TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 02, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 02.02.2018

As suggested in yesterday’s chart analysis, the recent uptrend is now over – the AUDUSD has moved below a key swing low at 0.8005 and has become indecisive. Price action is forming a horizontal channel at 0.7990-0.8045. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the channel (break-out trade). If price breaks to the upside, the AUDUSD could stall or reverse around the previous bullish channel support (as resistance) and around the horizontal resistance levels at 0.8110 and 0.8135. If price breaks to the downside, the AUDUSD could stall or reverse around the horizontal support levels at 0.7960 and 0.7940. The moving averages are bearish and are widening, signalling that price may break to the downside and attempt a move lower.

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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 02.02.2018

The EURGBP continues to be indecisive and also move within a bearish channel. The moving averages confirm the market indecision – they are moving sideways. Price is ranging between a number of horizontal levels. Trading opportunities could exist around the support and resistance areas of the bearish channel and around any of the identified horizontal levels at 0.8695, 0.8720, 0.8815, 0.8830 and 0.8840.

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 construction PMI figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 02.02.2018

As suggested in yesterday’s chart analysis, price closed above the horizontal channel resistance area and has since been bullish. The EURUSD is still looking indecisive but recent price action has been bullish. The moving averages have crossed bullish and are widening, signalling that the EURUSD could attempt a bullish move higher. Opportunities to go long may exist around the horizontal levels at 1.2475, 1.2390, 1.2345, 1.2305, 1.2285 and 1.2165. Opportunities to go long may also exist around the dynamic support of the moving averages and around the trend support area. Price could continue to find resistance around the horizontal resistance at 1.2515.

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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 02.02.2018

Price has been finding resistance around the horizontal level at 1.4270 (as suggested in yesterday’s chart analysis). The GBPUSD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 1.3935, 1.3990, 1.4270 and 1.4310. If price closes above the 1.4310 resistance area, the GBPUSD may attempt a bullish move higher.

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 construction PMI figure will be announced at 0930 UTC today. US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 02.02.2018

The NZDUSD is indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around any of the horizontal levels at 0.7235, 0.7270, 0.7280, 0.7340, 0.7415 and 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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 02.02.2018

As suggested in yesterday’s chart analysis, the USDCAD has been finding support around the bearish channel support area. Price is looking a little choppy but is moving within a bearish channel. The moving averages are bearish and are widening, suggesting that the selling momentum may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area, around the recent swing high at 1.2320 and around the bearish channel resistance area. A move to the downside may be rejected or reverse around the horizontal support at 1.2255 and the bearish 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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 02.02.2018

Price has been bearish and has moved below the recent consolidation pattern (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, signalling that the bearish momentum could continue. Selling opportunities may exist around the previous horizontal support at 0.9295, around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance at 0.9390.

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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 02.02.2018

The USDJPY has closed above the horizontal channel resistance area. The moving averages have crossed bullish and are widening, suggesting that price may become bullish and attempt a move higher. Buying opportunities could exist around the previous horizontal channel resistance at 109.70, around the horizontal support at 109.15, around the bullish moving averages and around the trend support area. A move to the upside may be rejected or reverse around the horizontal levels at 110.30, 110.50 and 111.15.

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.

US non-farm employment change, unemployment rate and average hourly earnings figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 02.02.2018

GOLD continues to be indecisive but has moved above the recent range resistance area. The moving averages have just crossed bullish and price action has formed a bullish channel, all suggesting that that GOLD could attempt to swing higher. Opportunities to go long may exist around the previous horizontal resistance at 1345.90, around the dynamic support of the moving averages and around the bullish channel support area. A move higher could stall or reverse around the channel resistance area and around the horizontal resistance levels at 1355.60 and 1364.60.

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