TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 24, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.01.2018

Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.7805, 0.7895, 0.7935, 0.7960, 0.8020 and 0.8035. If the AUDUSD closes above the recent swing high at 0.8035, price may start up-trending.

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 crude oil inventories figure will be announced at 1530 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.01.2018

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average and the trend resistance area. The EURGBP continues to downtrend. The moving averages are still bearish and are now widening, signalling that the current downtrend could continue. Selling opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.8790 and 0.8805. A move to the downside could find support around the recent lows at 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.

UK average weekly earnings and other wage and employment figures will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 24.01.2018

The EURUSD closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). Price action has formed a bullish channel and the moving averages are bullish and steady, suggesting that the EURUSD may start up-trending. Buying opportunities could exist around the previous horizontal resistance levels at 1.2300 and 1.2285, around the dynamic support of the moving averages and around the bullish channel support area. A swing higher may stall or reverse around the channel resistance area.

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 crude oil inventories figure will be announced at 1530 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 24.01.2018

As suggested in yesterday’s chart analysis, the GBPUSD reversed bullish around the previous resistance area and around the shorter-term moving average. Price is clearly up-trending. The moving averages are bullish and are widening and price action has formed a bullish channel, all signalling that the buying momentum could continue. Opportunities to go long may exist around the moving averages, around the channel support area and around the horizontal level at 1.3935. A move higher could 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.

UK average weekly earnings and other wage and employment figures will be released at 0930 UTC today. A US crude oil inventories figure will be announced at 1530 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 24.01.2018

Price has been bullish. The NZDUSD is clearly up-trending. The moving averages are bullish and are widening, suggesting that the uptrend may continue. Long opportunities could exist around the previous horizontal resistance levels at 0.7340 and 0.7330 and around the dynamic support of the moving averages. The NZDUSD is looking a little over-extended, suggesting that a retrace/correction move is due.

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 crude oil inventories figure will be announced at 1530 UTC today. A New Zealand CPI figure will be released at 2145 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 24.01.2018

The USDCAD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is ranging between the horizontal support at 1.2370 and the recent highs at 1.2580. Price is also ranging between the horizontal support at 1.2385 and the horizontal resistance at 1.2505. Trading opportunities may exist around the support and resistance areas of both ranges and if the USDCAD moves out of either range (break-out trade).

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.

A US crude oil inventories figure will be announced at 1530 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 24.01.2018

As suggested in yesterday’s chart analysis, the USDCHF is finding support around the horizontal channel support area. Price continues to be indecisive and 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). Trading opportunities may also exist around the diagonal resistance area and the horizontal resistance at 0.9635.

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 crude oil inventories figure will be announced at 1530 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 24.01.2018

Price has been bearish and is forming a swing lower. The USDJPY is below the recent consolidation area and the moving averages are bearish, signalling that price may start down-trending. Shorting opportunities could exist around the previous support levels at 110.30 and 110.50, around the bearish moving averages and around the trend resistance area.

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 crude oil inventories figure will be announced at 1530 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 24.01.2018

GOLD is attempting a bullish move above the recent consolidation resistance area. The moving averages have crossed bullish and are widening, suggesting that price could attempt a swing higher. Buying opportunities may exist around the previous horizontal resistance levels at 1343.70 and 1337.05, around the dynamic support of the moving averages and around the trend support area.