TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 07, 2018


EURGBP - 07.02.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 07.02.2018

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.7905 and is now attempting a bearish move. The AUDUSD is down-trending. The moving averages are bearish and are steady, suggesting that the downtrend may continue. Selling opportunities could exist around the horizontal levels at 0.7905 and 0.7950 and around the dynamic resistance of the moving averages. An attempt to swing low may stall or reverse around the recent horizontal support at 0.7845 or around the previous bearish channel resistance area (as support).

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.

US crude oil inventories is at 1530 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 07.02.2018

Price has continued to be bullish (as suggested in yesterday’s chart analysis). Price action has formed a swing higher and a bullish channel, signalling that the EURGBP could be starting an uptrend. The moving averages confirm this – they are bullish and are widening. Buying opportunities may exist around the dynamic support of the moving averages, around the previous horizontal resistance levels and around the bullish channel support area. An attempt to swing higher could be rejected or reverse around the horizontal resistance at 0.8910 and the channel resistance area.

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 - 07.02.2018

As suggested in yesterday’s chart analysis, the EURUSD has reversed around the horizontal channel support area. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. The EURUSD is moving within a horizontal channel at 1.2335-1.2515. 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 price breaks to the downside, the EURUSD may stall or reverse around the previous horizontal resistance levels at 1.2300 and 1.2285.

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.

US crude oil inventories is at 1530 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 07.02.2018

The GBPUSD reversed around the previous horizontal support at 1.3990 and then swung lower (as suggested in yesterday’s chart analysis). Price is now reversing some of the recent bearish move. The moving averages are bearish and are widening, signalling that the GBPUSD could attempt to swing lower. Opportunities to go short may exist around the bearish moving averages, around the horizontal level at 1.3995 and around any of the key Fib levels. Price could find support around the horizontal support at 1.3845.

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.

US crude oil inventories is at 1530 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 07.02.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 0.7345. The NZDUSD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could 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.

US crude oil inventories is at 1530 UTC today. The Reserve Bank of New Zealand (RBNZ) will release a monetary policy and rate statement at 2000 UTC. This is followed by a press conference at 2100 UTC and a speech at 0000 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 07.02.2018

Price has been finding support around the 23.6% Fib level and the shorter-term moving average (as suggested in yesterday’s chart analysis). The USDCAD is currently in a retrace/correction phase. The moving averages are bullish and are widening, suggesting that price could attempt a bullish move higher. Long opportunities may exist around the dynamic support of the moving averages and around any of the key Fib levels. A move to the upside could stall or reverse around the horizontal resistance at 1.2560.

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.

US crude oil inventories is at 1530 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 07.02.2018

As suggested in yesterday’s chart analysis, the USDCHF has reversed around the horizontal resistance at 0.9390. Price continues to be indecisive and move within a horizontal channel at 0.9255-0.9390. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (break-out trade). The moving averages are bullish, signalling that the USDCHF may attempt to break to the upside of the channel.

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.

US crude oil inventories is at 1530 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 07.02.2018

The USDJPY continues to be choppy and indecisive. Price is moving between a number of horizontal levels and within a tightening triangular consolidation pattern. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around any of the horizontal levels at 108.30, 108.50, 109.70, 110.40 and 111.15 and around the support and resistance areas of the triangular pattern.

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.

US crude oil inventories is at 1530 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 07.02.2018

GOLD continues to be choppy but has formed a bearish channel. The moving averages are bearish and are steady, signalling that the selling momentum may continue. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal resistance levels at 1345.90 and 1349.90. A move to the downside may stall or reverse around the horizontal support levels at 1325.50 and 1321.60 and around the channel support area.