TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 28, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 28.12.2017

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bullish and move higher. Price action has formed a series of higher swing highs and higher swing lows – the AUDUSD is up-trending. The moving averages are still bullish and are steady, signalling that the uptrend may continue. Price is looking a little over-extended though, suggesting that the AUDUSD is due a bearish correction/retrace move. If price does start retracing, opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the previous horizontal resistance areas at 0.7680, 0.7690 and 0.7725.

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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 28.12.2017

The EURGBP continues to be indecisive and move off the support and resistance areas of the current range (as suggested in yesterday’s chart analysis). The moving averages confirm the current indecision – they are tight and are moving sideways. Price is ranging between the most recent swing low at 0.8845 and the horizontal resistance at 0.8890. Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). If price breaks to the downside, the EURGBP may stall or reverse around the horizontal support levels at 0.8830, 0.8800 and 0.8760.

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 - 28.12.2017

As suggested in yesterday’s chart analysis, price closed above the horizontal channel resistance area and is up-trending. The moving averages are bullish and are widening, signalling that the uptrend may continue. Buying opportunities could exist around the previous horizontal channel resistance at 1.1885 and around the dynamic support of the moving averages.

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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 28.12.2017

Price moved above both consolidation pattern resistance areas and has since been bullish (as suggested in yesterday’s chart analysis). The moving averages have crossed bullish and are widening, suggesting that the GBPUSD could start up-trending. Long opportunities may exist around the trend support area, around the previous horizontal resistance levels at 1.3420 and 1.3390, around the dynamic support of the moving averages and around the support and resistance areas of the previous symmetrical triangle. A move to the upside could be rejected or reverse around the horizontal resistance levels at 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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 28.12.2017

As suggested in yesterday’s chart analysis, the NZDUSD has been bullish and is up-trending. The moving averages are bullish and are steady, signalling that the upside momentum may continue. If price starts retracing, buying opportunities could exist around the bullish moving averages and around the trend support area.

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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 28.12.2017

The USDCAD has continued to be bearish and move lower (as suggested in yesterday’s chart analysis). The moving averages are bearish, suggesting that price could move lower. The USDCAD is looking a little over-extended though, signalling that price could attempt a retrace move/correction. Shorting opportunities may exist around the previous horizontal support levels at 1.2630 and 1.2705.

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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 28.12.2017

Just like most USD pairs, the USDCHF has been bearish. Price is below the recent consolidation area and the moving averages have just crossed bearish, all suggesting that the USDCHF may start down-trending. Selling opportunities could exist around the previous horizontal channel support area at 0.9840 and around the dynamic resistance of the moving averages.

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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 28.12.2017

Price has been bearish but continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 112.05, 112.75, 113.10, 113.35, 113.55 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.

US unemployment claims is at 1330 UTC today. This is followed by US crude oil inventories at 1600 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 28.12.2017

As suggested in yesterday’s chart analysis, GOLD has continued to be bullish and move higher. The moving averages are still bullish and are still widening, signalling that the upside momentum could continue. Price is looking a little over-extended though, signalling that GOLD may attempt a bearish retrace move. If price starts to retrace, opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance at 1268.15.