Intraday Forex Analysis – 1 Hour Charts – March 09, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 09.03.2017

As suggested in yesterday’s chart analysis, the AUDUSD moved below the horizontal channel support area and has since been very bearish. Price action has formed a lower-low and the AUDUSD is clearly down-trending. Opportunities to go short could exist around any of the key Fib levels, around the previous swing low at 0.7550, around the dynamic resistance of the moving averages and around the trend resistance area.

The Bank of Australia 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. There are concerns over how a Trump led US could negatively impact the Australian economy. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 09.03.2017

Price has moved out of the bullish channel and is now ranging between 0.8655 and 0.8690. The bullish moving averages are tightening, signalling that the EURGBP may continue to range and become indecisive. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). If the EURGBP breaks to the downside, price may find support around any of the key Fib levels.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. A ECB Rate Announcement is at 1245 UTC today. This will be followed by a Press Conference at 1330 UTC.

EURUSD – 1 Hour Chart

EURUSD - 09.03.2017

The EURUSD continues to be indecisive and move within a horizontal channel at 1.0500-1.0625. The moving averages confirm the market indecision – they are crossing frequently and moving sideways. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade).

The future of the Euro is very unclear (not uncertain, just indecisive). Some economists are expecting a 1.0000 parity between the Euro and US Dollar. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A ECB Rate Announcement is at 1245 UTC today. This will be followed by a Press Conference at 1330 UTC. US Unemployment Claims data will be released at 1330 UTC also.

GBPUSD – 1 Hour Chart

GBPUSD - 09.03.2017

As suggested in yesterday’s chart analysis, price has moved lower and continues to downtrend. The GBPUSD is looking over-extended, suggesting that price may soon start retracing and be bullish. The moving averages are still bearish and steady though. Selling opportunities may exist around the bearish moving averages and around the identified resistance areas. If price moves above the trend resistance area, the GBPUSD may attempt a bullish move.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 09.03.2017

Price has continued to be bearish and move lower. The NZDUSD is looking over-extended and could be due a bullish retracement. From a technical view, there are very few areas that could provide trading opportunities. Selling opportunities could exist around the bearish moving averages.

New Zealand’s economy continues to seem steady, though recent unemployment data was much worse than expected. The Reserve Bank of New Zealand recently kept rates at 1.75%. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 09.03.2017

As suggested in yesterday’s chart analysis, the USDCAD moved above the horizontal channel resistance area and has since been bullish. The moving averages are bullish and are widening, suggesting that price may move higher. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the previous horizontal channel resistance area at 1.3425.

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 appreciation of OIL has given some strength to the Canadian Dollar, so has positive employment data. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 09.03.2017

The USDCHF continues to be choppy and move within a bullish channel. Price has found support around the shorter-term moving average (as suggested in yesterday’s chart analysis). The moving averages have crossed bullish and are widening, signalling that the recent indecision may becoming to an end. Buying opportunities could exist around the dynamic support of the moving averages and around the bullish channel support area.

The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 09.03.2017

Price action has formed a horizontal channel at 113.65-114.70. The USDJPY is looking indecisive and moving within the channel. The moving averages confirm this – they are crossing frequently and moving sideways. Trading opportunities could exist around the identified horizontal levels and if price moves out of the channel. (break-out trade).

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 continues. The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 09.03.2017

GOLD has continued to downtrend within the bearish channel. Price is now looking over-extended and could be due a bullish retracement. If GOLD does start retracing, selling opportunities could exist around the bearish channel resistance area and around the bearish moving averages. The moving averages are bearish and steady.