TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 07, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD has reversed around the longer-term moving average and bullish channel support area. Price is still within the bullish channel but the AUDUSD is looking indecisive again and is ranging between the horizontal support at 0.7965 and the recent highs at 0.8020. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade). The moving averages are bullish and steady, signalling that the AUDUSD could move higher. Opportunities to go long may exist around the moving averages, around the bullish channel support area and around the horizontal support levels at 0.7965 and 0.7940.
The Reserve Bank of Australia (RBA) recently decided to hold rates at 1.50%. The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. Recent Monetary Policy Minutes have detailed that the Australian economy is improving. The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
EURGBP – 1 Hour Chart
The EURGBP has been rejected around the bearish channel support area (as suggested in yesterday’s chart analysis) and has formed a new horizontal support at 0.9135. Price continues to down-trend within the bearish channel and the moving averages are bearish and steady, all suggesting that the downside momentum may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal resistance at 0.9215. A bearish move may stall or reverse around the horizontal support at 0.9135 and the bearish channel support area.
The UK has started negotiations for leaving the European Union. Brexit and political uncertain in the UK are causing weakness in sterling. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. 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.
The European Central Bank (ECB) will announce interest rates at 1145 UTC. This is followed by a ECB Press Conference at 1230 UTC.
EURUSD – 1 Hour Chart
Price has moved above the recent consolidation area but continues to be indecisive and lack trend momentum. The moving averages confirm this – they are still moving sideways. The EURUSD is now moving within another ascending triangle (trend support and horizontal resistance at 1.1945). Trading opportunities could exist around the support and resistance areas of the ascending triangle and if price moves out of the ascending triangle (break-out trade). If the EURUSD breaks to the upside, price may stall or reverse around the recent high at 1.2060. If the EURUSD breaks to the downside, price may stall or reverse around the horizontal level at 1.1825.
The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken. 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.
The European Central Bank (ECB) will announce interest rates at 1145 UTC. This is followed by a ECB Press Conference at 1230 UTC. A US Unemployment Claims figure will be released at the same time as the Press Conference. US Crude Oil Inventories is at 1500 UTC.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has reversed around the bearish channel resistance area and is now retracing. The moving averages are very bullish and are widening, signalling that the GBPUSD could attempt another bullish swing. Buying opportunities could exist around the moving averages, around any of the key Fib levels, around the previous horizontal resistance at 1.2975 and around the bullish channel support area. A move to the upside may bounce or reverse around the bullish channel resistance area.
The UK has started negotiations for leaving the European Union. Brexit and political uncertain in the UK are causing weakness in sterling. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
NZDUSD – 1 Hour Chart
The NZDUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are currently moving sideways – confirming the market indecision. Trading opportunities may exist around the identified support and resistance areas.
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 rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD moved below the horizontal channel support area and is now forming a swing lower. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that price may continue to down-trend. If the USDCAD starts retracing, shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2340 and 1.2425. A bearish move may reverse around the channel support area.
The Bank of Canada have unexpectedly raised rates to 1.00%. This has caused the Canadian Dollar to strengthen. The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
USDCHF – 1 Hour Chart
Price has been rejected around the bearish channel resistance area and the longer-term moving average (as suggested in yesterday’s chart analysis). The USDCHF continues to downtrend within a bearish channel. Price is struggling to reach the bearish channel support area and the moving averages are starting to move sideways, suggesting that the USDCHF could move above the channel resistance area. Selling opportunities may exist around the bearish channel resistance area and around the moving averages. If price does move above the channel resistance area, the USDCHF could attempt a bullish move higher.
The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken. The Swiss National Bank recently decided to keep rates at -0.75%. The CHF is a safe-haven currency, which means it could strengthen if political uncertainty in the US or Europe intensify or if the possibility of war between the US and North Korea starts to solidify.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been rejected and reversed around the range support and the trend resistance areas. The USDJPY continues to look choppy and be indecisive. Price is ranging between the horizontal support at 108.45 and the horizontal resistance at 110.90 (see the 4 hour chart). Trading opportunities could exist around the range support and resistance areas, around the trend resistance and around the moving averages.
The Bank of Japan have kept interest rates at a low of -0.10%. The Yen is a safe-haven currency, which means it could strengthen if political uncertainty in the US or Europe intensify or if the possibility of war between the US and North Korea starts to solidify, though war between these 2 countries may have a negative impact on the JPY due to Japan’s geographical location and history with North Korea. The US Federal Reserve rate recently increased rates to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Unemployment Claims figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.
XAUUSD – 1 Hour Chart
GOLD is struggling to reach the bullish channel resistance area, signalling that buying momentum is weak. The bullish moving averages are tightening and moving sideways – confirming the potential shift in momentum. If price moves below the bullish channel support area, GOLD could attempt a bearish move lower. It is possible the price may become indecisive and move within the potential horizontal channel at 1329.20-1343.75. There is still chance that GOLD could reverse around the bullish channel support area and continue to uptrend.
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