TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 09, 2018
AUDUSD – 1 Hour Chart
The AUDUSD continues to be indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways. Price action has formed a horizontal channel at 0.7825-0.7875. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the horizontal channel (break-out trade). If price breaks to the downside, the AUDUSD may stall or reverse around the horizontal level 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
As suggested in yesterday’s chart analysis, the EURGBP closed below the range support area and has since been bearish. Price is clearly below the recent sideways consolidation and the moving averages are bearish and are widening, signalling that the EURGBP could start down-trending. Selling opportunities may exist around the previous range support area at 0.8845 and around the dynamic resistance of the moving averages. A move to the downside could be rejected or reverse around the horizontal support at 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
Price moved below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). The EURUSD is below the recent consolidation area and the moving averages have crossed bearish and are widening, all suggesting that price may attempt a move lower. Opportunities to go short could exist around the previous range support at 1.2005 and around the bearish moving averages. A move to the downside may find support around the horizontal levels at 1.1880 and 1.1830.
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
As suggested in yesterday’s chart analysis, price continues to be indecisive and has been moving-off the horizontal resistance at 1.3580. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price action has formed a horizontal channel at 1.3525-1.3580. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the GBPUSD moves out of the channel (break-out trade). If price breaks to the upside, the GBPUSD could reverse around the recent high at 1.3605. If price breaks to the downside, the GBPUSD could reverse around the horizontal levels at 1.3495, 1.3455, 1.3420, 1.3390 and 1.3345.
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
The NZDUSD has been finding resistance around the bullish channel resistance area (as suggested in yesterday’s chart analysis). Price is clearly up-trending. Price action has formed a bullish channel and the moving averages are bullish and steady, all signalling that the uptrend may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the previous swing high at 0.7125 and around the channel support area. The NZDUSD may continue to be rejected 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
Price is clearly down-trending – price action has formed a series of lower swing lows and lower swing highs. The USDCAD is currently in a retrace phase/correction but the moving averages are bearish and are widening, signalling that price could attempt another swing lower. Shorting opportunities may 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 could 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been moving-off the bullish channel support area and the horizontal resistance at 0.9785. Recent price action has been indecisive but the USDCHF has formed a bullish channel and the moving averages are bullish and are steady, suggesting that price may attempt a bullish move higher. Long opportunities could exist around the bullish channel support area and around the bullish moving averages. The USDCHF may continue to be indecisive and move between the horizontal levels at 0.9740 and 0.9785. A move lower may stall or reverse around the recent lows at 0.9710. A move higher may stall or reverse around the bullish channel resistance area and the previous horizontal support at 0.9840.
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
The USDJPY has been bearish but continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 112.10, 11250, 113.35 and 113.55.
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 yesterday’s chart analysis, GOLD continues to be indecisive. The moving averages are tight and are moving sideways – confirming the current 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 price moves out of the range (break-out trade).
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