TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 19, 2018


NZDUSD - 19.02.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 19.02.2018

As suggested in Friday’s chart analysis, price continued to be bullish and then reversed around the horizontal level at 0.7985. The AUDUSD has now become indecisive. The moving averages confirm this – they are tightening and are moving sideways. Price is ranging between the horizontal support at 0.7895 and the recent swing high at 0.7985. Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). When price does break from the range, the AUDUSD may stall or reverse around the horizontal levels at 0.7770, 0.7785, 0.8045 and 0.8110.

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.

The Reserve Bank of Australia (RBA) will release minutes from a recent monetary policy meeting at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 19.02.2018

Price continues to be indecisive and is currently finding support around the range support area (as suggested in Friday’s chart analysis). The EURGBP is ranging between the horizontal support at 0.8845 and the recent highs at 0.8915. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

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.

The Governor of the Bank of England (BoE) will speak at 1845 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 19.02.2018

The EURUSD has been bearish and has retraced some of the recent bullish move. Price is currently finding support around the horizontal and psychological level at 1.2400 and the trend support area (as suggested in Friday’s chart analysis). Price is below the moving averages and the recent retrace move, suggesting that the EURUSD may struggle to swing higher. Buying opportunities could exist around the horizontal level at 1.2400 and around the trend support area. Another bearish move may find support around the horizontal level at 1.2290.

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 - 19.02.2018

Price has been bearish and has become indecisive again. The moving averages are starting to tighten and move sideways – confirming the indecision. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3780, 1.3805, 1.3915, 1.4135 and 1.4170.

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.

The Governor of the Bank of England (BoE) will speak at 1845 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 19.02.2018

As suggested in Friday’s chart analysis, the NZDUSD was initially bullish and formed a swing higher but price has since become indecisive.  The NZDUSD is ranging between the horizontal support at 0.7370 and the recent swing high at 0.7430. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). The moving averages are bullish, signalling that the NZDUSD may attempt to swing higher. If price breaks to the downside of the range, buying opportunities could exist around the longer-term moving average, around the previous horizontal resistance at 0.7345 and around the trend support area.

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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 19.02.2018

The USDCAD has found resistance around the previous horizontal channel support area (as suggested in Friday’s chart analysis). Just like other USD pairs though, price has now become indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around any of the identified horizontal levels at 1.2375, 1.2455, 1.2555 and 1.2635.

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 today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 19.02.2018

Price is down-trending. The USDCHF has recently been bullish and is currently in a retrace/correction phase. Price has just been rejected at the longer-term moving average and the trend resistance area and the moving averages are bearish, all signalling that the USDCHF may now attempt a bearish swing lower. Shorting opportunities could exist around the longer-term moving average, around the trend resistance area and around the previous horizontal support at 0.9305/10.

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 - 19.02.2018

As suggested in Friday’s chart analysis, price has started retracing the recent bearish swing. The USDJPY is clearly down-trending. The moving averages are bearish and are steady, signalling that the downtrend could continue. Selling opportunities may exist around the longer-term moving average, around the key Fib levels, around the previous horizontal support levels at 108.30 and 108.55 and around the trend resistance area. A bearish move could be rejected or reverse around the recent swing low at 105.70.

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 - 19.02.2018

GOLD is up-trending and is currently in a retrace/correction phase. The moving averages are bullish, suggesting that price could attempt a swing higher and continue to uptrend. Opportunities to go long may exist around the longer-term moving average and around the trend support area. If price continues to be bearish, long opportunities may exist around the previous horizontal resistance at 1330.70. A bullish move could stall or reverse around the recent swing high at 1359.85.