and around the trend support 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 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 pair during today’s trading sessions.

 

EURUSD – 1 Hour Chart

 

EURUSD - 21.12.2017

Price has been bullish and has moved above some clear horizontal resistance levels. The moving averages are bullish and are widening, suggesting that the buying momentum may continue. Price continues to look a little choppy and indecisive though. Opportunities to go long could exist around the horizontal levels at 1.1810 and 1.1850 and around the bullish moving averages. A move to the upside may be rejected or reverse around the horizontal resistance at 1.1930.

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.

A final GDP figure for the US will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 21.12.2017

As suggested in yesterday’s chart analysis, price has reversed around the descending triangle resistance area. The GBPUSD continues to be very indecisive and consolidation within a descending triangle (horizontal support at 1.3305 and the diagonal resistance). The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the support and resistance areas of the descending triangle and if price moves out of the triangle (break-out trade). Trading opportunities could also exist around the horizontal levels at 1.3345, 1.3455 and 1.3515.

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.

A final GDP figure for the US will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 21.12.2017

The NZDUSD has become indecisive again and is ranging between the recent swing low at 0.6955 and the horizontal resistance at 0.7030. The moving averages are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). If the NZDUSD breaks to the downside, buying opportunities may exist around the horizontal level at 0.6905/10.

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.

A final GDP figure for the US will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 21.12.2017

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 1.2640, 1.2745 and 1.2905. If the USDCAD moves above the horizontal resistance area, price may start up-trending.

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.

A final GDP figure for the US will be released at 1330 UTC today. A Canadian GDP figure will be released at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 21.12.2017

As suggested in yesterday’s chart analysis, the USDCHF continues to find support around the horizontal channel support area. Price is still indecisive and is moving within 2 horizontal channels; 0.9840-0.9885 and 0.9840-0.9930. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of both horizontal channels and if the USDCAD closed out of either channel (break-out trade). Price could stall or reverse around the other identified horizontal levels at 0.9745 and 0.9975.

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.

A final GDP figure for the US will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 21.12.2017

The USDJPY has been bullish and is moving higher. The moving averages are bullish and are widening, signalling that the bullish momentum may continue. Long opportunities could exist around the dynamic support of the moving averages. Price is still looking a little indecisive. The USDJPY could reverse around the horizontal resistance at 113.70.

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, 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.

A final GDP figure for the US will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 21.12.2017

As suggested in yesterday’s chart analysis, GOLD has been finding support around the shorter-term moving average and continues to be bullish. The moving averages are bullish and steady, suggesting that the current uptrend could continue. Opportunities to go long may exist around the bullish moving averages and around the horizontal levels at 1259.60 and 1251.40. A move to the upside could be rejected or reverse around the previous horizontal support at 1271.35.

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