Intraday Forex Analysis – 1 Hour Charts – April 10, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 10.04.2017

As suggested in Friday’s chart analysis, the AUDUSD was rejected around the consolidation resistance area and the shorter-term moving average and has since moved lower. The moving averages are bearish and are steady, signalling that price may continue to downtrend. Opportunities to go short could exist around the previous consolidation resistance area (now trend resistance), around the previous bearish channel support and around the 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. 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. US Fed Chair Yellen will speak today at 2110 UTC.

EURGBP – 1 Hour Chart

EURGBP - 10.04.2017

The EURGBP continues to be indecisive and range between horizontal levels at 0.8525 and 0.8590. The moving averages confirm the market indecision; they are tight, crossing frequently and moving in a sideways direction. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).

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

EURUSD – 1 Hour Chart

EURUSD - 10.04.2017

As suggested in Friday’s chart analysis, price moved below the horizontal channel support area and has since been bearish. The moving averages are bearish and are widening, suggesting that the EURUSD could continue to downtrend. Selling opportunities could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the previous horizontal channel levels at 1.0640 and 1.0680.

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. US Fed Chair Yellen will speak today at 2110 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 10.04.2017

Price moved below the symmetrical triangle support area and has since been bearish (as suggested in Friday’s chart analysis). The moving averages are bearish and are widening, suggesting that the GBPUSD could start down-trending. Shorting opportunities may exist around the moving averages, around the horizontal levels at 1.2425, 1.2455 and 1.2495 and around the trend resistance area.

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. US Fed Chair Yellen will speak today at 2110 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 10.04.2017

As suggested in Friday’s chart analysis, the NZDUSD reversed bearish around the bearish channel resistance area, around the horizontal resistance at 0.6980 and around the longer-term moving average and has since moved lower. Price has found support around the bearish channel support area and the NZDUSD continues to down-trend within the bearish channel. Selling opportunities could exist if price moves below the bearish channel support area, around the moving averages and around the bearish channel resistance area. The NZDUSD could become bullish around the bearish channel support area and if price moves above the bearish channel resistance area.

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. US Fed Chair Yellen will speak today at 2110 UTC.

USDCAD – 1 Hour Chart

USDCAD - 10.04.2017

The USDCAD continues to be choppy and indecisive. The moving averages confirm this – they are tight and are moving sideways. Price action has formed a bearish channel. Opportunities to go short could exist around the bearish channel resistance area. Price may stall or reverse bullish around the bearish channel support area.

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. US Fed Chair Yellen will speak today at 2110 UTC.

USDCHF – 1 Hour Chart

USDCHF - 10.04.2017

As suggested in Friday’s chart analysis, price moved above the symmetrical triangle pattern and the range resistance area and has since been bullish. The moving averages are bullish and are widening, signalling that the USDCAD may continue to move higher. If price pulls-back during today’s trading sessions, buying opportunities could exist around any of the identified horizontal levels and around the bullish moving averages.

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%. US Fed Chair Yellen will speak today at 2110 UTC.

USDJPY – 1 Hour Chart

USDJPY - 10.04.2017

The USDJPY reversed bullish around the horizontal channel support area (as suggested in Friday’s chart analysis). Price continues to be indecisive and move within the horizontal channel at 110.15-112.10. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDJPY moves out of the channel (break-out trade). Opportunities to go long may exist around the moving averages and around the previous diagonal resistance area.

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. US Fed Chair Yellen will speak today at 2110 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 10.04.2017

Price action has formed a bullish channel and price is moving within the channel. The moving averages are tight and are moving sideways, suggesting some market indecision. GOLD is also below the moving averages. Buying opportunities could exist around the bullish channel support area and around the horizontal support levels at 1251.10 and 1245.50. GOLD may stall or reverse bearish around the bullish channel resistance area.