TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 10, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 10.05.2018

As suggested in yesterday’s chart analysis, the AUDUSD has been finding resistance around the previous horizontal support at 0.7480. Price continues to downtrend. The moving averages are bearish and are widening, signalling that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support levels at 0.7480 and 0.7495. A bearish move may be rejected or reverse around the recent swing low at 0.7415.

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.

A US CPI figure will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 10.05.2018

The EURGBP reversed around the bearish channel support area (as suggested in yesterday’s chart analysis). Price is down-trending within a bearish channel. The moving averages are bearish, signalling that the selling momentum could continue. Shorting opportunities may exist around the channel resistance area, around the previous horizontal support at 0.8770 and around the dynamic resistance of the moving averages. An attempt to swing lower could find support around the channel support area and around the horizontal support at 0.8685.

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.

A UK manufacturing production figure will be announced at 0830 UTC today. The BOE will announce the official bank rate and release inflation and monetary policy reports at 1100 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 10.05.2018

As suggested in yesterday’s chart analysis, price has been reversing around the bearish channel resistance area and the shorter-term moving average. The EURUSD is currently attempting to move above the channel resistance area, signalling that the downtrend may becoming to an end. Price is ranging between the horizontal levels at 1.1825 and 1.1900. Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). A bullish move may find resistance around the horizontal resistance levels at 1.2000 and 1.2015.

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.

A US CPI figure will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 10.05.2018

Price has been reversing off the horizontal channel support and resistance areas (as suggested in yesterday’s chart analysis). The GBPUSD continues to be indecisive and move within the horizontal channel at 1.3500-1.3595. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the GBPUSD moves out of the tunnel (break-out trade). If price breaks to the upside, the GBPUSD could stall or reverse around the horizontal levels at 1.3660, 1.3725 and 1.3905.

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.

A UK manufacturing production figure will be announced at 0830 UTC today. The BOE will announce the official bank rate and release inflation and monetary policy reports at 1100 UTC. A US CPI figure will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 10.05.2018

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the previous support at 0.6985 and the shorter-term moving average and has since swung lower. Price is down-trending. The moving averages are bearish and are widening, signalling that the downtrend may continue. Opportunities to go short could exist around the previous swing low at 0.6950, around the bearish moving averages and around the identified diagonal resistance area.

The Reserve Bank of New Zealand (RBNZ) 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 US CPI figure will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 10.05.2018

The USDCAD has been bearish. Price has swung below the horizontal support at 1.2815 and the moving averages are becoming bearish, all suggesting that the USDCAD could start down-trending. Selling opportunities may exist around the horizontal levels at 1.2815 and 1.2900 and around the dynamic resistance of the moving averages.

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.

A US CPI figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 10.05.2018

As suggested in yesterday’s chart analysis, price has been reversing off the support and resistance areas of the horizontal channel. The USDCHF continues to be indecisive and move within the horizontal channel at 1.0010-1.0055. The moving averages confirm the market indecision – they are tightening and are starting to move sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCHF closes out of the channel (break-out trade). A break to the downside may find support around the identified horizontal levels at 0.9955, 0.9915 and 0.9870.

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.

A US CPI figure will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 10.05.2018

Price has been rejected at the range resistance area (as suggested in yesterday’s chart analysis). The USDJPY continues to range between the horizontal levels at 108.60 and 110.00. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade).

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.

A US CPI figure will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

xauusd - 10.05.2018

GOLD continues to be indecisive and range between 1303.15 and 1318.10. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). If price breaks to the upside, GOLD could stall or reverse around the horizontal resistance levels at 1325.25, 1332.05 and 1338.85.