TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 23, 2018


EURGBP - 23.02.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.02.2018

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the horizontal level at 0.7785. Price continues to be indecisive. Trading opportunities could exist around the horizontal levels at 0.7770, 0.7790, 0.7895 and 0.7985. The moving averages are bearish and are steady, suggesting that the AUDUSD may attempt a bearish move lower.

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

 

EURGBP - 23.02.2018

The EURGBP reversed around the range resistance area (as suggested in yesterday’s chart analysis) and continues to be indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price is ranging between the horizontal support at 0.8805 and the horizontal resistance at 0.8855. 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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 23.02.2018

Price continues to be indecisive. The EURUSD is ranging between the recent swing low at 1.2265 and the horizontal resistance at 1.2340. 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 steady, signalling that the EURUSD may break to the downside of the range. If price does move lower, the EURUSD may find support around the recent lows at 1.2210.

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 - 23.02.2018

The GBPUSD has been bullish and has moved above the recent diagonal resistance area. Price continues to be indecisive. Trading opportunities could exist around the horizontal levels at 1.3780, 1.3805, 1.3875 and 1.4135 and around the previous diagonal resistance area.

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

 

NZDUSD - 23.02.2018

As suggested in yesterday’s chart analysis, the NZDUSD has been bearish and is forming a swing lower. Price continues to be indecisive but price action is forming a lower swing low and the moving averages and are bearish, all signalling that the NZDUSD could start down-trending. Selling opportunities may exist around the horizontal levels at 0.7305 and 0.7350 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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 23.02.2018

Price has been bullish and continues to climb higher (as suggested in yesterday’s chart analysis). The USDCAD is still above the recent consolidation area and the moving averages are bullish and are steady, all suggesting that price may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous consolidation resistance 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 CPI figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.02.2018

Just like other FX pairs, the USDCHF continues to be indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.9320, 0.9405 and 0.9465.

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 - 23.02.2018

As suggested in yesterday’s chart analysis, price has been bearish but failed to swing lower and has now become bullish. The USDJPY is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 106.60, 108.30 and 108.55 and around the diagonal 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. 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 - 23.02.2018

GOLD continues to be indecisive. Price is now ranging between the recent swing low at 1321.45 and the horizontal resistance at 1332.00. Trading opportunities may exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade). If price breaks to the upside, GOLD could stall or reverse around the horizontal level at 1344.60. If price breaks to the downside, GOLD could stall or reverse around the horizontal support levels at 1312.50 and 1310.05.


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