TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 19, 2017
AUDUSD – 1 Hour Chart
The AUDUSD is ranging between the recent swing high at 0.7690 and the newly formed swing low at 0.7640. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).
The Reserve Bank of Australia (RBA) recently held 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 and employment data strongly suggest that the Australian economy is improving. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.
A US building permits figure will be released at 1330 UTC today.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURGBP is moving sideways and continues to be indecisive. Price is ranging between the horizontal resistance at 0.8855 and the recent low at 0.8695. The EURGBP is also ranging between the horizontal resistance at 0.8855 and the horizontal support at 0.8760. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of the ranges and if price moves out of either range (break-out trades).
Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
Price continues to look choppy and indecisive (as suggested in yesterday’s chart analysis). The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around any of the identified horizontal levels at 1.1720, 1.1735, 1.1810, 1.1845, 1.1880 and 1.1930. Trading opportunities may also exist around the support and resistance areas of the identified symmetrical triangle. If the EURUSD closes below the horizontal support at 1.1720, price could attempt a bearish move lower.
The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may 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 building permits figure will be released at 1330 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has reversed around the diagonal resistance area. The GBPUSD is choppy and indecisive. Price action has formed a descending triangle consolidation pattern and also a horizontal channel consolidation pattern at 1.3305-1.3455. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities could exist around the support and resistance areas of both consolidation patterns and if the GBPUSD moves out of either consolidation (break-out trades). Price may be rejected or reverse around the horizontal levels at 1.3230, 1.3515 and 1.3545.
Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.
A US building permits figure will be released at 1330 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD reversed around the range resistance area (as suggested in yesterday’s chart analysis). Price continues to range and has formed a horizontal channel at 0.6975-0.7025. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). If price breaks to the downside, buying opportunities could exist around the horizontal levels at 0.6955, 0.6905 and 0.6820.
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 recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.
A US building permits figure will be released at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD continues to find resistance around the horizontal resistance at 1.2885. Just like a lot of other currency pairs, the USDCAD continues to be indecisive. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. Trading opportunities could exist around any of the identified horizontal levels. If price moves above the horizontal resistance at 1.2885, the USDCAD may attempt a bullish move higher.
The Bank of Canada recently raised rates to 1.00%. The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.
A US building permits figure will be released at 1330 UTC today.
USDCHF – 1 Hour Chart
Price was rejected at the horizontal channel support area (as suggested in yesterday’s chart analysis) and continues to move within the horizontal channel at 0.9840-0.9930. The moving averages confirm the indecision – they are very tight and were moving sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (break-out trade). If price breaks to the downside, the USDCHF may stall or reverse around the recent low at 0.9745. If price breaks to the upside, the USDCHF may stall or reverse around the recent high at 0.9970.
The US Federal Reserve recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken. The CHF is a safe-haven currency, which means it could strengthen if uncertainty in the US, the UK or Europe intensifies or if the possibility of war between the US and North Korea starts to solidify.
A US building permits figure will be released at 1330 UTC today.
USDJPY – 1 Hour Chart
Just like most other currency pairs, the USDJPY continues to be choppy and indecisive. Price did attempt a bearish move (as suggested in yesterday’s chart analysis) but price continues to move in a general sideways direction. The USDJPY is ranging between the horizontal support at 112.05 and the horizontal resistance at 112.80. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). If the USDJPY breaks to the downside, price could find support around the horizontal support at 111.80. If the USDJPY breaks to the upside, price could find resistance around the horizontal levels at 113.25 and 113.70.
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, the UK or Europe intensifies 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 recently raised rates to 1.50%. If political uncertainty intensifies in the US or between the US and it’s international relations, the USD may weaken.
A US building permits figure will be released at 1330 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD moved above the horizontal channel resistance area and has since been bullish. The moving averages are bullish and are steady, signalling that price may start up-trending. Opportunities to go long could exist around the previous channel resistance at 1259.60, around the dynamic support of the moving averages and around the horizontal support at 1251.40. A move to the upside may stall or reverse around the previous horizontal support at 1271.35.
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