TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 28, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the downward channel resistance area and has been bearish. The AUDUSD continues to downtrend within a downward channel. The moving averages are bearish and are widening, signalling that the selling momentum could continue. Opportunities to go short may exist around the channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.7915 and 0.7980. A bearish move may find support 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.
US Final GDP and Unemployment Claims figures will be released at 1230 UTC today.
EURGBP – 1 Hour Chart
Price has been finding support around the bearish channel support area (as suggested in yesterday’s chart analysis). The EURGBP continues to be quiet around the channel support area and is currently moving sideways. The moving averages confirm the lack of price momentum – they are also currently moving sideways. Selling opportunities could exist around the bearish channel resistance area, around the horizontal resistance levels at 0.8890 and 0.8900 and if the EURGBP closes below the channel support area. Price may find support around the 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 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.
The Governor of the Bank of England will speak at 0815 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD has continued to be bearish and move lower. The moving averages are bearish and are widening, suggesting that price could downtrend. If the EURUSD starts pulling-back during today’s trading sessions, shorting 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.
US Final GDP and Unemployment Claims figures will be released at 1230 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD has continued to be bearish and move lower (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.
The Governor of the Bank of England will speak at 0815 UTC today. US Final GDP and Unemployment Claims figures will be released at 1230 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around consolidation support area at 0.7175. The moving averages are bearish and steady and the NZDUSD is attempting a move below the consolidation area, all signalling that price could move lower. Selling opportunities may exist if the NZDUSD closes below the consolidation support area at 0.7175, around the dynamic resistance of the moving averages and around the previous horizontal support at 0.7245.
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.
US Final GDP and Unemployment Claims figures will be released at 1230 UTC today.
USDCAD – 1 Hour Chart
Price found support around the moving averages (as suggested in yesterday’s chart analysis) and has since moved higher. The USDCAD is clearly up-trending. Price is above the recent bullish channel and the moving averages are bullish and are widening, all suggesting that the upside momentum may continue. Buying opportunities could exist around the previous channel resistance area, around the horizontal levels at 1.2410 and 1.2320, around the bullish moving averages and around the trend 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 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.
US Final GDP and Unemployment Claims figures will be released at 1230 UTC today.
USDCHF – 1 Hour Chart
The USDCHF broke to the upside of the recent channels but price is still looking indecisive. The moving averages confirm the market indecision – they are moving sideways. Price is consolidating between the recent highs at 0.9760 and the trend support area. Price is also consolidating between the recent highs and the horizontal support at 0.9640. Trading opportunities may exist around the support and resistance areas of both consolidation patterns and if the USDCHF moves out of either consolidation (break-out 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. 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.
US Final GDP and Unemployment Claims figures will be released at 1230 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY moved above the range resistance area and has since been trending higher. Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and are widening, suggesting that the up-trend may continue. Long opportunities could exist around the previous range resistance at 112.65, around the dynamic support of the moving averages and around the horizontal levels at 111.50 and 111.20.
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.
The Governor of the Bank of Japan will speak at 0635 UTC today. US Final GDP and Unemployment Claims figures will be released at 1230 UTC.
XAUUSD – 1 Hour Chart
GOLD closed below the horizontal channel support at during yesterday’s trading sessions and has since been bearish (as suggested in yesterday’s chart analysis). Price is clearly down-trending. The moving averages have crossed bearish and are widening, signalling that the down-trend could continue. Selling opportunities may exist around the previous swing low and horizontal support levels at 1289.50 and 1291.50, around the dynamic resistance of the moving averages and around the trend resistance area.
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