Intraday Forex Analysis – 1 Hour Charts – March 17, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 17.03.2017

The AUDUSD has been bearish and is retracing some of the recent bullish swing. The moving averages are bullish and are widening, suggesting that price may attempt another bullish move. Buying opportunities could exist around the bullish moving averages, around any of the key Fib levels, around the previous horizontal resistance at 0.7620 and around the trend support area. A bullish move may stall or reverse around the previous swing high at 0.7710.

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 have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 17.03.2017

As suggested in yesterday’s chart analysis, the EURGBP has moved-off the bearish channel support and resistance areas and continues to downtrend within the bearish channel. Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and if price moves below the horizontal support area at 0.8670. The EURGBP may stall or reverse bullish around the horizontal support at 0.8670. The moving averages are bearish and are widening, signalling that price may move lower.

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 - 17.03.2017

Price found support around the 23.6% Fib level and is now finding resistance around the bullish channel resistance area (as suggested in yesterday’s chart analysis). The EURUSD continues to move and uptrend within the bullish channel. The moving averages are bullish and are widening, suggesting that price may continue to uptrend within the channel and may test the bullish channel resistance again. Long opportunities could exist around any of the key Fib levels, around the bullish moving averages and around the bullish channel support area.

The US Federal Reserve have raised interest rates to 1.00%. 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 US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 17.03.2017

As suggested in yesterday’s chart analysis, price has been bullish and has moved higher. The moving averages are bullish and are widening, signalling that the GBPUSD may continue to uptrend. Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance levels at 1.2245 and 1.2300.

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 have raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. A US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 17.03.2017

The NZDUSD continues to retrace. The moving averages are still bullish and widening, signalling that price may attempt a bullish move higher. Buying opportunities could exist around the bullish moving averages and around the previous range resistance at 0.6950. A bullish move could stall or reverse around the horizontal resistance at 0.7045.

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 have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 17.03.2017

Price is currently bullish and is retracing some of the recent bearish move. The moving averages are bearish and are widening, suggesting that the USDCAD may attempt a move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support 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 recent depreciation of OIL has given some weakness to the Canadian Dollar. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. Canadian Manufacturing Sales data will be released at 1230 UTC today. A US Preliminary Consumer Sentiment figure will be announced at 1400 UTC.

USDCHF – 1 Hour Chart

USDCHF - 17.03.2017

The USDCHF continued to move lower during yesterday’s trading sessions. Price has now started retracing. Opportunities to go short could exist around any of the key Fib levels and around the dynamic resistance of the moving averages. The moving averages are bearish and are widening, suggesting that the USDCHF may continue to downtrend.

The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. The Swiss National Bank have kept rates at -0.75%. A US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 17.03.2017

Price is ranging within a tight horizontal channel at 113.00-113.50. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDJPY moves out of the channel (break-out trade). Price action and the moving averages signal that the USDJPY could continue to move lower. Selling opportunities could exist around the bearish moving averages and around the previous horizontal support at 113.65.

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 have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Preliminary Consumer Sentiment figure will be released at 1400 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 17.03.2017

GOLD has continued to move higher and be bullish. The moving averages are bullish and are widening, suggesting that price may attempt a bullish move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the previous range resistance at 1211.15.