Intraday Forex Analysis – 1 Hour Charts – April 14, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 14.04.2017

The AUDUSD has been retracing some of the recent bullish move. The moving averages are bullish and are widening, suggesting that price may attempt another bullish swing higher. Buying opportunities could exist around any of the key Fib levels, around the bullish moving averages and if the AUDUSD moves above the horizontal resistance at 0.7590. There is a chance that price may start ranging between the horizontal levels at 0.7475 and 0.7590.

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 CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

EURGBP – 1 Hour Chart

EURGBP - 14.04.2017

As suggested in yesterday’s chart analysis, price has found resistance around the trend resistance area but the EURGBP is moving sideways. Price is ranging and has formed a horizontal channel at 0.8475-0.8505. The bearish moving averages are starting to tighten, signalling that the EURGBP is becoming indecisive. Trading opportunities may exist around the range support and resistance areas and if price moves out of the range (break-out trade). Selling opportunities could exist 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 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. There are public holidays across Europe today. This may cause lower market volatility.

EURUSD – 1 Hour Chart

EURUSD - 14.04.2017

Price is ranging within a horizontal channel at 1.0575-1.0680 (as suggested in yesterday’s chart analysis). As also suggested, the EURUSD is finding support around the identified diagonal support area. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). Long opportunities could exist around the diagonal support area. The moving averages are tight and moving sideways, signalling that price is indecisive.

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 CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

GBPUSD – 1 Hour Chart

GBPUSD - 14.04.2017

As suggested in yesterday’s chart analysis, the GBPUSD has reversed bullish around the previous swing high and around the 38.2% Fib level. The moving averages are bullish and are steady and price action has formed a potential bullish channel, signalling that price may continue to be bullish. Opportunities to go long could exist around the key Fib levels, around the previous swing high at 1.2495 and around the longer-term moving average. The GBPUSD may stall or reverse around the bullish channel support and resistance areas.

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 CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

NZDUSD – 1 Hour Chart

NZDUSD - 14.04.2017

The NZDUSD is retracing some of the recent bullish move. Price is above some recent swing highs, suggesting that price may start up-trending. The moving averages confirm this – they have just crossed bullish. Buying opportunities could exist around any of the key Fib levels, around the previous horizontal resistance levels at 0.6980 and 0.6965 and around the dynamic support of 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. US CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

USDCAD – 1 Hour Chart

USDCAD - 14.04.2017

Price has reversed the recent bearish move and is now back above the moving averages. This has made the USDCAD look indecisive again. The moving averages are bearish but they are tightening. From a technical view, there are very few areas where price may provide trading opportunities. Opportunities could 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. US CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

USDCHF – 1 Hour Chart

USDCHF - 14.04.2017

The USDCHF is ranging between the horizontal levels at 1.0005 and 1.0100. Price is looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities could exist around the range support and resistance areas and if the USDCHF moves out of the range (break-out trade). Shorting opportunities may exist around the diagonal resistance area.

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 CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

USDJPY – 1 Hour Chart

USDJPY - 14.04.2017

Price action has formed a horizontal channel at 108.75-109.30 and the USDJPY is moving sideways within the channel. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). The moving averages are bearish and are steady, suggesting that the USDJPY may attempt a move lower. Opportunities to go short could exist around the moving averages.

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 CPI and Retail Sales data will be released at 1330 UTC today. This will be followed by a US Treasury Currency Report. There are public holidays across Europe today. This may cause lower market volatility.

XAUUSD – 1 Hour Chart

XAUUSD - 14.04.2017

As suggested in yesterday’s chart analysis, GOLD has moved higher and continues to uptrend. The moving averages are bullish and are widening, signalling that price may attempt another bullish move. If GOLD pulls-back in today’s trading sessions, buying opportunities could exist around the previous swing highs at 1277.30 and 1266.45 and around the dynamic support of the moving averages.