TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 11, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD closed above the tight horizontal channel resistance area and has since been bullish. Price continues to be indecisive though and is now moving within a larger horizontal channel at 0.7805-0.7875. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the channel (break-out trade).
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 PPI figure will be announced at 1330 UTC today.
EURGBP – 1 Hour Chart
The EURGBP closed above the tight range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price is now looking a little choppy and indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.8800, 0.8810, 0.8835, 0.8870 and 0.8920.
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
As suggested in yesterday’s chart analysis, price reversed bearish around the previous horizontal support at 1.2005 and around the 50.0% Fib level. Price action has now formed a lower swing high and a lower swing low. The moving averages are bearish and are steady, signalling that the EURUSD could attempt a bearish move lower. Selling opportunities may exist around the dynamic resistance of the moving averages and around the recent swing high at 1.2010. A move to the downside could stall or reverse around the horizontal levels at 1.1915, 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.
A US PPI figure will be announced at 1330 UTC today.
GBPUSD – 1 Hour Chart
Price closed below the horizontal channel support but quickly reversed around the horizontal level at 1.3490 (as suggested in yesterday’s chart analysis). The GBPUSD has since been bearish and has moved below some key support area. The moving averages are bearish and are widening and price action has formed a bearish channel, all signalling that price may start down-trending. Shorting opportunities could exist around the previous horizontal support at 1.3495, around the bearish moving averages, around the channel resistance area and around the horizontal resistance levels at 1.3555 and 1.3580. A move to the downside may be rejected or reverse around the channel support area and around the horizontal levels at 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.
A US PPI figure will be announced at 1330 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has formed a swing higher. Price is clearly up-trending within a bullish channel. The NZDUSD recently found resistance around the channel resistance area (as suggested in yesterday’s chart analysis). The moving averages are bullish and are steady, signalling that the upside momentum could continue. Opportunities to go long may exist around the horizontal levels at 0.7185, 0.7140 and 0.7125, around the dynamic support of the moving averages and around the channel support area. Price could continue to find resistance 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.
A US PPI figure will be announced at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD reversed off the trend support area and has since been bullish. As also suggested, price has bounced off the horizontal resistance at 1.2575. The moving averages are bullish and are widening, signalling that the USDCAD may attempt another bullish move. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area. A move to the upside may be rejected or reverse around the horizontal levels at 1.2575 and 1.2705.
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 PPI figure will be announced at 1330 UTC today.
USDCHF – 1 Hour Chart
Price found support around the trend support area and has since been bullish (as suggested in yesterday’s chart analysis). The USDCHF is up-trending. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Long opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal support levels at 0.9760 and 0.9740. A bullish move could be rejected or reverse around the horizontal level 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.
A US PPI figure will be announced at 1330 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, bearish momentum continued to build and price moved lower. Price action has formed a swing low and the USDJPY is now in a retrace/correction phase. The moving averages are bearish and are widening, suggesting that price may attempt a swing lower. Shorting opportunities could exist around any of the key Fib levels, around the moving averages and around the horizontal levels at 112.10 and 112.50.
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 PPI figure will be announced at 1330 UTC today.
XAUUSD – 1 Hour Chart
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). Price action may be formed an ascending triangle pattern (identified diagonal support and horizontal resistance at 1324.50). Buying opportunities could exist around the pattern support area.
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