TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 29, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 29.12.2017

Price has been finding resistance at 0.7805 and is struggling to swing any higher. The AUDUSD has been bullish though and is up-trending. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Buying opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the previous horizontal resistance at 0.7725. An upside move could continue to find resistance at 0.7805. If this level is broken, if could act as support.

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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 29.12.2017

As suggested in yesterday’s chart analysis, price has reversed around the range resistance area. The EURGBP continues to be choppy and indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between the recent swing low at 0.8845 and the horizontal resistance at 0.8890. Price action has also formed an ascending triangle pattern (diagonal support and horizontal resistance at 0.8890). Trading opportunities could exist around the support and resistance areas of both consolidation patterns and if the EURGBP moves out of either pattern (break-out trades). A break to the downside 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 - 29.12.2017

The EURUSD has continued to be bullish and move higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and are widening, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous swing high at 1.1885.

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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 29.12.2017

As suggested in yesterday’s chart analysis, the GBPUSD reversed bullish around the trend support area. Price is above the recent consolidation area and the moving averages are bullish and are widening, suggesting that the GBPUSD could start up-trending. Opportunities to go long may exist around the horizontal levels at 1.3455, 1.3425 and 1.3390, around the trend support area and around the bullish moving averages. A move to the upside could be rejected or reverse around the horizontal resistance at 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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 29.12.2017

Price has continued to be bullish and close higher (as suggested in yesterday’s chart analysis). The NZDUSD is clearly up-trending. The moving averages are bullish and are widening, signalling that the upside momentum may continue. Buying opportunities could exist around the horizontal level at 0.7075, around the bullish moving averages, around the diagonal support line and around any of the key Fib levels.

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 - 29.12.2017

As suggested in yesterday’s chart analysis, price has continued to be bearish. The moving averages are bearish and are steady, signalling that the USDCAD could continue to downtrend. The current move is looking over-extended though, suggesting that price is due a bullish retrace move/correction. If the USDCAD does start retracing, shorting opportunities may exist around any of the key Fib levels and around the dynamic resistance of the moving averages.

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 - 29.12.2017

The USDCHF has continued to be bearish and move lower. Price is below the recent consolidation area and the moving averages are bearish and are widening, all suggesting that the USDCHF may start down-trending. Selling opportunities could exist around the previous horizontal channel support area at 0.9840 and around the dynamic resistance of 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 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 - 29.12.2017

Price continues to be bearish but also continues to be indecisive. The moving averages are bearish and are widening, signalling that the selling momentum could continue. Opportunities to go short may exist around the horizontal levels at 112.70, 112.90 and 113.10 and around the moving averages.  A move to the downside could be rejected or reverse around the horizontal support at 112.05.

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 - 29.12.2017

As suggested in yesterday’s chart analysis, GOLD has continued to be bullish and move higher. The moving averages are bullish and are steady, suggesting that the upside momentum may continue. Price is over-extended though, signalling that GOLD is due a retrace move. If price does attempt a bearish move, buying opportunities could exist around the dynamic support of the moving averages and around the trend support area.

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