TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 02, 2018
AUDUSD – 1 Hour Chart
Price is down-trending and is currently in a retrace/correction phase. The moving averages are bearish and are steady, suggesting that the downtrend could continue. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 0.7770 and 0.7785 and around the trend resistance area. A move to the downside could stall or reverse around the recent swing low at 0.7710.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the previous horizontal resistance at 0.8850 and has since swung higher. As also suggested, the EURGBP is stalling around the highs at 0.8915. Price action has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish and are widening, all signalling that the upside momentum may continue. Opportunities to go long could exist around the bullish moving averages and around the horizontal level at 0.8850. The EURGBP may continue to find resistance around the horizontal resistance 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 construction PMI figure will be announced at 0930 UTC today. This is followed by a Bank of England (BOE) speech at 1000 UTC.
EURUSD – 1 Hour Chart
The EURUSD has been bullish and has become indecisive again. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 1.2165, 1.2285 and 1.2350.
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.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD has reversed around the shorter-term moving average and is now attempting a bearish move. Price is down-trending. The moving averages are bearish and are widening, signalling that the GBPUSD may swing lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the previous horizontal support levels at 1.3805, 1.3830, 1.3875 and 1.3935.
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 construction PMI figure will be announced at 0930 UTC today. This is followed by a Bank of England (BOE) speech at 1000 UTC.
NZDUSD – 1 Hour Chart
Price is down-trending and is currently in a retrace/correction phase. The NZDUSD is finding resistance around the trend resistance area (as suggested in yesterday’s chart analysis). Shorting opportunities may exist around the trend resistance area, around the previous horizontal support at 0.7275 and around the 61.8% Fib level. The bearish moving averages are tightening, signalling that an attempt to swing lower could fail and that the NZDUSD may move higher.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the buying momentum continued and price has formed a swing higher. The USDCAD is clearly up-trending. The moving averages are bullish and are steady, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the trend support area. An attempt to swing higher may be rejected or reverse around the recent swing high at 1.2890.
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 Canadian GDP figure will be released at 1330 UTC today.
USDCHF – 1 Hour Chart
The USDCHF is up-trending. Price is currently in a retrace/correction phase. The moving averages are bullish, suggesting that price could attempt a swing higher. Buying opportunities could exist around the 61.8% Fib level and around the horizontal support at 0.9320.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY – 1 Hour Chart
Price has been bearish but continues to look indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the horizontal levels at 105.70, 106.50, 107.55 and 107.85, around the moving averages and around the diagonal resistance area. If the USDJPY closes below the horizontal support at 105.70, price could attempt a bearish move lower.
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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
GOLD has been bearish and could be forming a downtrend. The moving averages are bearish also – confirming the potential downtrend. Selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal levels at 1321.50 and 1326.45 and around the trend resistance area. A move to the downside may stall or reverse around the recent swing low at 1305.70.
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