TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 08, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 08.01.2018

Price is moving sideways and has become indecisive. The moving averages confirm this – they are starting to tighten and move slightly sideways. Price action has formed a horizontal channel at 0.7835-0.7875. Trading opportunities may exist around the support and resistance areas of the channel and if the AUDUSD moves out of the channel (break-out trade). If price breaks to the downside, the AUDUSD could stall or reverse around the horizontal support at 0.7805.

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 - 08.01.2018

The EURGBP continues to be indecisive and range between the horizontal support at 0.8845 and the horizontal resistance at 0.8920. 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 range and if price moves out of the range (break-out trade). If the EURGBP breaks to the downside, price may be rejected 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 - 08.01.2018

As suggested in Friday’s chart analysis, the EURUSD was rejected and reversed around the range resistance area. Price continues to be indecisive and range between the horizontal support at 1.1995 and the horizontal resistance at 1.2080. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade).

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 - 08.01.2018

Price continues to be slightly choppy and indecisive (as suggested in Friday’s chart analysis). The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around any of the identified horizontal levels (1.3345, 1.3390, 1.3425, 1.3455, 1.3490, 1.3505, 1.3580 and 1.3605).

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 - 08.01.2018

As suggested in Friday’s chart analysis, price has continued to bullish and uptrend. Price action has formed a bullish channel and the moving averages are bullish and are widening, all signalling that the upside momentum could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the previous swing high at 0.7125 and around the bullish channel support area. A move to the upside could stall or reverse around the channel resistance 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

 

USDCAD - 08.01.2018

The USDCAD has been bearish and is forming a swing lower. Price is clearly down-trending – price action has formed a series of lower swing lows and lower swing highs. The moving averages are bearish and are widening and price action has formed a bearish channel, all suggesting that the downtrend may continue. Opportunities to go short could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the previous horizontal support at 1.2485. A move to the downside may find support around the channel support area.

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.

The Bank of Canada will release the results of it’s business outlook survey at 1530 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 08.01.2018

As suggested in Friday’s chart analysis, the USDCHF attempted a bullish move off the bullish channel support area and found resistance at the horizontal resistance at 0.9780. Price continues to look indecisive. The moving averages are moving sideways – confirming this analysis. Price action has formed a bullish channel though, signalling that the USDCHF could move higher. Long opportunities may exist around the moving averages, around the channel support area and around the horizontal support at 0.9740. A move to the upside could stall or reverse around the horizontal resistance at 0.9780 and around the bullish channel resistance area. Price may range between the horizontal levels at 0.9740 and 0.9780.

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 - 08.01.2018

Price has been bullish but continues to look indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the horizontal levels at 113.55, 113.35, 112.90 and 112.10.

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 - 08.01.2018

GOLD was up-trending but has recently become indecisive. The moving averages are tightening – confirming the market indecision. Price is ranging between the recent swing low at 1306.55 and the recent swing high at 1324.50. Trading opportunities could exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade).

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