TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 23, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD reversed around the previous trend support area. Price continues to be indecisive. The moving averages confirm this – they are tightening and are moving sideways. The AUDUSD is ranging between the horizontal support at 0.7935 and the recent highs at 0.8035. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around the horizontal level at 0.7895.
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 has been bearish and is forming a swing lower (as suggested in yesterday’s chart analysis). Price action has formed a series of lower swing highs and lower swing lows – the EURGBP is down-trending. The moving averages are bearish and are steady, signalling that the downtrend may continue. Opportunities to go short could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the previous 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
As suggested in yesterday’s chart analysis, price continues to be indecisive and move sideways. The moving averages are tight and are crossing frequently – confirming the market indecision. The EURUSD is ranging between the horizontal levels at 1.2215 and 1.2285. The EURUSD is also ranging between the horizontal levels at 1.2165 and 1.2300. Trading opportunities may exist around the support and resistance areas of both ranges and if price closes out of either range (break-out trades). If the EURUSD breaks to the downside, price could stall or reverse 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 bullish and is currently forming a swing higher. The GBPUSD has been up-trending. The moving averages are bullish and are steady and price action has formed a bullish channel, all suggesting that the uptrend may continue. Buying opportunities could exist around the previous horizontal resistance at 1.3935, around the dynamic support of the moving averages and around the bullish channel support area. A move to the upside may be rejected or reverse around the channel resistance area.
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 bullish and has reversed around the bullish channel resistance area (identified in yesterday’s chart analysis). Price has been clearly up-trending. Recent price action has been a little indecisive though, signalling that the uptrend could becoming to an end. Long opportunities may exist around the bullish moving averages, around the recent swing low at 0.7270 and around the bullish channel support area. An upward move could stall or reverse around the horizontal resistance at 0.7340 and 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
As suggested in yesterday’s chart analysis, the USDCAD has found support around the moving averages and is now attempting a bullish move. The moving averages are bullish and price action has formed a bullish channel, all suggesting that price may start up-trending. Long opportunities could exist around the moving averages and around the bullish channel support area. The USDCAD may find resistance around the channel resistance area. Price continues to range between the horizontal support at 1.2370 and the horizontal resistance at 1.2580. Trading opportunities could exist around the support and resistance areas of the range.
The Bank of Canada recently raised rates to 1.25%. 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 bounced off the previous bearish channel resistance area (as suggested in yesterday’s chart analysis). The USDCHF has become indecisive. Price is moving within a horizontal channel at 0.9540-0.9665. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the channel and if the USDCHF moves out of the channel (break-out trade). Opportunities to go long may exist around the previous bearish channel resistance area (as support).
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 yesterday’s chart analysis, price is indecisive and is lacking trend direction. The moving averages are moving sideways and have been crossing frequently – confirming the current indecision. Trading opportunities could exist around any of the identified horizontal levels at 110.30, 110.50, 111.45, 111.65, 111.80 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
GOLD continues to be indecisive. The moving averages confirm the indecision – they are moving sideways. Price is ranging between the horizontal level at 1324.50 and the horizontal resistance at 1343.70. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A move to the downside could find support around the horizontal levels at 1309.50 and 1306.55.
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