TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 01, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 01.03.2018

The AUDUSD has been bearish and has swung below key support levels. The moving averages are bearish and are widening, suggesting that price may start down-trending. Selling opportunities could exist around the previous horizontal support levels at 0.7770 and 0.7785, around the dynamic resistance of the moving averages and around the trend resistance area.

The Reserve Bank of Australia (RBA) recently held 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 rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

EURGBP – 1 Hour Chart

 

EURGBP - 01.03.2018

As suggested in yesterday’s chart analysis, the EURGBP became bullish and moved out of the bearish channel. Price action has formed a higher swing high and a higher swing low and the moving averages are bullish and are widening, all signalling that the EURGBP could start up-trending. Buying opportunities may exist around the previous horizontal resistance at 0.8855 and around the dynamic support of the moving averages. A move higher could stall or reverse around the recent highs at 0.8915.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro. Recent comments by the ECB have been fairly dovish though.

A UK manufacturing PMI figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 01.03.2018

Price has swung lower. The moving averages are bearish and are widening, suggesting that the selling momentum may continue. Shorting opportunities could exist around the moving averages, around the previous horizontal support levels at 1.2265 and 1.2285 and around the trend resistance area. The EURUSD may continue to find support around the recent lows at 1.2185.

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro. Recent comments by the ECB have been fairly dovish though.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 01.03.2018

As suggested in yesterday’s chart analysis, price was rejected around many of the identified horizontal support levels but the GBPUSD continued to be bearish. Price is below key support levels and the moving averages are bearish and are widening, all signalling that the GBPUSD could start down-trending. Opportunities to go short may exist around the previous support levels at 1.3785, 1.3805, 1.3830, 1.3875 and 1.3935 and around the dynamic resistance of the moving averages.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25% but have no plans to increase rates again in the near future. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A UK manufacturing PMI figure will be announced at 0930 UTC today. This is followed by a US manufacturing PMI figure at 1500 UTC today. There will be a Fed testimony at the same time.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 01.03.2018

The NZDUSD continues to be bearish and downtrend. Price has found support and is currently attempting a retrace move. The moving averages are bearish and are widening, signalling that the downside momentum may continue. Selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the previous horizontal support at 0.7275 and around the trend resistance area. The NZDUSD may continue to find support around the recent lows at 0.7190.

The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will unlikely be a rate hike in the foreseeable future. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

USDCAD – 1 Hour Chart

 

USDCAD - 01.03.2018

As suggested in yesterday’s chart analysis, the USDCAD has continued to be bullish and move higher. Price is now attempting a retrace move. The moving averages are bullish and are widening, signalling that the upside momentum could continue. Opportunities to go long may exist around any of the key Fib levels, around the moving averages, around the previous swing high at 1.2725 and around the trend support area.

The Bank of Canada recently raised rates to 1.25%. The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 01.03.2018

Price moved above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The USDCHF is above the recent consolidation area and the moving averages are bullish and are widening, all signalling that price may start up-trending. Long opportunities could exist around the dynamic support of the moving averages and around the previous range resistance at 0.9405. An attempt to swing higher may be rejected or reverse around the horizontal resistance at 0.9460.

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The CHF is a safe-haven currency, which means it could strengthen if uncertainty in the US, the UK or Europe intensifies or if the possibility of war between the US and North Korea starts to solidify.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

USDJPY – 1 Hour Chart

 

USDJPY - 01.03.2018

The USDJPY continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around any of the identified horizontal levels at 105.70, 106.50, 107.55 and 107.85.

The US Federal Reserve recently raised rates to 1.50%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets continue to be bearish, the Yen may continue to strength.

A US manufacturing PMI figure will be released at 1500 UTC today. There will be a Fed testimony at the same time.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 01.03.2018

As identified in yesterday’s chart analysis, GOLD reversed around the horizontal level at 1321.45. Price continues to be indecisive. Trading opportunities could exist around any of the horizontal levels at 1310.05, 1312.50, 1321.50, 1326.45 and around the diagonal resistance area. The moving averages are bearish and are widening, signalling that GOLD may move lower. If price closes below the support at 1310.05, GOLD may attempt a bearish move lower.