Intraday Forex Analysis – 1 Hour Charts – April 13, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 13.04.2017

As suggested in yesterday’s chart analysis, price moved above the horizontal channel resistance area and has since been very bullish. The moving averages have crossed bullish and are widening, signalling that the AUDUSD may start up-trending. Opportunities to go long could exist around the previous horizontal channel resistance at 0.7515 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. 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 PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

EURGBP – 1 Hour Chart

EURGBP - 13.04.2017

Price has reversed bearish around the previous bearish channel support area and the shorter-term moving average (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, suggesting that the EURGBP may continue to move lower. Selling opportunities could exist around the trend resistance area and around the dynamic resistance of the moving averages.

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 today that will directly impact this currency pair.

EURUSD – 1 Hour Chart

EURUSD - 13.04.2017

As suggested in yesterday’s chart analysis, the EURUSD has been bullish and has moved higher. Price action has formed a horizontal channel at 1.0575-1.0680 and price is ranging. Trading opportunities may exist around the horizontal channel support and resistance areas and if the EURUSD moves out of the range (break-out trade). The moving averages have crossed bullish and are widening, signalling that price may attempt another bullish move. Buying opportunities could exist around the dynamic support of the moving averages and around the identified diagonal support area.

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 PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 13.04.2017

The GBPUSD has been bullish and has moved higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and are widening but overall price is looking a little choppy and indecisive. Long opportunities may exist around any of the key Fib levels, around the previous horizontal resistance at 1.2495 and around the moving averages.

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. A US PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 13.04.2017

As suggested in yesterday’s chart analysis, price moved above the bearish channel resistance area and has been very bullish. The NZDUSD is above some recent swing highs, suggesting that price may start up-trending. The moving averages confirm this – they have just crossed bullish. If the NZDUSD pulls-back in today’s trading sessions, buying opportunities could exist around any of the key Fib levels, around the previous horizontal resistance levels at 0.6980 and 0.6965, around the previous bearish channel resistance area and around 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 recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

USDCAD – 1 Hour Chart

USDCAD - 13.04.2017

The USDCAD has been very bearish (as suggested in yesterday’s chart analysis). Price action has formed a bearish channel and the moving averages continue to be strongly bearish, all signalling that the downtrend could continue. Opportunities to go short may exist around the previous consolidation support at 1.3275, around the bearish channel resistance area and around the dynamic resistance of the moving averages. 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. A US PPI and Unemployment Claims figure will be announced at 1330 UTC today. Canadian Manufacturing Sales data will be released at the same time. This will be followed by US UoM Consumer Sentiment at 1500 UTC and a Bank of Canada speech at 1530 UTC.

USDCHF – 1 Hour Chart

USDCHF - 13.04.2017

As suggested in yesterday’s chart analysis, price has continued to retrace but has found support around the horizontal support level at 1.0010. The moving averages have crossed bearish and are widening, suggesting that the USDCHF may continue to retrace. Selling opportunities could exist around the bearish moving averages and around the identified diagonal resistance area. Buying opportunities could exist around any of the key Fib levels and 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%. A US PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

USDJPY – 1 Hour Chart

USDJPY - 13.04.2017

Price has continued to be bearish and has moved lower (as suggested in yesterday’s chart analysis). If the USDJPY pulls-back in today’s trading sessions, shorting opportunities may exist around the bearish moving averages and around the previous support levels at 110.15 and 110.30. The moving averages are bearish and are widening, signalling that the downtrend may continue.

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 PPI and Unemployment Claims figure will be released at 1330 UTC today. This will be followed by US UoM Consumer Sentiment at 1500 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 13.04.2017

As suggested in yesterday’s chart analysis, GOLD found support around the 23.6% Fib level and has moved higher. The moving averages are bullish and are widening, suggesting that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 1277.30 and 1266.45.