Intraday Forex Analysis – 1 Hour Charts – March 14, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 14.03.2017

Price is clearly down-trending and has formed a series of lower swing highs and lower swing lows. The current retracement has moved above the moving averages and trend resistance though, signalling that the downtrend may be coming to an end and that the AUDUSD could move higher. The moving averages confirm this – they are bullish and are widening. Buying opportunities could exist around the previous trend resistance area and around the bullish moving averages.

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 PPI data is set to be released at 1230 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 14.03.2017

As suggested in yesterday’s chart analysis, the EURGBP found support around the bullish channel support area and around the longer-term moving average and has since been bullish. The moving averages are bullish and are steady, suggesting that price may continue to be bullish. The EURGBP is looking a little over-extended though and could be due a bearish retracement. Opportunities to go long could exist around the dynamic support of the moving averages and around the bullish channel support area. Price may stall or reverse bearish around the previous swing high at 0.8785 and around the bullish channel resistance area.

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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

EURUSD - 14.03.2017

The EURUSD has been retracing some of the recent bullish move. The moving averages are bullish and are widening, signalling that price may continue to uptrend. Long opportunities could exist around the previous horizontal channel resistance at 1.0625, around the longer-term moving average and around any of the key Fib levels.

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. US PPI data is set to be released at 1230 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 14.03.2017

Price has formed a horizontal channel at 1.2140-1.2245. The moving averages have just crossed bullish and are widening though, suggesting that the GBPUSD may attempt a bullish move. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade).

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. US PPI data is set to be released at 1230 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 14.03.2017

The NZDUSD may be ranging within a horizontal channel at 0.6890-0.6950. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).

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. US PPI data is set to be released at 1230 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 14.03.2017

As suggested in yesterday’s chart analysis, price has found support around the symmetrical triangle support area and continues to move within the consolidation pattern. Trading opportunities could exist around the symmetrical triangle support and resistance areas and around the support and resistance of the horizontal channel at 1.3425-1.3525. Trading opportunities may also exist if the USDCAD moves out of the consolidation area (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. US PPI data is set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 14.03.2017

The USDCHF has found support around the horizontal level at 1.0065 and is currently bullish (as suggested in yesterday’s chart analysis). Price continues to be choppy and indecisive. The moving averages confirm this – they have been crossing frequently and providing no clear direction. Trading opportunities could exist around the identified support and resistance areas and around the moving averages. If price moves below the horizontal support at 1.0065, the USDCHF may move lower.

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 PPI data is set to be released at 1230 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 14.03.2017

As suggested in yesterday’s chart analysis, the USDJPY found support around the longer-term moving average and has since been bullish. Price is moving within a bullish channel and also a horizontal channel at 114.50-115.45. The moving averages are tightening and moving sideways, signalling that the USDJPY could become indecisive. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the horizontal channel (break-out trade). Buying opportunities could exist around the dynamic support of the moving averages and around the bullish channel support area. The USDJPY could stall or reverse 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. US PPI data is set to be released at 1230 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 14.03.2017

GOLD is ranging within a horizontal channel at 1195.65-1211.15. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). Buying opportunities could exist around the previous trend resistance area.