TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 29, 2018
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD swung higher and then reversed around the channel resistance area. Price is up-trending within a bullish channel. The moving averages are bullish and are steady, signalling that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the recent swing low at 0.8005. A move to the upside could stall or reverse around the recent swing high at 0.8135 and 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 previous trend resistance area and has since been bullish (as suggested in Friday’s chart analysis). Price is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. The EURGBP is ranging between the recent low at 0.8695 and the horizontal resistance at 0.8790. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). If the EURGBP breaks to the upside, price may stall or reverse around the previous horizontal support at 0.8805.
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 reversed around the recent swing high and is now looking indecisive. The moving averages confirm the market indecision – they are beginning to tighten and move sideways. The EURUSD is ranging between the support at 1.2370 and the recent high at 1.2505. Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). If price breaks to the downside, the EURUSD could stall or reverse around the horizontal support levels at 1.2300, 1.2285, 1.2215 and 1.2165.
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 failed to swing higher (as suggested in Friday’s chart analysis). The GBPUSD is now looking a little indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Price is ranging between the horizontal support at 1.4110 and the horizontal resistance at 1.4310. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD closes out of the range (break-out trade). If price breaks to the downside, the GBPUSD could find support around the horizontal level at 1.3935.
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 become indecisive and is ranging. The moving averages confirm the indecision – they are tight and are moving sideways. Price is ranging between the horizontal levels at 0.7290 and 0.7385. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). If price breaks to the downside, the NZDUSD may stall or reverse around the horizontal levels at 0.7270, 0.7235 and 0.7220. If the NZDUSD breaks to the upside, price may stall 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
Just like other USD pairs, the USDCAD has become indecisive. Price action has formed a horizontal channel at 1.2285-1.2390. Trading opportunities could exist around the support and resistance areas of the channel and if the USDCAD moves out of the channel (break-out trade). The moving averages are still bearish, suggesting that price could attempt to swing lower. Selling opportunities could exist around the longer-term moving average 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF – 1 Hour Chart
As suggested in Friday’s chart analysis, price has reversed around the recent swing low at 0.9315. The USDCHF has now become indecisive and is moving within a horizontal channel at 0.9315-0.9435. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). If the USDCHF breaks to the upside, price may be rejected or reverse around the horizontal levels at 0.9540, 0.9635 and 0.9665. The moving averages are bearish and are widening, signalling that the USDCHF could break to the downside.
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 is ranging between the recent low at 108.30 and the recent high at 109.70. Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). If price breaks to the upside, the USDJPY could be rejected or reverse around the horizontal levels at 110.30, 110.50, 111.15 and 111.45. The moving averages are bearish and are steady, signalling that price could break to the downside.
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 has been bearish and is now looking indecisive. The moving averages confirm this – they are tightening and are moving sideways. Opportunities to go long could exist around the horizontal level at 1343.70 and around the trend support area.
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