TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 27, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 27.12.2017

As suggested in yesterday’s chart analysis, price has been bullish and has moved higher. The moving averages are bullish and are steady, signalling that the upside momentum could continue. Buying opportunities may exist around the dynamic support of the moving averages and around the trend support area.

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 consumer confidence figure will be released at 1500 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 27.12.2017

Price has reversed around the previous trend support and range resistance areas (as suggested in yesterday’s chart analysis). The EURGBP continues to be indecisive. The moving averages confirm this – they are tight and are moving sideways. Price is ranging between the most recent swing low at 0.8845 and the horizontal resistance at 0.8890. Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). If price breaks to the downside, the EURGBP may stall or reverse around the horizontal support levels at 0.8830, 0.8800 and 0.8760.

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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 27.12.2017

As suggested in yesterday’s chart analysis, the EURUSD has been finding resistance around the horizontal channel resistance area. Price continues to be indecisive and move within a horizontal channel at 1.1825-1.1885. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURUSD moves out of the horizontal channel (break-out trade). If price breaks to the upside, the EURUSD could start up-trending. If price breaks to the downside, the EURUSD may stall or reverse around the horizontal levels at 1.1810, 1.1735 and 1.1720.

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 consumer confidence figure will be released at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 27.12.2017

The GBPUSD continues to be choppy and indecisive and has been reversing around horizontal support and resistance levels (as suggested in yesterday’s chart analysis). Price action has formed a large symmetrical triangle and also a horizontal channel at 1.3345-1.3390. Trading opportunities could exist around the support and resistance areas of both consolidation patterns and if the GBPUSD closes out of either pattern (break-out trades). If price breaks to the upside, the GBPUSD may be rejected or reverse around the horizontal resistance levels at 1.3410, 1.3455 and 1.3515. If price breaks to the downside, the GBPUSD may be rejected or reverse around the horizontal support at 1.3305.

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 US consumer confidence figure will be released at 1500 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 27.12.2017

As suggested in yesterday’s chart analysis, price has been bullish and is forming a swing higher. The moving averages are bullish and are steady, signalling that the buying momentum could continue. Long opportunities may exist around the previous horizontal resistance at 0.7025, around the dynamic support of the moving averages and around the trend support area.

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 consumer confidence figure will be released at 1500 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 27.12.2017

Price has been bearish and has moved below the horizontal support at 1.2705 (as suggested in yesterday’s chart analysis). The USDCAD continues to be a little choppy and indecisive. The moving averages are still bearish though, suggesting that price may move lower. Shorting opportunities could exist around the previous horizontal support at 1.2705 and around the dynamic resistance of the moving averages. A move lower may stall or reverse around the horizontal support at 1.2640.

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 consumer confidence figure will be released at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 27.12.2017

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 current indecision. Price is ranging between the horizontal support at 0.9840 and the horizontal resistance at 0.9915. 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 horizontal resistance at 0.9930 and 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 consumer confidence figure will be released at 1500 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 27.12.2017

Price continues to be indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities may exist around the horizontal levels at 112.05, 112.80, 113.10, 113.55 and 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 consumer confidence figure will be released at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 27.12.2017

As suggested in yesterday’s chart analysis, GOLD has continued to be bullish and move higher. The moving averages are still bullish and are still widening, signalling that the upside momentum could continue. If price starts to retrace, buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance at 1268.15.

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