TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 26, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 26.12.2017

As suggested in Friday’s chart analysis, the AUDUSD has continued to be bullish and move higher. The moving averages are bullish and are still widening, suggesting that the buying momentum may continue. Long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal channel resistance at 0.7690 and around the support and resistance areas of the previous symmetrical triangle.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 26.12.2017

The EURGBP has been finding resistance around the previous trend support area (as suggested in Friday’s chart analysis). Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the previous trend support area (as resistance) and around the horizontal levels at 0.8760, 0.8800, 0.8830 and 0.8890.

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. If Catalonia independence becomes more likely, the euro could weaken.

There is no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 26.12.2017

Price continues to be very choppy and indecisive. The moving averages confirm this – they are tightening and are moving sideways. Price action has formed a horizontal channel at 1.2825-1.1885. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the EURUSD moves out of the horizontal channel (break-out trade). If price breaks to the upside, the EURUSD may start up-trending. If price breaks to the downside, the EURUSD may stall or reverse around the horizontal levels at 1.1810, 1.1735 and 1.1720.

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. If Catalonia independence becomes more likely, the euro could weaken.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 26.12.2017

As suggested in Friday’s chart analysis, price reversed around the descending triangle resistance area. Price action has formed 2 consolidation patterns; a range at 1.3345-1.3410 and a symmetrical triangle. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of both consolidation patterns and if the GBPUSD closes out of either pattern (break-out trades). A break-out trade could be rejected or reverse around the horizontal levels at 1.3305, 1.3455 and 1.3515.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 26.12.2017

The NZDUSD has closed above the range resistance area, signalling that price may start up-trending. The moving averages confirm this – they have crossed bullish and are widening. Buying opportunities could exist around the previous range resistance area at 0.7025, around the trend support area and around the bullish moving averages.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart

 

USDCAD - 26.12.2017

As suggested in Friday’s chart analysis, the USDCAD has been finding support around the horizontal level at 1.2705. Price continues to be indecisive. The moving averages are bearish and are widening though, suggesting that the USDCAD could move lower. Selling opportunities may exist around the dynamic resistance of the moving averages and around the recent swing high at 1.2770. A move lower could stall or reverse around the horizontal support levels at 1.2705 and 1.2640.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 26.12.2017

Just like the USDCAD and other USD pairs, the USDCHF is still choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Price continues to range between the horizontal support at 0.9840 and the horizontal resistance at 0.9930. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart

 

USDJPY - 26.12.2017

Price has become indecisive, just like most other USD pairs. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities may exist around the horizontal levels at 111.80, 112.05, 112.80 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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 26.12.2017

As suggested in Friday’s chart analysis, GOLD has been bullish and has swung higher. The moving averages are bullish and are widening, signalling that the upside momentum may continue. Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1267.85, 1263.25 and 1259.75.