TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 22, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 22.12.2017

As suggested in yesterday’s chart analysis, price moved above the symmetrical triangle resistance area and has since been bullish. The AUDUSD is clearly above the recent consolidation area and the moving averages are bullish and are widening, all signalling that price could start up-trending. Opportunities to go long may exist around the previous horizontal resistance at 0.7690, around the dynamic support of the moving averages and around the support and resistance areas of the recent symmetrical triangle pattern.

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 US durable goods orders figure will be announced at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 22.12.2017

Price has been bearish and has moved below the trend support area. The moving averages are starting to tighten and move sideways, suggesting that upside momentum may be weakening. Buying opportunities could exist around the longer-term moving average and around the recent swing low at 0.8830. Selling opportunities could exist around the previous trend support area (as resistance) and around the recent swing high at 0.8890.

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. If Catalonia independence becomes more likely, the euro could weaken.

A UK current account figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 22.12.2017

As suggested in yesterday’s chart analysis, the EURUSD continues to be choppy and indecisive. The moving averages are starting to tighten and move sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 1.1720, 1.1735, 1.1810, 1.1885 and 1.1930 and around the moving averages.

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. If Catalonia independence becomes more likely, the euro could weaken.

A US durable goods orders figure will be announced at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 22.12.2017

The GBPUSD reversed around the horizontal support at 1.3345 (as suggested in yesterday’s chart analysis) and continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price continues to move within a descending triangle consolidation pattern (horizontal support at 1.3305 and the diagonal resistance). Trading opportunities could exist around the support and resistance areas of the descending triangle pattern and if the GBPUSD closes out of the pattern (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 UK current account figure will be released at 0930 UTC today. A US durable goods orders figure will be announced at 1330 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 22.12.2017

As suggested in yesterday’s chart analysis, price has been finding resistance around the range resistance area. The NZDUSD continues to be indecisive and range between the horizontal level at 0.6955 and the horizontal resistance at 0.7025. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade). If the NZDUSD breaks to the upside, price could start up-trending. If the NZDUSD breaks to the downside, price could be rejected or reverse around the horizontal levels at 0.6910 and 0.6820.

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 US durable goods orders figure will be announced at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 22.12.2017

Price has been bearish. Just like most other currency pairs, the USDCAD is still indecisive. The moving averages confirm this – they have been crossing frequently and are providing no clear trend direction. Price may stall or reverse around the identified horizontal levels at 1.2640, 1.2705, 1.2745 and 1.2905.

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 US durable goods orders figure will be announced at 1330 UTC today. A Canadian CPI figure will be released at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 22.12.2017

Just like the USDCAD and other USD pairs, the USDCHF is still choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price continues to range between the horizontal support at 0.9840 and the horizontal resistance at 0.9930. Trading opportunities could 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 upside, the USDCHF may stall or reverse around the recent high at 0.9970.

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 US durable goods orders figure will be announced at 1330 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 22.12.2017

As suggested in yesterday’s chart analysis, price is finding support and the shorter-term moving average and is attempting a bullish move off the moving average. 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 US durable goods orders figure will be announced at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 22.12.2017

GOLD has been quiet and has formed a horizontal channel at 1263.20-1267.85. The moving averages are still bullish though and are steady, signalling that price may attempt to swing higher. 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). Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1259.60 and 1251.40. A move to the upside could stall or reverse around the previous horizontal support at 1271.35.

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