TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 07, 2018


XAUUSD - 07.05.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 07.05.2018

Price continues to move sideways and be indecisive. The moving averages confirm the indecision – they are tight and are moving sideways. The AUDUSD is ranging between the horizontal levels at 0.7500 and 0.7555. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around the horizontal support and recent lows at 0.7480. A break to the upside could find resistance around the horizontal resistance levels at 0.7585 and 0.7620.

The Reserve Bank of Australia (RBA) have held the official interest rate at 1.5% for over 18 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.  The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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.

An Australian retail sales figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 07.05.2018

As suggested in Friday’s chart analysis, price found support around the shorter-term moving average. The EURGBP has not swung higher though – price is currently moving sideways. The EURGBP is looking indecisive. Trading opportunities could exist around the identified horizontal levels at 0.8685, 0.8770, 0.8785 and 0.8840. The moving averages are bullish, signalling that price may move higher.

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%. There are hints that the Bank of England (BOE) will hike the interest rate 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 – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 07.05.2018

The EURUSD reversed around the trend resistance area (as suggested in Friday’s chart analysis). Price did swing slightly lower but is now moving sideways. The EURUSD is ranging between the horizontal levels at 1.1925 and 1.2015. Trading opportunities may 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 upside could stall or reverse around the horizontal levels at 1.2065, 1.2135, 1.2195 and 1.2245. The moving averages are tightening and are moving sideways – confirming the current indecision.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 07.05.2018

As suggested in Friday’s chart analysis, the GBPUSD failed to reach the bearish channel support area and is currently attempting a bullish move. Price has been down-trending within a bearish channel. The GBPUSD is struggling to reach the channel support area though and the moving averages are tightening, all signalling that price could attempt a bullish move above the channel. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal levels at 1.3660, 1.3725, 1.3905 and 1.3995.

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%. There are hints that the Bank of England (BOE) will hike the interest rate again in the near future. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 - 07.05.2018

Price continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 0.6985, 0.7050 and 0.7095. If the NZDUSD closes below the horizontal support at 0.6985, price could start down-trending again.

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 – there is some economic uncertainty caused by New Zealand’s GDP and CPI figures. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 New Zealand inflation expectations figure will be announced at 0300 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 07.05.2018

As suggested in Friday’s chart analysis, price has reversed again at the channel resistance area. The USDCAD continues to be indecisive and move within a horizontal channel at 1.2815-1.2900. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade).

The Bank of Canada (BOC) recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will increase the interest rate at least 1 more time before the end of 2018. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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

 

USDCHF - 07.05.2018

The USDCHF has become bullish again. If price pulls-back, buying opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 0.9955 and 0.9915. The moving averages are tightening, suggesting that upside momentum is weakening.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 bearish stock markets may give strength to the Swiss Franc as the CHF is a safe-haven currency. The concern of a potential tariff war between the US and China may also give strength to the CHF.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 07.05.2018

As suggested in Friday’s chart analysis, the USDJPY has been reversing around the horizontal level at 108.80. Price continues to be indecisive. The moving averages confirm the indecision – they are moving sideways. Trading opportunities could exist around the horizontal levels at 107.70, 108.60, 108.80, 109.25, 109.45 and 110.00.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 become bearish, the Yen may continue to strength. The concern of a potential tariff war between the US and China may also give strength to the Yen. The Bank of Japan (BOJ) has not changed the official interest rate since early 2016. Economic indicators for Japan continue to show signs of moderate growth.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 07.05.2018

Price has reversed at the range resistance area (as suggested in Friday’s chart analysis). GOLD continues to be indecisive and range between 1303.15-1318.10. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Price action has formed a bullish channel. Trading opportunities could exist around the support and resistance areas of the bullish channel.


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