TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 16, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD reversed around the shorter-term moving average and is now forming a swing higher. Price is up-trending – price action has formed a short series of higher swing highs and higher swing lows. The moving averages are bullish and are steady, signalling that the upside momentum may continue. Opportunities to go long could exist around the horizontal levels at 0.7965 and 0.7890 and around the dynamic support of the moving averages.
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 building permits figure will be announced at 1330 UTC today.
EURGBP – 1 Hour Chart
The EURGBP continues to be indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between the horizontal support at 0.8850 and the recent highs at 0.8915. Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade).
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 retail sales figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has continued to be bullish. The moving averages are bullish and are steady, suggesting that the upside momentum may continue. Long opportunities could exist around the horizontal levels at 1.2515, 1.2470 and 1.2400, around the dynamic support of the moving averages and around the trend 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. 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 building permits figure will be announced at 1330 UTC today.
GBPUSD – 1 Hour Chart
Price has been bullish and is currently forming a swing higher (as suggested in yesterday’s chart analysis). The GBPUSD is forming a higher swing high and the moving averages are bullish and are widening, all signalling that price could start up-trending. Buying opportunities may exist around the previous horizontal resistance levels at 1.4040 and 1.3920 and around the bullish moving averages. A move higher could be rejected or reverse around the horizontal resistance levels at 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 UK retail sales figure will be released at 0930 UTC today. This is followed by a US building permits figure at 1330 UTC.
NZDUSD – 1 Hour Chart
The NZDUSD has been bullish and has moved above the recent consolidation area. The moving averages are bullish and are widening, signalling that price may start up-trending. If the NZDUSD starts retracing, opportunities to go long could exist around the previous horizontal resistance levels at 0.7410 and 0.7345 and around the dynamic support of 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 building permits figure will be announced at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD has been bearish and continues to downtrend. Price action has formed a short series of lower swing highs and lower swing lows and the moving averages are bearish and are widening, all suggesting that the selling momentum could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.2525 and 1.2555. A move to the downside could 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 building permits figure will be announced at 1330 UTC today.
USDCHF – 1 Hour Chart
Price found resistance around the previous horizontal support at 0.9260 and has since been bearish (as suggested in yesterday’s chart analysis). The USDCHF is down-trending. The moving averages are bearish and are widening, signalling that the downtrend may continue. Selling opportunities could exist around the horizontal levels at 0.9260 and 0.9305, around the dynamic resistance of the 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 building permits figure will be announced at 1330 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has continued to be bearish. The USDJPY is looking over-extended, suggesting that price may soon become bullish and start retracing some of the recent bearish move. If the USDJPY does start retracing, shorting opportunities could exist around the trend resistance area and around the moving averages.
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 building permits figure will be announced at 1330 UTC today.
XAUUSD – 1 Hour Chart
GOLD has continued to be bullish (as suggested in yesterday’s chart analysis). Price action is forming a higher swing high and the moving averages are bullish and are widening, signalling that the bullish momentum could continue. Buying opportunities may exist around the horizontal levels at 1356.60, 1349.90 and 1344.45, around the dynamic support of the moving averages and around the trend support area. A move higher could be rejected or reverse around the horizontal resistance at 1364.60.
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