Intraday Forex Analysis – 1 Hour Charts – April 17, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 17.04.2017

As suggested in Friday’s chart analysis, price has been bullish and has found support around the shorter-term moving average. The AUDUSD has formed a horizontal channel at 0.7560-0.7595 and price is moving within the channel. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). The moving averages are bullish and are steady, signalling that the AUDUSD could attempt a move higher.

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. Australian Monetary Policy Minutes will be released at 0230 UTC today. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

EURGBP – 1 Hour Chart

EURGBP - 17.04.2017

The EURGBP moved below the range support area and has since been bearish (as suggested in Friday’s chart analysis). The moving averages are bearish and are steady and price action has formed a bearish channel, all suggesting that price may continue to downtrend. Opportunities to go short could exist around the previous range support and resistance levels at 0.8475 and 0.8505, around the bearish channel 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 pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

EURUSD – 1 Hour Chart

EURUSD - 17.04.2017

Price continues to be indecisive and move within the horizontal channel at 1.0575-1.0680. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal channel support and resistance areas and if the EURUSD moves out of the horizontal channel (break-out trade).

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. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

GBPUSD – 1 Hour Chart

GBPUSD - 17.04.2017

As suggested in Friday’s chart analysis, price has reversed bullish around the 38.2% Fib level and the previous horizontal resistance at 1.2495. The GBPUSD is moving within a bullish channel. The bullish moving averages are tightening and beginning to move sideways, signalling that price may attempt a move to the bullish channel support area. Buying opportunities could exist around the moving averages, around any of the key Fib levels, around the identified horizontal level at 1.2495 and around the bullish channel support area. Price may stall or reverse around the bullish channel 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. There is no major scheduled news today that will directly impact this pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

NZDUSD – 1 Hour Chart

NZDUSD - 17.04.2017

The NZDUSD found support around the 23.6% Fib level and has moved higher (as suggested in Friday’s chart analysis). Price is up-trending. 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, around the swing low and previous resistance at 0.6985 and around the potential bullish channel support. The NZDUSD may stall or reverse around the potential bullish 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. There is no major scheduled news today that will directly impact this pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

USDCAD – 1 Hour Chart

USDCAD - 17.04.2017

As identified in Friday’s chart analysis, the USDCAD has reversed bearish around the diagonal support and resistance area. Price continues to be choppy and look a little indecisive. The moving averages confirm this – they have been crossing frequently. Trading 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. There is no major scheduled news today that will directly impact this pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

USDCHF – 1 Hour Chart

USDCHF - 17.04.2017

Price is ranging between the horizontal levels at 1.0005 and 1.0100 and continues to look indecisive. The moving averages confirm the market indecision – they are tight and are providing no clear market direction. 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%. There is no major scheduled news today that will directly impact this pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

USDJPY – 1 Hour Chart

USDJPY - 17.04.2017

As suggested in Friday’s chart analysis, price moved below the range support area and has been bearish. Price action has formed a bearish channel and the moving averages are bearish and are steady, signalling that the USDJPY may continue to downtrend. Selling opportunities could exist around the bearish channel resistance area, around the previous range support and resistance levels at 108.75 and 109.30 and 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. There is no major scheduled news today that will directly impact this pair. Parts of Australia and Europe are celebrating public/bank holidays today. This may cause a decrease in market volatility.

XAUUSD – 1 Hour Chart

XAUUSD - 17.04.2017

GOLD continues to uptrend and be bullish (as suggested in Friday’s chart analysis). The moving averages are still bullish and are widening, suggesting that the uptrend may continue. Price is looking a little over-extended though, suggesting that GOLD may be due a bearish move (retracement). Long opportunities could exist around any of the key Fib levels, around the moving averages and around the previous horizontal resistance at 1277.30.