TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 06, 2018


GBPUSD - 06.02.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.02.2018

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bearish and move lower. Price action has formed a bearish channel and the moving averages are bearish and are steady, signalling that the downside pressure could continue. Shorting opportunities may exist around the previous horizontal support levels at 0.7900, 0.7960 and 0.7990, around the bearish channel resistance area and around the bearish moving averages. A move to the downside could stall or reverse around the channel support 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. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.02.2018

The EURGBP found support around the previous horizontal resistance at 0.8815 and has since moved higher (as suggested in yesterday’s chart analysis). The EURGBP is now up-trending. Price is forming a swing higher and the moving averages are bullish and are widening, all signalling that the uptrend may continue. Buying opportunities could exist around the previous horizontal resistance levels at 0.8840, 0.8830 and 0.8815 and around the dynamic support of the moving averages.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.02.2018

Price has been bearish and has moved below the trend support area. The EURUSD is now looking indecisive. Price action has formed a horizontal channel at 1.2345-1.2515. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). Selling opportunities may exist around the previous trend support area (as resistance).

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. 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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.02.2018

As identified in yesterday’s chart analysis, price broke to the downside of the horizontal channel and then reversed around the identified horizontal support at 1.3930. The GBPUSD is below the recent horizontal channel support area and the moving averages have crossed bearish and are widening, all suggesting that price may attempt a bearish move lower. Opportunities to go short could exist around the previous channel support area at 1.3990, around any of the key Fib levels and around the dynamic resistance of the moving averages. The GBPUSD may continue to find support around the horizontal support at 1.3930.

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%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.02.2018

The NZDUSD continues to be choppy and indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around any of the identified horizontal levels at 0.7235, 0.7255, 0.7340, 0.7400, 0.7415 and 0.7430, around the moving averages and around the diagonal resistance.

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%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

New Zealand employment change and unemployment rate figures will be announced at 2145 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.02.2018

As suggested in yesterday’s chart analysis, the USDCAD has been bullish and is forming a swing above previous resistance levels. The moving averages are bullish and are widening, signalling that price may attempt another bullish move. The USDCAD is currently retracing some of the recent bullish move. If the retrace move continues, long opportunities could exist around the previous horizontal resistance levels at 1.2505 and 1.2480, around any of the key Fib levels and around the dynamic support of the moving averages.

The Bank of Canada recently raised rates to 1.25%. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A Canadian trade balance figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.02.2018

Price continues to be indecisive and range. The moving averages confirm the current indecision – they are tight and are moving sideways. The USDCHF is ranging between the horizontal support at 0.9255 and the horizontal resistance at 0.9390. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. 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

 

USDJPY - 06.02.2018

The USDJPY has been bearish. Price has become indecisive. The moving averages confirm this – they are moving sideways. Trading opportunities could exist around the horizontal levels at 108.30, 108.50, 110.50 and 111.15.

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets continue to be bearish, the Yen may continue to strength.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.02.2018

As suggested in yesterday’s chart analysis, GOLD is reversing around the horizontal resistance level at 1345.90. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around any of the identified horizontal levels at 1325.45, 1328.70, 1345.90, 1349.90, 1355.60 and 1364.60.


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