TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 08, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price closed below the consolidation support area and has since been bearish. The AUDUSD is below the recent consolidation and the moving averages are bearish and are widening, signalling that price could start down-trending. Selling opportunities may exist around the previous horizontal support levels at 0.7530 and 0.7555, around the bearish moving averages and around any of the key Fib levels.
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 non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
EURGBP – 1 Hour Chart
Price closed below the both consolidation support areas and has since been moving lower (as suggested in yesterday’s chart analysis). Price action has formed a potential bearish channel and the bearish moving averages are starting to widen, suggesting that the selling momentum may continue. Opportunities to go short could exist around the previous horizontal support levels at 0.8760 and 0.8785, around the bearish moving averages and around the bearish channel resistance area. A move to the downside may stall or reverse 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 very positive. The Bank of England have an increased the base interest rate by 0.25% but have no plans to increase rates 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. 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 announced at 0930 UTC today. US non-farm payrolls is at 1330 UTC. A US unemployment rate figure will be released at the same time.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD reversed around the trend resistance area and the shorter-term moving average and has since been bearish. Price is looking a little choppy but is down-trending. The moving averages are bearish and are steady, signalling that the downtrend could continue. Shorting opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.1805 and 1.1830.
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 non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
GBPUSD – 1 Hour Chart
The GBPUSD closed above the trend resistance area and has since been climbing higher (as suggested in yesterday’s chart analysis). As also suggested, price is now becoming bearish and is struggling to form a swing higher. The moving averages are moving sideways, signalling market indecision. The GBPUSD may start ranging between the recent low at 1.3330 and the horizontal resistance at 1.3515. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Trading opportunities could also exist around the horizontal levels at 1.3220 and 1.3545.
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 very positive. The Bank of England have an increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. 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 UK manufacturing production figure will be announced at 0930 UTC today. US non-farm payrolls is at 1330 UTC. A US unemployment rate figure will be released at the same time.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has reversed around the horizontal support at 0.6820. The NZDUSD continues to be choppy and indecisive. The moving averages have been crossing frequently and providing no clear trend direction – confirming the current indecision. Price action is forming a horizontal channel at 0.6820-0.6910. Trading opportunities may exist around the horizontal channel support and resistance areas and if the NZDUSD moves out of the horizontal channel (break-out trade). Trading opportunities may also exist around the horizontal levels at 0.6780, 0.6795 and 0.6945.
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 non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
USDCAD – 1 Hour Chart
Price continues to be bullish. The USDCAD is indecisive and is ranging between the recent lows at 1.2640 and the recent highs at 1.2905. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).
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 non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCHF has continued to be bullish and move higher. The moving averages are bullish and are steady, suggesting the the upside momentum my continue. Buying opportunities could exist around the previous horizontal resistance levels at 0.9945 and 0.9885 and around the dynamic support of the moving averages.
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 non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
USDJPY – 1 Hour Chart
The USDJPY has been very bullish and is forming a swing higher. Price action could be forming a bullish channel and the moving averages are about to cross bullish, all signalling that the USDJPY may start up-trending. If price pulls-back, opportunities to go long could exist around the previous swing high at 113.00, around the dynamic support of the moving averages and around the bullish channel support area. The USDJPY may be rejected or reverse around the channel resistance area.
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.
US non-farm payrolls is at 1330 UTC today. A US unemployment rate figure will be released at the same time.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD has been bearish and has found support around the bearish channel support area. Price is down-trending. The moving averages are bearish and are steady, signalling that the downtrend could continue. Selling opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the identified horizontal levels. GOLD could continue to find support around the channel support area.
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