Intraday Forex Analysis – 1 Hour Charts – April 04, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 04.04.2017

As suggested in yesterday’s chart analysis, the AUDUSD has moved below the horizontal channel support at 0.7590 and has since been bearish. The moving averages are bearish and are widening, suggesting that price may downtrend. Selling opportunities could exist around the previous horizontal support at 0.7590 and around the dynamic resistance of the moving averages. Price action has formed a bearish channel. Price may stall or reverse around the bearish channel support area.

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 Reserve Bank of Australia Speech is set for 1015 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 04.04.2017

Price has been bullish and is retracing some of the recent bearish swing. The EURGBP has stalled around the longer-term moving average and around the 38.2% Fib level (as suggested in yesterday’s chart analysis). The moving averages are bearish and are steady, suggesting that price may attempt to move lower. Shorting opportunities could exist around the dynamic resistance of the longer-term moving average, around any of the key Fib levels and around the previous horizontal support at 0.8610.

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 Construction data is set to be released at 0930 UTC today. This is followed by a ECB Speech at 1530 UTC.

EURUSD – 1 Hour Chart

EURUSD - 04.04.2017

The EURUSD is ranging within a tight horizontal channel at 1.0655-1.0680. 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 are bearish and are steady, signalling that the EURUSD may break to the downside.

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. There is an ECB Speech at 1530 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 04.04.2017

Price has moved out of the bullish channel and is looking a little choppy. The moving averages confirm the market indecision – they have been crossing and are moving sideways. Trading opportunities could exist around the horizontal channel support and resistance levels at 1.2400 and 1.2550 and if the GBPUSD moves out of the horizontal channel (break-out trade). There could be a selling opportunity around the previous bullish channel support area (as resistance).

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 Construction data is set to be released at 0930 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 04.04.2017

The NZDUSD is finding support around the previous swing low at 0.6980. Price action has formed a clear trend resistance area but has also formed a potential horizontal channel at 0.6980-0.7015. The moving averages are moving sideways, suggesting market indecision. Opportunities to go short could exist around the moving averages, around the trend resistance area and if price moves below the horizontal support at 0.6980. Trading opportunities may exist around the horizontal channel support and resistance areas.

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 New Zealand GDT Price Index figure is set to be announced around 1430-1530 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 04.04.2017

As suggested in yesterday’s chart analysis, price has moved above the range resistance area and is now attempting a bullish move. The moving averages have just crossed bullish and are starting to widen, suggesting that the USDCAD may start up-trending. Buying opportunities could exist around the dynamic support of the moving averages and around the previous range resistance at 1.3410.

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. Canadian Trade Balance will be announced at 1330 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 04.04.2017

As suggested in yesterday’s chart analysis, the USDCHF has reversed bullish around the shorter-term moving average and continues to uptrend. From a technical view, there are very few areas that could provide trading opportunities during today’s trading sessions. Buying opportunities could exist around the moving averages again or around the horizontal support at 1.0010.

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

USDJPY – 1 Hour Chart

USDJPY - 04.04.2017

Price continues to move within the horizontal channel at 110.15-112.10. The moving averages are tight and crossing frequently – confirming the current indecision. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDJPY moves out of the channel (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 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 - 04.04.2017

GOLD continues to range between the horizontal levels at 1240.50 and 1258.50. The moving averages confirm the current indecision – they are tight and have been crossing frequently. Trading opportunities could exist around the range support and resistance areas and if price moves out of the channel (break-out trade).