Intraday Forex Analysis – 1 Hour Charts – March 13, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 13.03.2017

The AUDUSD has continued to be bullish and retrace. Price has moved above the trend resistance area and above all key Fib levels, suggesting that the recent downtrend may becoming to an end. The bearish moving averages are tightening – confirming the lack of selling momentum. Buying opportunities could exist around the dynamic support of the moving averages and around the previous 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. There is no major scheduled news today that will directly impact this currency pair.

EURGBP – 1 Hour Chart

EURGBP - 13.03.2017

As suggested in Friday’s chart analysis, price has continued to be bullish and has moved higher. The moving averages are still bullish and are widening, signalling that the EURGBP may continue to uptrend. Opportunities to go long could exist around the bullish moving averages and around the bullish channel support area. Price may stall or reverse bearish around the bullish channel resistance area and the swing high at 0.8785.

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 has announced what deal the UK government would like as they leave the EU. The ECB have announced that the economic future of the Eurozone is looking more stable. This has given strength to the Euro. A ECB Speech is set for 1330 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 13.03.2017

Price moved above the recent horizontal consolidation resistance area and has since been very bullish (as suggested in Friday’s chart analysis). The moving averages have crossed bullish and are widening, suggesting that the EURUSD could uptrend. Long opportunities may exist around the dynamic support of the moving averages and around the previous horizontal channel resistance at 1.0625.

The US Federal Reserve recently raised interest rates to 0.75%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. The ECB have announced that the economic future of the Eurozone is looking more stable. This has given strength to the Euro. A ECB Speech is set for 1330 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 13.03.2017

The GBPUSD has moved out of the recent horizontal channel and is moving higher. The moving averages are still moving sideways, signalling that the break-out may not bring a strong move to the upside. Buying opportunities could exist around the moving averages and around the previous horizontal channel resistance at 1.2185. Selling opportunities could exist if price moves below the horizontal channel support at 1.2140.

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 may continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news today that will directly impact this currency pair.

NZDUSD – 1 Hour Chart

NZDUSD - 13.03.2017

As suggested in Friday’s chart analysis, the NZDUSD moved above the recent range resistance area and has since been bullish. Price may now retrace some of the recent bearish move and continue to be bullish. Opportunities to go long could exist around the moving averages, around the identified diagonal support area and around the previous swing low at 0.6890. Opportunities to go short may exist around any of the key Fib levels.

New Zealand’s economy continues to seem steady. 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. There is no major scheduled news today that will directly impact this currency pair.

USDCAD – 1 Hour Chart

USDCAD - 13.03.2017

Price has found support around the previous resistance at 1.3425 (as suggested in Friday’s chart analysis) but the USDCAD is now moving sideways. The moving averages confirm the potential market indecision – they are tightening and moving sideways. Trading opportunities could exist around the symmetrical triangle support and resistance areas and around the horizontal channel support and resistance areas. Trading opportunities could also exist if price moves out of the consolidation areas (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 depreciation of OIL has given some weakness to the Canadian 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. There is no major scheduled news today that will directly impact this currency pair.

USDCHF – 1 Hour Chart

USDCHF - 13.03.2017

The USDCHF continues to be choppy and indecisive. The moving averages confirm this – they have been crossing frequently and are providing no clear trend direction. Trading opportunities could exist around the moving averages and around the identified support and resistance areas.

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

USDJPY – 1 Hour Chart

USDJPY - 13.03.2017

Price has been retracing but is currently finding support around the longer-term moving average. The USDJPY is up-trending within a possible bullish channel. The moving averages are bullish and steady, signalling that price may attempt a swing higher. Long opportunities could exist around the longer-term moving average, around the bullish channel support area and around the horizontal support at 113.65. The USDJPY could stall or reverse bearish around the recent swing high at 115.40 and around the bullish channel resistance 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 returns. 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. There is no major scheduled news today that will directly impact this currency pair.

XAUUSD – 1 Hour Chart

XAUUSD - 13.03.2017

As suggested in Friday’s chart analysis, GOLD has been retracing and has been bullish. Price has moved above the bearish channel resistance area and is moving above the moving averages, signalling that the retracement could continue. Shorting opportunities could exist around the previous horizontal support at 1223.35 and around any of the key Fib levels. Buying opportunities may exist around the previous bearish channel resistance area.