TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 27, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 27.02.2018

As suggested in yesterday’s chart analysis, the AUDUSD was rejected and reversed around the identified horizontal level at 0.7895. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal levels at 0.7770, 0.7790, 0.7810, 0.7895 and 0.7985.

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 durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 27.02.2018

The EURGBP has found resistance around the bearish channel resistance area (as suggested in yesterday’s chart analysis). Price has been down-trending within a bearish channel and is currently in a retrace phase. Opportunities to go short may exist around the channel resistance area and around the previous swing high at 0.8850. The moving averages are moving sideways, signalling that selling momentum is weakening and that the downtrend could be over. A move to the downside could stall or reverse around the moving averages.

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 - 27.02.2018

Price continues to be indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. The EURUSD is now ranging between the recent swing low at 1.2265 and the horizontal resistance at 1.2350. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around the horizontal level and 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.

A US durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 27.02.2018

Just like other USD pairs, the GBPUSD continues to be indecisive. Trading opportunities may exist around the identified horizontal levels at 1.3780, 1.3805, 1.3875, 1.3935, 1.4060 and 1.4140. The moving averages are moving sideways and have been crossing frequently – confirming the current market 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 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 durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 27.02.2018

As suggested in yesterday’s chart analysis, the NZDUSD is currently reversing around the range support area. Price continues to be indecisive and range between the horizontal levels at 0.7275 and 0.7350. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD closes out of the range (break-out trade). The moving averages are bearish and steady, signalling that price may break to the downside. Selling opportunities could exist around the moving averages and around the diagonal resistance 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.

A US durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC. This is followed by a New Zealand consumer confidence figure at 0000 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 27.02.2018

Price has attempted to swing higher but is now moving sideways. The moving averages confirm the lack of trend momentum – they are moving sideways. The USDCAD is now ranging between the recent swing low at 1.2620 and the recent swing high at 1.2725. Trading opportunities may exist around the support and resistance areas of the range and if price moves 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.

A US durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 27.02.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 0.9320. The USDCHF continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Price is ranging between the horizontal levels at 0.9320 and 0.9405. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF closes out of the range (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 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 durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 27.02.2018

The USDJPY continues to be indecisive. The moving averages have been crossing frequently and are now moving sideways – confirming the indecision. Price action has formed a horizontal channel at 106.50-107.10. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDJPY moves out of the channel (break-out trade). If price breaks to the upside, the USDJPY could stall or reverse around the diagonal resistance area and around the horizontal resistance at 107.85. If price breaks to the downside, the USDJPY could stall or reverse around the recent lows 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.

A US durable goods orders figure will be announced at 1330 UTC today. The Fed Chair will testify at the same time. A US consumer confidence figure will be released at 1500 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 27.02.2018

GOLD continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around any of the identified horizontal levels at 1310.05, 1312.50, 1326.45, 1340.20, 1344.60 and 1359.85.