TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 08, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around the suggested support areas and has since moved much higher. The AUDUSD is currently forming a swing high. The moving averages are bullish and are steady, signalling that the uptrend could continue. If price starts retracing, buying opportunities may exist around the support and resistance of the previous bullish channel, around the previous horizontal resistance at 0.8020 and around the moving averages.
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.
The Governor of the Reserve Bank of Australia (RBA) will speak at 0830 UTC today.
EURGBP – 1 Hour Chart
Price was rejected around the bearish channel support and resistance areas (as suggested in yesterday’s chart analysis). The EURGBP has since moved out of the bearish channel and is now moving withing a horizontal channel at 0.9135-0.9215. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). Long opportunities may exist around the support and resistance of the previous bearish channel.
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. Recent comments by the ECB have been fairly dovish though.
A UK Manufacturing Production figure will be released at 0830 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD closed above the ascending triangle consolidation area and has since been very bullish. The moving averages are bullish and are widening, signalling that the upside momentum could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the previous consolidation resistance at 1.1945 and around the long-term trend support area. Price may stall or reverse around the recent highs at 1.2080.
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. Recent comments by the ECB have been fairly dovish though.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD – 1 Hour Chart
The GBPUSD reversed around the 23.6% Fib level and the shorter-term moving average. Price continues to be very bullish and uptrend. The moving averages are bullish and are widening, suggesting that the upside momentum may continue. Long opportunities could exist around the previous horizontal resistance levels at 1.3075 and 1.2975, around the dynamic support of the moving averages and around the trend 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 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 UK Manufacturing Production figure will be released at 0830 UTC today.
NZDUSD – 1 Hour Chart
Price initially reversed around the symmetrical triangle support area (as suggested in yesterday’s chart analysis), the NZDUSD has since moved above the consolidation area and been bullish. The moving averages are bullish and are steady and price is no longer in the consolidation area, all suggesting that the NZDUSD could start up-trending. Buying opportunities may exist around the previous swing highs at 0.7290 and 0.7260, around the previous consolidation support and resistance areas and around the bullish 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 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been bearish and has moved lower – the downside momentum continues. The moving averages are bearish and are widening, suggesting that the USDCAD may attempt a swing lower. Shorting opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance 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.
Canadian Employment Change and Unemployment Rate figures will be announced at 1230 UTC today.
USDCHF – 1 Hour Chart
The USDCHF reversed bearish around the bearish channel resistance area and has since moved much lower (as suggested in yesterday’s chart analysis). As also suggested, price has found support around the long-term range support area. The moving averages are bearish, signalling that the USDCHF may attempt to move below the range support area. Opportunities to go short could exist around the previous bearish channel support and resistance areas and around the bearish moving averages.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY – 1 Hour Chart
The moving averages are bearish and steady and price has moved below the recent range support area, all signalling that the USDJPY could move lower and carry on down-trending. Selling opportunities may exist around the previous range support at 108.45, around the trend resistance area and around the dynamic resistance of 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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD reversed around the bullish channel support area and has swung higher. The moving averages are now bullish again. If price pulls-back, buying opportunities could exist around the horizontal levels at 1343.75 and 1329.25, around the bullish moving averages and around the bullish channel support area. A move to the upside may bounce or reverse around the channel resistance area.
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