TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 28, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 28.02.2018

As suggested in yesterday’s chart analysis, price reversed around the identified horizontal level at 0.7790. The AUDUSD continues to be indecisive. The moving averages have been crossing frequently and are currently moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 0.7770, 0.7785, 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 preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC. An Australian private capital expenditure figure will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 28.02.2018

Price has been down-trending within a bearish channel but the EURGBP recently moved above the channel resistance area and could now be forming a higher swing low at 0.8785 – the downtrend may be coming to an end (as suggested in yesterday’s chart analysis).  The moving averages confirm the lack of downside momentum – they are moving sideways. Opportunities to go long could exist around the recent swing low at 0.8770 and the channel support area. A move to the upside may stall or reverse around the moving averages, the channel resistance area and around the horizontal resistance at 0.8855.

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 - 28.02.2018

As suggested in yesterday’s chart analysis, the EURUSD moved below the range support area and was then bearish. As also suggested, price has reversed around the horizontal support at 1.2210. The EURUSD continues to be indecisive. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.2210, 1.2265 and 1.2350. If price moves below the horizontal support at 1.2210, the EURUSD could attempt a bearish move lower.

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 preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 28.02.2018

The GBPUSD has been bearish. Price found support around the identified horizontal level at 1.3875 (as identified in yesterday’s chart analysis). The GBPUSD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 1.3780, 1.3805, 1.3875, 1.3935, 1.4060 and 1.4135.

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 preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 28.02.2018

As suggested in yesterday’s chart analysis, price broke to the downside of the consolidation area and has since been bearish. The NZDUSD has been a little indecisive but has started down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and are widening, signalling that the downtrend could continue. If the NZDUSD starts retracing, shorting opportunities may exist around any of the key Fib levels, around the previous horizontal support at 0.7275 and around the dynamic resistance 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.

A preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 28.02.2018

Price closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The USDCAD is up-trending. The moving averages have just crossed bullish and are starting to widen, suggesting that the uptrend may continue. Buying opportunities could exist around the previous swing high at 1.2725, around the dynamic support of the moving averages and around the trend support area.

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 preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 28.02.2018

As suggested in yesterday’s chart analysis, the USDCHF has been finding resistance around the range resistance area. Price continues to be indecisive and move within the range at 0.9320-0.9405. Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF closes out of the range (break-out trade). The moving averages have become bullish and are widening, signalling that price could attempt a break to the upside. A bullish move could stall or reverse around the recent highs at 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.

A preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 28.02.2018

The USDJPY broke to the upside of the horizontal channel and then formed a swing higher (as suggested in yesterday’s chart analysis). Price is above the recent consolidation channel and the moving averages have crossed bullish, all suggesting that the USDJPY may become bullish. Buying opportunities could exist around the moving averages and around the horizontal support at 106.45. A move to the upside may be rejected or reverse around the recent highs at 107.85.

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 preliminary US GDP figure will be announced at 1330 UTC today. This is followed by US crude oil inventories at 1530 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 28.02.2018

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.