TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 15, 2018
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD reversed around the longer-term moving average and has since swung higher. Price has been clearly up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Opportunities to go long may exist around the previous swing high at 0.7895, around the dynamic support of the moving averages and around the trend support area.
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 was rejected around the horizontal resistance at 0.8920 (as suggested in Friday’s chart analysis) and continues to be choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently and have been providing no clear trend direction. Trading opportunities could exist around the horizontal levels at 0.8920, 0.8910, 0.8860, 0.8845 and 0.8810.
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 Friday’s chart analysis, price moved above the horizontal resistance at 1.2080 and has since been very bullish. The moving averages are bullish and are widening, suggesting that the upside momentum could continue. The EURUSD is looking a little over-extended though, signalling that price is due a retrace/correction move. If price does start retracing, long opportunities may exist around any of the key Fib levels, around the bullish moving averages and around the previous horizontal resistance at 1.2080.
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 very bullish and has moved much higher. The GBPUSD is clearly up-trending. The moving averages are bullish and are widening, suggesting that price may continue to be bullish. The GBPUSD is looking a little over-extended, suggesting that price may attempt a bearish retrace move before attempting a swing higher. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous resistance levels at 1.3605, 1.3580 and 1.3560.
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
As suggested in Friday’s chart analysis, the NZDUSD has been bullish and is forming a swing higher. The moving averages are bullish and are widening, signalling that the current momentum could continue. The recent bullish swing has been weak though, suggesting that the uptrend may be coming to an end. Opportunities to go long could exist around the moving averages. The NZDUSD may retrace to one of the horizontal levels at 0.7220, 0.7210, 0.715, 0.7140 or 0.7125. It is also possible that price could start ranging between the horizontal levels at 0.7220 and 0.7275.
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 has become indecisive. Price is ranging between the recent lows at 1.2370 and the horizontal resistance at 1.2580 (as suggested in Friday’s chart analysis). The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade). Trading opportunities may also exist around the previous diagonal support area (as resistance).
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
Price has been bearish and is forming a swing lower. The USDCHF is below some key support levels and the moving averages are bearish and are widening, signalling that price may start down-trending. If the USDCHF starts to pull-back, shorting opportunities could exist around the previous horizontal support levels at 0.9705 and 0.9740 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
As suggested in Friday’s chart analysis, price has continued to be bearish and move lower. The USDJPY has been down-trending – price action has formed a series of lower swing lows and lower swing highs. The moving averages are bearish and are steady, suggesting that the downtrend could continue. Selling opportunities may exist around the horizontal levels at 111.05, 111.65, 111.80 and 112.10 and around the bearish moving averages.
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
GOLD found support around the previous range resistance area at 1324.50 and has since been closing higher (as suggesting in Friday’s chart analysis). Price is up-trending. The moving averages are bullish and are widening, signalling that the uptrend may continue. GOLD is looking a little over-extended, suggesting that price may be due a bearish retrace move. Buying opportunities could exist around the bullish moving averages and around the previous range resistance at 1324.50.
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