Intraday Forex Analysis – 1 Hour Charts – April 11, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 11.04.2017

As suggested in yesterday’s chart analysis, price has continued to be bearish and has found resistance around the trend resistance area. The moving averages continue to be bearish and steady, suggesting that the AUDUSD may attempt a move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move may stall or reverse around the previous low of 0.7480. There is a chance that price may range between 0.7480 and 0.7515.

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. There is no major scheduled news today that will directly impact this pair.

EURGBP – 1 Hour Chart

EURGBP - 11.04.2017

Price has been bearish and has formed a downwards channel. The EURGBP has possibly moved below the recent horizontal channel support area. The moving averages are bearish but they are tight and almost moving sideways, signalling some market indecision. Opportunities to go short could exist around the moving averages, around the bearish channel resistance area and if price moves below the bearish channel support area. The EURGBP may stall or reverse around the bearish channel support and also around the horizontal levels at 0.8525 and 0.8590.

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 CPI data is set to be announced at 0930 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 11.04.2017

The EURUSD is ranging between horizontal levels at 1.0575 and 1.0605. 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 widening, signalling that the EURUSD may move to the downside. Shorting opportunities could exist around the trend resistance area and around the bearish moving averages.

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 no major scheduled news today that will directly impact this pair.

GBPUSD – 1 Hour Chart

GBPUSD - 11.04.2017

As suggested in yesterday’s chart analysis, the GBPUSD has found resistance around the previous horizontal support at 1.2425. Price is choppy but is clearly down-trending. Price action has formed a bearish channel. Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the identified horizontal levels and around the bearish channel resistance area. The GBPUSD may stall or reverse bullish around the previous swing low at 1.2370 and around the bearish channel support area. The moving averages are bearish and are widening, suggesting that price could continue to be bearish.

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 CPI data is set to be announced at 0930 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 11.04.2017

Price reversed bearish around the bearish channel resistance area (as suggested in yesterday’s chart analysis) and continues to move within the downwards channel. The moving averages are bearish and are steady, signalling that the NZDUSD may continue to move lower. Price has been moving within the channel for some time now though, the NZDUSD may be due a move out of the bearish channel. Selling opportunities could exist around the moving averages and around the bearish channel resistance area. Buying opportunities could exist around the horizontal support at 0.6925, around the bearish channel support area and if price moves above the bearish channel resistance area. There is a possibility that the NZDUSD may range between 0.6925 and 0.6980.

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. There is no major scheduled news today that will directly impact this pair.

USDCAD – 1 Hour Chart

USDCAD - 11.04.2017

The USDCAD is looking choppy and indecisive. The moving averages confirm this – they have been crossing frequently and have been providing no clear trend direction. Trading opportunities may exist around the identified support and resistance areas.

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. There is no major scheduled news today that will directly impact this pair.

USDCHF – 1 Hour Chart

USDCHF - 11.04.2017

As suggested in yesterday’s chart analysis, price has continued to be bullish and has found support around the shorter-term moving average. The moving averages are bullish and are steady, suggesting that the USDCHF could continue to climb. Price is looking a little over-extended though, signalling that the USDCHF may be due a retracement. Selling opportunities could exist around the previous swing high at 1.0100. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.0005, 1.0030, 1.0055 and 1.0070.

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 today that will directly impact this pair.

USDJPY – 1 Hour Chart

USDJPY - 11.04.2017

Price continues to be indecisive and move within a horizontal channel at 110.15-111.50. The moving averages confirm the market indecision – they have been crossing frequently and providing no clear market direction. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDJPY moves out of the horizontal channel.

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 today that will directly impact this pair.

XAUUSD – 1 Hour Chart

XAUUSD - 11.04.2017

GOLD found support around the trend support area and is currently attempting to swing higher. Price is looking a little choppy and indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 1245.50 and 1266.45 and around the diagonal support area.