TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 25, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD closed above the horizontal resistance at 0.8035 and has since been bullish. Price is clearly up-trending. The moving averages are becoming bullish and are starting to widen and price action has formed a bullish channel, all signalling that the uptrend could continue. Opportunities to go long may exist around the previous horizontal resistance levels at 0.8020 and 0.8035, around the dynamic support of the moving averages and around the bullish channel support area. The AUDUSD could reverse around the channel resistance 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 reversed around the shorter-term moving average and the trend resistance area and has since been bearish (as suggested in yesterday’s chart analysis). Price is now forming a new swing low. The moving averages are bearish and are steady, suggesting that the downtrend may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8760, 0.8790 and 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.
The European Central Bank (ECB) will announce rates at 1245 UTC today. This will be followed by a press conference at 1330 UTC.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around the previous horizontal resistance at 1.2300 and has since been bullish. The EURUSD is up-trending and is currently in a retrace/correction phase. The moving averages are bullish and are widening, signalling that price could attempt a swing higher. Long opportunities may exist around the bullish moving averages and around the previous horizontal resistance levels at 1.2305 and 1.2285.
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.
The European Central Bank (ECB) will announce rates at 1245 UTC today. This will be followed by a press conference at 1330 UTC.
GBPUSD – 1 Hour Chart
The buying momentum has continued (as suggested in yesterday’s chart analysis). Price has been bullish. The GBPUSD is clearly up-trending. Price is now starting to retrace some of the recent bullish move. Buying opportunities could exist around the previous channel resistance area (as support) and around the moving averages. An attempt to move higher may be rejected or reverse around the recent swing high at 1.4300.
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 yesterday’s chart analysis, the NZDUSD continued to be bullish. Price is now in a retrace/correction phase. The moving averages are bullish and are steady, suggesting that the NZDUSD could attempt a swing higher. Opportunities to go long may exist around the dynamic support of the moving averages, around the horizontal level at 0.7330 and around the trend support area. If price does attempt to bullish, the NZDUSD could be rejected or reverse around the recent swing high at 0.7430.
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 closed below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening and price is below the recent consolidation area, all signalling that the USDCAD may start down-trending. Selling opportunities could exist around the previous range support levels at 1.2370 and 1.2385, around the bearish moving averages and around the diagonal resistance area.
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 Canadian retails sales figure will be released at 1330 UTC today.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved below the range support area and has since been bearish. The moving averages are bearish and are widening, suggesting that the USDCHF could start down-trending. If price starts retracing, opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous swing low at 0.9540.
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
Price has swung lower (as suggested in yesterday’s chart analysis). The USDJPY is down-trending. The moving averages are bearish and are widening, signalling that the downtrend may continue. Selling opportunities could exist around any of the key Fib levels, around the moving averages and around the previous horizontal support levels at 110.30 and 110.50. Price may be rejected or reverse around the new low at 108.90.
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, price has been bullish and is forming a swing higher. GOLD is now retracing some of the recent bullish move. Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages, around the previous horizontal resistance levels at 1343.70 and 1337.05 and around the trend support area.
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