TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 13, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price closed above the potential range resistance area and has since moved higher. The AUDUSD was down-trending but is currently bullish. The moving averages are crossing bullish, signalling that the upside momentum may continue. Opportunities to go long could exist around the previous range resistance at 0.7835, around the moving averages and around the recent lows at 0.7765. A move higher may find resistance around the horizontal levels at 0.7905, 0.7950, 0.7990 and 0.8045.
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 during today’s trading sessions that will directly impact this pair.
EURGBP – 1 Hour Chart
Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around any of the identified horizontal levels at 0.8695, 0.8720, 0.8740, 0.8850, 0.8895 and 0.8910. If the EURGBP closes above the horizontal resistance at 0.8910, price could start up-trending.
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.
A UK CPI figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD has continued to be bullish and move higher. Price is above the recent horizontal channel and the moving averages are about to cross bullish, all signalling that the upside momentum may continue. Long opportunities could exist around the previous horizontal channel resistance at 1.2290, around the moving averages and around the trend support area. A move to the upside may stall or reverse around the horizontal levels at 1.2335 and 1.2390.
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 during today’s trading sessions that will directly impact this pair.
GBPUSD – 1 Hour Chart
The GBPUSD initially attempted a move lower during yesterday’s trading sessions but is now ranging (as suggested in yesterday’s chart analysis). Price is ranging between the recent low at 1.3780 and the horizontal resistance at 1.3865. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the upside could find resistance around the recent swing high at 1.4040. The moving averages are bearish, suggesting that price could break to the downside of the range.
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.
A UK CPI figure will be released at 0930 UTC today.
NZDUSD – 1 Hour Chart
Price continues to retrace the recent bearish swing and is moving withing a tight bullish channel. The NZDUSD has formed a series of lower swing highs and lower swing lows – price is down-trending. Opportunities to go short could exist around the 61.8% Fib level, around the bullish channel resistance area and if price closes below the channel support area. A move to the downside may be rejected or reverse around the horizontal support levels at 0.7230 and 0.7180 and around the moving averages.
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 inflation expectations will be released at 0200 UTC.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been reversing off the support and resistance areas of the horizontal channel. The USDCAD continues to be indecisive and move within a horizontal channel at 1.2550-1.2625. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). If price breaks to the downside, the USDCAD could be rejected or reverse around the horizontal support at 1.2490.
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.
There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDCHF – 1 Hour Chart
The USDCHF continues to be indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities could exist around the horizontal levels at 0.9255, 0.9345, 0.9405 and 0.9465.
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 during today’s trading sessions that will directly impact this pair.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY reversed bearish around the shorter-term moving average and is now forming a swing lower. Price is down-trending within a bearish channel. The moving averages are bearish and are widening, signalling that the downtrend could continue. Selling opportunities may exist around the horizontal levels at 108.25, 108.75 and 109.25, around the dynamic resistance of the moving averages and around the bearish channel resistance area. A bearish move could stall or reverse around the channel support area.
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 during today’s trading sessions that will directly impact this pair.
XAUUSD – 1 Hour Chart
GOLD continues to move within a bullish channel and retrace some of the recent bearish swing. Price has been down-trending but is currently in a retrace/correction phase. Shorting opportunities could exist around the channel resistance area and around the 61.8% Fib level. A move to the downside may stall or reverse around the moving averages, around the channel support area and around the horizontal levels at 1312.60 and 1310.05. The moving averages are tight and are moving sideways, suggesting market indecision.
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