Intraday Forex Analysis – 1 Hour Charts – March 20, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 20.03.2017

As suggested in Friday’s chart analysis, price found support around the shorter-term moving average and has moved higher. The moving averages continue to be bullish and are steady, suggesting that the AUDUSD may continue to uptrend. Buying opportunities could exist around the previous horizontal resistance at 0.7710 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 have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURGBP – 1 Hour Chart

EURGBP - 20.03.2017

The EURGBP reversed bearish around the moving averages and continues to downtrend (as suggested in Friday’s chart analysis). Price is still moving within the bearish channel. The moving averages are bearish and are widening, signalling that the EURGBP could move lower. Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and if price moves below the bearish channel support area. Price may stall or reverse around the bearish channel 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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

EURUSD - 20.03.2017

As suggested in Friday’s chart analysis, the EURUSD reversed bullish around the 23.6% Fib level and is headed towards the bullish channel resistance area. Price continues to move within the bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue. Opportunities to go long could exist around the bullish moving averages and around the bullish channel support area. The EURUSD could stall or reverse around the bullish channel resistance 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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

GBPUSD – 1 Hour Chart

GBPUSD - 20.03.2017

Price continues to be bullish and move higher (as suggested in Friday’s chart analysis). If the GBPUSD starts retracing, long opportunities could exist around the dynamic support of the moving averages and around the previous horizontal resistance at 1.2300. The moving averages and bullish and are widening, suggesting that price may continue to uptrend.

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

NZDUSD – 1 Hour Chart

NZDUSD - 20.03.2017

The NZDUSD has been bullish and has moved higher. The moving averages are bullish and are steady, signalling that the uptrend may continue. Buying opportunities could exist around the previous horizontal resistance at 0.7045, around the identified trend support area and around the dynamic support of the moving averages.

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

USDCAD – 1 Hour Chart

USDCAD - 20.03.2017

Price continued to retrace during Friday’s trading sessions. The USDCAD is now moving within a potential horizontal channel at 1.3290-1.3370. The moving averages confirm the current indecision – they are tightening and are 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).

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

USDCHF – 1 Hour Chart

USDCHF - 20.03.2017

As suggested in Friday’s chart analysis, the USDCHF found resistance around the 23.6% Fib level. Price has struggled to form a swing lower though. The moving averages are still bearish and are steady, signalling that the USDCHF could become bearish again. Selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance area. There is a possibility that price may range between the horizontal levels at 0.9945-0.9985.

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

USDJPY – 1 Hour Chart

USDJPY - 20.03.2017

The USDJPY moved below the horizontal channel support area at 113.00 and has since been bearish (as suggested in yesterday’s chart analysis). The moving averages are bearish and are steady, suggesting that price could continue to move lower. Shorting opportunities could exist around the bearish moving averages and around any of the horizontal levels at 113.00, 113.50 and 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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

XAUUSD – 1 Hour Chart

XAUUSD - 20.03.2017

As suggested in Friday’s chart analysis, GOLD has been bullish and has moved higher. Price is looking a little over-extended, suggesting that GOLD may be due a retracement. If price is bearish, buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1211.10, 1224.15 and 1231.05. The moving averages are bullish and are steady, suggesting that GOLD may continue to uptrend.