TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 01, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 01.02.2018

As suggested in yesterday’s chart analysis, price reversed around the horizontal resistance at 0.8110 and has since been bearish. As also suggested, the AUDUSD has moved below the bullish channel support area – the current uptrend may now be over. Price is looking is looking a little choppy and indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the previous bullish channel support area (as resistance) and around any of the identified horizontal levels at 0.7935, 0.7960, 0.8005, 0.8110 and 0.8135.

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 non-manufacturing PMI figure will be released at 1500 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 01.02.2018

Price action has formed a tight bearish channel but the EURGBP continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the bearish channel and around the horizontal levels at 0.8695, 0.8730, 0.8830, 0.8840, 0.8860 and 0.8910.

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.

A UK manufacturing PMI figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 01.02.2018

As suggested in yesterday’s chart analysis, the EURUSD continues to move sideways and range. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price action has formed a horizontal channel at 1.2345-1.2475. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the EURUSD closes out of the channel (break-out trade). If price breaks to the downside, the EURUSD may stall or reverse around the horizontal levels at 1.2300, 1.2285, 1.2215 and 1.2165. If price breaks to the upside, the EURUSD may stall or reverse around the recent high at 1.2505.

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 non-manufacturing PMI figure will be released at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 01.02.2018

The GBPUSD continues to be indecisive (as suggested in yesterday’s chart analysis). The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities may exist around the horizontal levels at 1.3935, 1.3990, 1.4260 and 1.4310.

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.

A UK manufacturing PMI figure will be released at 0930 UTC today. This is followed by a US non-manufacturing PMI figure at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 01.02.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal resistance level at 0.7430. The NZDUSD continues to be indecisive. The moving averages confirm this – they have been crossing frequently and are moving sideways. Price is ranging between the horizontal support at 0.7280 and the horizontal resistance at 0.7430. Trading opportunities could exist around the previous diagonal resistance area (as support) and around the support and resistance areas of the range. If the NZDUSD breaks to the downside of the range, price may be rejected or reverse around the horizontal levels at 0.7270, 0.7235 and 0.7220.

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 non-manufacturing PMI figure will be released at 1500 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 01.02.2018

Price has been bearish and has formed a bearish channel. The moving averages are bearish and are steady, signalling that the downside momentum could continue. Shorting opportunities may exist around the moving averages, around the bearish channel resistance area and around the horizontal level at 1.2390. A move to the downside could stall or reverse around the recent low at 1.2265 and the channel support 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 US non-manufacturing PMI figure will be released at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 01.02.2018

The USDCHF has been bearish but also indecisive. Price is consolidating between the horizontal support at 0.9295 and the diagonal resistance area (descending triangle pattern). Trading opportunities could exist around the support and resistance areas of the consolidation and if the USDCHF moves out of the pattern (break-out trade). If price breaks to the upside, the USDCHF may stall or reverse around the horizontal levels at 0.9435 and 0.9540. The moving averages are bearish, suggesting that price may break to the downside of the consolidation.

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 non-manufacturing PMI figure will be released at 1500 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 01.02.2018

Price continues to range 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 tight and are moving sideways – confirming the current indecision.

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 non-manufacturing PMI figure will be released at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 01.02.2018

As suggested in yesterday’s chart analysis, GOLD has reversed around the horizontal level at 1345.90. Price is ranging between the horizontal levels at 1334.85-1345.90. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). If price breaks to the downside, GOLD could be rejected or reverse around the horizontal support at 1325.45. If price breaks to the upside, GOLD may be rejected or reverse around the horizontal resistance levels at 1355.60 and 1364.60.