TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 22, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 22.02.2018

As suggested in Tuesday’s chart analysis, price moved below the range support area and has since been bearish. The AUDUSD is still looking indecisive though. Trading opportunities may exist around the horizontal levels at 0.7770, 0.7785, 0.7895 and 0.7985. The moving averages are bearish and are steady, signalling that the bearish momentum could continue.

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.

US crude oil inventories is at 1600 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 22.02.2018

Price moved below the range support area and then was bearish (as suggested in Tuesday’s chart analysis). The EURGBP has since become indecisive again and is now ranging between the horizontal support at 0.8805 and the recent swing high at 0.8850. 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 bearish and are widening, suggesting that the EURGBP may 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.

A UK second estimate GDP figure will be announced at 0930 UTC today. This is followed by the release of the accounts of a recent European Central Bank (ECB) monetary policy meeting at 1230 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 22.02.2018

The EURUSD has been bearish but continues to be indecisive. Price is moving within a large horizontal channel at 1.2210-1.2535 (see 4 hour time-frame). The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURUSD moves out of the horizontal channel (break-out trade).

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.

The European Central Bank (ECB) will release accounts from their recent monetary policy meeting at 1230 UTC today. US crude oil inventories is at 1600 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 22.02.2018

As suggested in Tuesday’s chart analysis, the GBPUSD found support at the horizontal level at 1.3915. Price has since swung below the support level though. The GBPUSD has been bearish but continues to be indecisive. Trading opportunities could exist around the horizontal levels at 1.3780, 1.3805, 1.3915 and 1.4135. Price action has formed a bearish channel and the moving averages are bearish. Trading opportunities may also exist around the support and resistance areas of the channel.

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 second estimate GDP figure will be announced at 0930 UTC today. US crude oil inventories is at 1600 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 22.02.2018

Just like other ***USD pairs, the NZDUSD has been bearish and is now looking indecisive. From a technical analysis view, there are very few areas that could provide trading opportunities during today’s trading sessions. The moving averages are bearish and are steady, suggesting that price may continue to move lower.

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.

US crude oil inventories is at 1600 UTC today. A New Zealand retail sales figure will be announced at 2145 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 22.02.2018

As suggested in Tuesday’s chart analysis, price closed above the range resistance area and has since been bullish. The USDCAD is above the range resistance area and the moving averages are bullish, all signalling that price may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages and around the previous range resistance area at 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.

A Canadian retail sales figure will be released at 1330 UTC today. US crude oil inventories is at 1600 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 22.02.2018

Price has been bullish but continues to be indecisive. Trading opportunities may exist around the horizontal levels at 0.9190, 0.9365, 0.9405 and 0.9465. The moving averages are bullish and are widening, suggesting that the USDCHF could continue to be bullish. Buying opportunities could exist around the dynamic support of 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. 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.

US crude oil inventories is at 1600 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 22.02.2018

As suggested in Tuesday’s chart analysis, the USDJPY has reversed around the 50.0% Fib level and the long-term trend resistance area. Price is down-trending and is currently in a retrace/correction phase. Shorting opportunities may exist around the 50.0% Fib level, around the trend resistance area and around the previous horizontal support levels at 108.25 and 108.50. The moving averages are bullish and are widening, suggesting that the USDJPY could fail to swing lower. A bearish move could reverse around the moving averages and 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.

US crude oil inventories is at 1600 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 22.02.2018

GOLD has been bearish but continues to be indecisive. Trading opportunities could exist around any of the horizontal levels at 1310.05, 1312.60, 1318.95, 1344.60 and 1359.85 and around the moving averages. The moving averages are bearish and are widening, signalling that the selling momentum may continue.