TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 07, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 07.07.2017

As suggested in yesterday’s chart analysis, the AUDUSD continues to downtrend and be bearish. As also suggested, price has stalled around the horizontal support at 0.7570. The moving averages continue to be bearish and are steady, signalling that the AUDUSD may move lower. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the horizontal resistance levels at 0.7610 and 0.7625 and if price moves below the 0.7570 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 but there is no major economic indicator that suggests that the RBA will raise rates any time soon. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the political uncertainties intensify.

A US Unemployment Rate figure will be released at 1230 UTC today. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 07.07.2017

The EURGBP continues to be indecisive and move sideways. The moving averages confirm the current market indecision – they have been crossing frequently and have been providing no clear market direction. Price is moving within a horizontal channel at 0.8760-0.8815. Trading opportunities may exist around the horizontal channel support and resistance areas and if the EURGBP moves out of the channel (break-out trade).

Article 50 has been triggered – the UK has started negotiations for leaving the European Union. The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. 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 Eurozone is looking more stable and that deflation and economic slow-down is low-risk. This has caused great strength for the Euro.

The Governor of the Bank of England will be speaking around 1300-1500 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 07.07.2017

Price has been bullish but has yet to form a swing higher (as suggested in yesterday’s chart analysis). The EURUSD is ranging between horizontal levels at 1.1315-1.1445. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). The EURUSD is also moving within a symmetrical triangle consolidation pattern. Trading opportunities may exist around the consolidation support and resistance areas and if price moves out of consolidation (break-out trade).

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify. The ECB have announced that the economic future of the Eurozone is looking more stable and that deflation and economic slow-down is low-risk. This has caused great strength for the Euro.

A US Unemployment Rate figure will be released at 1230 UTC today. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 07.07.2017

As suggested in yesterday’s chart analysis, price has continued to find support around the trend support area. As also suggested, the GBPUSD is struggling to move strongly higher – buying momentum seems weak. Price is moving within a horizontal channel at 1.2900-1.3030. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal channel support and resistance areas and if the GBPUSD moves out of the channel (break-out trade). Long opportunities could exist around the trend support area.

Article 50 has been triggered – the UK has started preparing negotiations for leaving the European Union.  The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. 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. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

The Governor of the Bank of England will be speaking around 1300-1500 UTC today. A US Unemployment Rate figure will be released at 1230 UTC. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 07.07.2017

The NZDUSD continues to be choppy and lack direction. The moving averages confirm the current indecision – they are moving sideways and not signalling any clear momentum. From a technical view, there are very few areas that could provide clear trading opportunities. Price may stall or reverse around the identified horizontal levels at 0.7245, 0.7290, 0.7300 and 0.7345.

The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will not 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. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

A US Unemployment Rate figure will be released at 1230 UTC today. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 07.07.2017

As suggested in yesterday’s chart analysis, the USDCAD has been moving off the range support and resistance areas and continues to range between 1.2915-1.3015. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade).

Recent Canadian economic figures have been mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon. The recent sell-off in the OIL market has caused some Canadian Dollar weakness. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

A US Unemployment Rate figure will be released at 1230 UTC today. Canadian Employment data will be released at the same time. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 07.07.2017

Price has been bearish and is currently attempting to form a swing lower. The moving averages are about to cross bearish, suggesting that the selling momentum could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the previous horizontal support at 0.9635 (as resistance) and around the trend resistance area. A bearish move could stall or reverse around the horizontal support at 0.9550.

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify. The Swiss National Bank recently decided to keep rates at -0.75%. The CHF could strengthen if political uncertainty in the US or Europe intensify.

A US Unemployment Rate figure will be released at 1230 UTC today. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 07.07.2017

The USDJPY has continued to be bullish and uptrend. Price has moved above the recent horizontal channel resistance area and the moving averages are bullish and are steady, signalling that the USDJPY may continue to uptrend. Buying opportunities could exist around the previous horizontal channel support and resistance levels at 113.65 and 112.85, around the dynamic support of the moving averages and around the trend support area.

The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US or Europe intensify. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

A US Unemployment Rate figure will be released at 1230 UTC today. This is followed by a Fed Monetary Policy Report at 1500 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 07.07.2017

As suggested in yesterday’s chart analysis, GOLD has been moving off the range support and resistance areas. Price is ranging between horizontal levels at 1218.05-1228.15. Trading opportunities could exist around the range support and resistance levels and if GOLD moves out of the range (break-out trade). If price breaks to the upside, GOLD could stall or reverse around the previous horizontal support at 1241.10.