TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 15, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been bullish and has moved higher. The moving averages are bullish and are steady, signalling that the upside momentum could continue. Long opportunities may exist around the previous horizontal resistance levels at 0.7905 and 0.7890 and around the dynamic support of the moving averages. The AUDUSD could be rejected or reverse around the horizontal levels at 0.7950, 0.7995 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.
A US PPI figure will be announced at 1330 UTC today. The Governor of the Reserve Bank of Australia will speak at 2230 UTC.
EURGBP – 1 Hour Chart
Price has reversed off the horizontal resistance area at 0.8915 (as suggested in yesterday’s chart analysis). The EURGBP continues to be indecisive. Trading opportunities could exist around the horizontal levels at 0.8850 and 0.8915, The moving averages are starting to tighten but are still bullish, suggesting that price may attempt a bullish move.
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 during today’s trading sessions that will directly impact this pair.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD found support around the trend trend support area and the longer-term moving average and has since been bullish. Price is now attempting a bullish move higher. The moving averages are bullish and are widening, signalling that the bullish momentum could continue. Opportunities to go long may exist around the previous horizontal resistance levels at 1.2475 and 1.2400 and around the dynamic support of the moving averages. The EURUSD could stall or reverse around the horizontal resistance at 1.2515.
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.
A US PPI figure will be announced at 1330 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD has been bullish again but is still looking a little indecisive. The moving averages have crossed bullish and are widening, suggesting that price may attempt to move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the previous horizontal resistance at 1.3920. A move to the upside may be rejected or reverse around the horizontal resistance levels at 1.4040, 1.4270 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%. 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 US PPI figure will be announced at 1330 UTC today.
NZDUSD – 1 Hour Chart
Just like other USD pairs, the NZDUSD has been bullish. Price continues to look indecisive. The moving averages confirm this – they have been crossing frequently. Trading opportunities may exist around the horizontal levels at 0.7345, 0.7400, 0.7415 and 0.7430 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.
A US PPI figure will be announced at 1330 UTC today. A New Zealand manufacturing index figure will be released at 2130 UTC.
USDCAD – 1 Hour Chart
Price has been bearish. The USDCAD is below the recent horizontal channel support area and the moving averages are bearish and are widening, suggesting that price may start down-trending. Selling opportunities could exist around the previous support areas at 1.2490 and 1.2550 and around the dynamic resistance of the moving averages. A move to the downside may stall or reverse around the horizontal levels at 1.2390, 1.2375, 1.2320 and 1.2255.
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 US PPI figure will be announced at 1330 UTC today.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the trend resistance area and the longer-term moving average and has since been bearish. The moving averages are bearish and are widening, signalling that the downtrend could continue. Shorting opportunities may exist around the horizontal levels at 0.9260, 0.9305 and 0.9365, around the bearish moving averages and around the trend resistance 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. 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 PPI figure will be announced at 1330 UTC today.
USDJPY – 1 Hour Chart
The USDJPY reversed around the previous bearish channel support area and has since been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, suggesting that the downside momentum may continue. Price is looking a little over-extended though, signalling that the USDJPY may be due a bullish move. If price starts retracing, opportunities to go short could exist around the bearish moving averages and around the key Fib levels.
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.
A US PPI figure will be announced at 1330 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD reversed around the moving averages and has since bullish. Price action is forming a higher swing high and the moving averages are bullish and are widening, all suggesting that GOLD could start up-trending. Long opportunities may exist around the previous horizontal resistance levels at 1349.90 and 1344.45, around the dynamic support of the moving averages and around the trend support area. A bullish move could stall or reverse around the horizontal resistance at 1364.60.
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