TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 27, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD closed below the horizontal support at 0.7915 and has since been moving lower. Price action has formed a bearish channel and the moving averages are bearish, all suggesting that the AUDUSD could start down-trending. Shorting opportunities may exist around the bearish channel resistance area, around the previous swing low at 0.7915 and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the channel support area.
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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC.
EURGBP – 1 Hour Chart
The EURGBP has closed below the recent horizontal channel support area at 0.8780. Price action has formed a bearish channel and the moving averages are bearish, signalling that price may continue to move lower. Selling momentum looks weak though, suggesting that the EURGBP could start retracing. Opportunities to go short could exist around the previous horizontal channel support area at 0.8780, around the dynamic resistance of the moving averages and around the bearish 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 have been positive. 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the downside momentum has continued – price has continued to be bearish. The moving averages are bearish and are widening, suggesting that the EURUSD could downtrend. If price starts pulling-back during today’s trading sessions, selling opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous horizontal support at 1.1870.
The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. 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.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC.
GBPUSD – 1 Hour Chart
Price has reversed bearish around the identified trend resistance area and the shorter-term moving average (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, signalling that the selling momentum may continue. Shorting opportunities could exist around the previous horizontal support levels at 1.3450 and 1.3475, around the trend resistance area and around the moving averages. A bearish move may be rejected or reverse around the horizontal levels at 1.3320 and 1.3160.
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 have been positive. The Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD has reversed around the horizontal support area at 0.7175. Price continues to be choppy and indecisive. The moving averages have been crossing frequently and have been providing no clear market direction – confirming the current indecision. Trading opportunities may exist around the identified horizontal levels at 0.7175, 0.7245, 0.7340 and 0.7405.
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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC. The Reserve Bank of New Zealand will announce interest rates at 2000 UTC.
USDCAD – 1 Hour Chart
The USDCAD is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price action has also formed a bullish channel. The USDCAD recently struggled to reach the channel resistance area, suggesting that upside momentum is weakening. The moving averages confirm the weakening momentum – they are starting to move sideways. Selling opportunities could exist around the previous swing high at 1.2400 and around the channel resistance area. Price may find support around the moving averages, around the channel support areas and around the horizontal levels at 1.2235 and 1.2215.
The Bank of Canada have unexpectedly raised rates to 1.00%. This has caused the Canadian Dollar to strengthen. The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC. A Speech by the Governor of the Bank of Canada is scheduled for 1545 UTC.
USDCHF – 1 Hour Chart
Price is still looking a little indecisive. The moving averages confirm this – they are tight and are moving sideways. The USDCHF is ranging between the horizontal support at 0.9655 and the recent highs at 0.9740. Price is also moving within a bearish channel. Trading opportunities could exist around the support and resistance areas of both channels and if the USDCHF moves out of either channel (break-out trades). Price may find support around the trend support area.
The US Federal Reserve have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. 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 Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC.
USDJPY – 1 Hour Chart
The USDJPY continues to move within a horizontal channel at 111.20-112.65. The moving averages confirm the market indecision – they are moving sideways and are tight. Trading opportunities may exist around the horizontal channel support and resistance areas ad if price moves out of the channel (break-out trade).
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 have kept rates at 1.25% but expect to hike rates by the end of the calendar year. This is giving strength to the US Dollar. If political uncertainties intensify in the US or if tensions between the US and North Korea escalate, the US Dollar could weaken.
A US Durable Goods Orders figure will be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has found support around the previous bearish channel resistance area. GOLD is moving within a large horizontal channel at 1289.55-1315.65 and is looking a little indecisive. The moving averages are tight and are moving sideways – confirming the current market indecision. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A move to the downside may stall or reverse around the previous bearish channel resistance area. A move to the upside may stall or reverse around the horizontal resistance at 1334.45.
Hits: 1