TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 02, 2018
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD found support around the shorter-term moving average and the trend support area and has continued to be bullish. The moving averages are bullish and are steady, signalling that the upside momentum may continue. Price is looking a little over-extended though, suggesting that the AUDUSD is due a retrace move/correction. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the previous horizontal resistance at 0.7725.
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
The EURGBP continued to range and move sideways (as suggested in Friday’s chart analysis). Price has since been slightly bullish and has closed above the range resistance area. The moving averages are bullish, suggesting that the EURGBP could attempt a move higher. Buying opportunities may exist around the previous range resistance at 0.8890, around the dynamic support of the moving averages, around the trend support area and around the horizontal support levels at 0.8860, 0.8845, 0.8830 and 0.8800.
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 manufacturing PMI figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, price has continued to be bullish and uptrend. The EURUSD is clearly up-trending. The moving averages are bullish and are widening, signalling that the buying momentum may continue. Price is over-extended though, suggesting that the EURUSD is due a retrace move/correction. Long opportunities could exist around the trend support area and around the dynamic support 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 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
Price has been bullish and is swinging higher (as suggested in Friday’s chart analysis). The GBPUSD is above the recent consolidation and the moving averages are bullish and are widening, suggesting that price could start up-trending. Buying opportunities may exist around the previous horizontal resistance areas at 1.3530, 1.3455 and 1.3425 and around the dynamic support of the moving averages.
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 manufacturing PMI figure will be released at 0930 UTC today.
NZDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the NZDUSD reversed bullish around the shorter-term moving averages and is now attempting a swing higher. Price has been up-trending. The moving averages are bullish and are steady, suggesting that the uptrend may continue. Price action is forming a horizontal channel at 0.7075-0.7125 though, signalling that the NZDUSD may start moving sideways and become indecisive. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). Opportunities to go long could exist 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
The USDCAD is struggling to swing lower and has started to retrace (as suggested in Friday’s chart analysis). The moving averages are bearish and are steady, signalling that price could attempt to swing lower. Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous horizontal support at 1.2705. A move to the downside could be rejected or reverse around the recent swing low at 1.2515.
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
As suggested in Friday’s chart analysis, price has continued to be bearish. The moving averages are bearish and are widening, signalling that the USDCHF may attempt to swing lower and start down-trending. Selling opportunities could exist around any of the key Fib levels 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
Price continues to be bearish but also continues to be indecisive (as suggested in Friday’s chart analysis). 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 112.90, 113.15 and 113.35 and around the moving averages. A move to the downside could be rejected or reverse around the horizontal support levels at 112.50 and 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
As suggested in Friday’s chart analysis, GOLD has continued to be bullish and move higher. The moving averages are bullish and are steady and price action has formed a tight bullish channel, all signalling that the upside momentum may continue. Price is over-extended though, suggesting that GOLD is due a retrace move and could become bearish. If price does attempt a bearish move, buying opportunities could exist around the dynamic support of the moving averages.
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