TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 20, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD has been bouncing off the range support area. Price continues to be indecisive and range between the horizontal support at 0.7895 and the recent swing high at 0.7985. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could 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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP – 1 Hour Chart
The EURGBP has moved off the range support area (as suggested in yesterday’s chart analysis). Price continues to be indecisive and range between the horizontal support at 0.8845 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). The moving averages are bearish and steady, suggesting that price could become bearish and break to the downside.
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
Price has been bearish and continues to reverse some of the recent bullish move. Even though the EURUSD has been bearish, price is indecisive and lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are now moving sideways. Trading opportunities could exist around the horizontal levels at 1.2210, 1.2290 and 1.2550.
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
Just like other FX pairs, the GBPUSD is currently indecisive and lacking direction. The moving averages are tightening and are moving sideways – confirming the market 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.
There is no major scheduled news today that will directly impact this currency pair.
NZDUSD – 1 Hour Chart
The NZDUSD has become indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.7345 and 0.7430 and around the diagonal 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
Price is moving sideways (market indecision). The moving averages have been crossing frequently and are moving sideways – confirming the lack of trend direction. The USDCAD is ranging between the recent swing low at 1.2455 and the horizontal resistance at 1.2635. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade).
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
Just like most other FX pairs, the USDCHF has become indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities could exist around the horizontal levels at 0.9405, 0.9365 and 0.9190 and around the previous trend resistance area (as support).
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
The USDJPY continues to be bullish and retrace some of the recent bearish swing. Price is down-trending but is currently in a retrace/correction phase. Opportunities to go short may exist 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
GOLD has moved below the trend support area and the moving averages and has become indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 1318.95, 1344.60 and 1359.85 and around the moving averages.
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