Intraday Forex Analysis – 1 Hour Charts – April 03, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 03.04.2017

The AUDUSD continues to range within a horizontal channel at 0.7590-0.7680. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the range support and resistance and if price moves out of the range (break-out trade).

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. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Manufacturing PMI figure is set to be announced at 1500 UTC today. Australian Trade Balance data will be released at 0230 UTC. This is followed by a Reserve Bank of Australia Rate Announcement at 0530 UTC.

EURGBP – 1 Hour Chart

EURGBP - 03.04.2017

As suggested in Friday’s chart analysis, price reversed bearish around the 23.6% Fib level and has since moved lower. The moving averages are bearish and are widening, suggesting that the EURGBP may continue to downtrend. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels.

Article 50 has been triggered – the UK has started negotiations on leaving the European Union. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. The ECB have announced that the economic future of the Eurozone is looking more stable. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro.  UK Manufacturing data is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 03.04.2017

Price continues to move lower and be bearish (as suggested in Friday’s chart analysis). The moving averages are bearish and are steady, signalling that the EURUSD may continue to downtrend. If price pulls-back during today’s trading sessions, shorting opportunities could exist around the bearish moving averages and around any of the key Fib levels.

The US Federal Reserve recently 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. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro. A US Manufacturing PMI figure is set to be announced at 1500 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 03.04.2017

The GBPUSD has been bullish and may be attempting to swing higher. Price action has formed a bullish channel and the moving averages have crossed bullish and are widening, all suggesting that the GBPUSD may move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1.2505 and around the bullish channel support area. Price may stall or reverse around the bullish channel resistance area and around the swing high and psychological level at 1.2600.

Article 50 has been triggered – the UK has started negotiations on leaving the European Union. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. UK Manufacturing data is set to be released at 0930 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 03.04.2017

As suggested in Friday’s chart analysis, the NZDUSD has reversed bearish around the previous symmetrical triangle support and resistance and the longer-term moving average. Price action has formed a series of lower swing lows and lower swing highs, signalling that the NZDUSD is down-trending. Opportunities to go short may exist around the trend resistance area, around the bearish moving averages and if price moves below the horizontal support at 0.6980. There is a possibility that price may start ranging between the horizontal levels at 0.6980 and 0.7040.

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 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Manufacturing PMI figure is set to be announced at 1500 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 03.04.2017

Price continues to move within the horizontal channel at 1.3275-1.3410. The moving averages confirm the market indecision – they have been crossing frequently and are providing no clear direction. Trading opportunities could exist around the horizontal channel support and resistance levels and if the USDCAD 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 caused weakness to the Canadian Dollar. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Manufacturing PMI figure is set to be announced at 1500 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 03.04.2017

The USDCHF continues to be bullish. The bullish moving averages are starting to tighten though, suggesting that buying momentum could be weakening and that price may soon start retracing. If the USDCHF does start to pull-back, opportunities to go long may exist around the moving averages, around any of the key Fib levels and around the identified horizontal levels at 0.9955 and 0.9980. Long opportunities could also exist if price moves above the recent high at 1.0025.

The US Federal Reserve recently 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 Manufacturing PMI figure is set to be announced at 1500 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 03.04.2017

Price has formed a higher swing high at 112.10 but the moving averages are starting to move sideways, signalling that the USDJPY may become indecisive. From a technical view, there are very few areas that could provide potential trading opportunities. Trading opportunities may exist though around the moving averages and around the identified horizontal levels.

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 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Manufacturing PMI figure is set to be announced at 1500 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 03.04.2017

As suggested in Friday’s chart analysis, GOLD reversed around the horizontal support at 1240.55 and continues to range within the horizontal channel at 1240.55-1258.45. The moving averages are tight and are moving sideways – confirming the current market indecision. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).