Intraday Forex Analysis – 1 Hour Charts – March 15, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 15.03.2017

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish and is currently forming a bullish swing. The moving averages are bullish and steady, suggesting that price could continue to move higher. The AUDUSD is currently moving within a horizontal channel at 0.7540-0.7585. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). Buying opportunities may exist 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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC. Australian Employment figures will be released at 0030 UTC.

EURGBP – 1 Hour Chart

EURGBP - 15.03.2017

Price reversed around the swing high at 0.8785 and has since been very bearish (as suggested in yesterday’s chart analysis). The EURGBP is below the moving averages and below key support areas, signalling that price may continue to be bearish. The moving averages confirm this – they are tightening and may cross bearish during today’s trading sessions. Shorting opportunities could exist around the previous horizontal support at 0.8710, around the dynamic resistance of the moving averages and around the previous trend support 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. UK Averages Earnings and Claimant Count data is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 15.03.2017

As suggested in yesterday’s chart analysis, price has reversed bullish around the 61.8% Fib level. The EURUSD has formed an uptrend with clear swing highs and swing lows. The bullish moving averages are tightening though, suggesting that price may struggle to move higher. Buying opportunities could exist around the 61.8% Fib level and around the trend support area. Selling opportunities may exist around the moving averages and around the recent swing high at 1.0710.

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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 15.03.2017

The GBPUSD continues to range within a horizontal channel at 1.2125-1.2245. The moving averages confirm the current market indecision – they are tight and moving sideways. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (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. UK Average Earnings and Claimant Count figures will be announced at 0930 UTC today. US CPI and Retail Sales data is set to be released at 1230 UTC. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 15.03.2017

As suggested in yesterday’s chart analysis, the NZDUSD reversed around the horizontal channel support area. Price continues to move within the horizontal channel at 0.6890-0.6950. The moving averages confirm the market indecision – they are tight 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).

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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC. A New Zealand GDP figure will be announced at 2145 UTC.

USDCAD – 1 Hour Chart

USDCAD - 15.03.2017

Price continues to move within a symmetrical triangle consolidation pattern (as suggested in yesterday’s chart analysis). The USDCAD now looks ready to move out of the symmetrical triangle. Trading opportunities could exist as price breaks-out of the pattern. Price may then range within the horizontal channel at 1.3425-1.3525. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC.

USDCHF – 1 Hour Chart

USDCHF - 15.03.2017

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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC.

USDJPY – 1 Hour Chart

USDJPY - 15.03.2017

The USDJPY continues to move sideways and within a bullish channel and horizontal channel. The moving averages are moving sideways and are tight – confirming the current market indecision. Trading opportunities could exist around the identified channel support and resistance areas and if price moves out of the channels (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 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 CPI and Retail Sales data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1430 UTC, a Feb Rate announcement at 1800 UTC and a Fed Press Conference at 1830 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 15.03.2017

GOLD continues to range between 1195.65 and 1211.15. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). The moving averages confirm the current market indecision – they are tight and moving sideways.