TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 05, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 05.03.2018

As suggested in Friday’s chart analysis, the AUDUSD has reversed around the horizontal level at 0.7770 and is now attempting to swing lower. Price is down-trending. The moving averages are bearish and are steady, signalling that the downtrend could continue. Selling opportunities may exist around the horizontal levels at 0.7770 and 0.7785, around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move 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.

A US non-manufacturing PMI figure will be announced at 1500 UTC today. Australian current account and retail sales figures will be announced at 0030 UTC. This is followed by a rate statement and cash rate announcement at 0330 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 05.03.2018

The EURGBP has been bullish and has formed a swing higher (as suggested in Friday’s chart analysis). Price action has formed a higher swing high and the moving averages are bullish and are widening, all signalling that the EURGBP may start up-trending. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal level at 0.8855. An attempt to swing higher may be rejected or reverse around the horizontal resistance at 0.8945.

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 services PMI figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 05.03.2018

As suggested in Friday’s chart analysis, price has reversed around the horizontal level at 1.2350. The EURUSD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between the recent low at 1.2165 and the horizontal resistance at 1.2350. Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade).

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 non-manufacturing PMI figure will be announced at 1500 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 05.03.2018

Price has been finding resistance around the horizontal level at 1.3805 (as suggested in Friday’s chart analysis). The GBPUSD is down-trending and is currently in a retrace/correction phase. The moving averages are bearish, signalling that the downtrend may continue. Shorting opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.3805, 1.3875 and 1.3935. A move to the downside may stall or reverse around the recent swing low at 1.3720.

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 services PMI figure will be announced at 0930 UTC today. A US non-manufacturing PMI figure will be announced at 1500 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 05.03.2018

As suggested in Friday’s chart analysis, the NZDUSD reversed around the trend resistance area and is attempting a swing lower. Price is down-trending. The bearish moving averages are tight and are about to cross bullish, signalling that downside momentum is weakening – the NZDUSD may fail to swing lower. Opportunities to go short could exist around the moving averages, around the trend resistance area and around the horizontal level at 0.7280. Price may become bullish around the recent swing low 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 non-manufacturing PMI figure will be announced at 1500 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 05.03.2018

The USDCAD reversed around the shorter-term moving average and has since been bullish (as suggested in Friday’s chart analysis). Price is clearly up-trending. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages, around the horizontal levels at 1.2820 and 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 non-manufacturing PMI figure will be announced at 1500 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 05.03.2018

Price has been bearish and has become indecisive again. The moving averages confirm the indecision – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 0.9190, 0.9320, 0.9350 and 0.9485.

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 non-manufacturing PMI figure will be announced at 1500 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 05.03.2018

As suggested in Friday’s chart analysis, price closed below the horizontal support at 105.70 and has since been bearish. The USDJPY is down-trending. The moving averages are bearish and are widening, signalling that the downtrend may continue. Opportunities to go short could exist around the previous horizontal support levels at 105.70 and 106.50 and around the dynamic resistance of the moving averages.

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 non-manufacturing PMI figure will be announced at 1500 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 05.03.2018

GOLD has been bullish. Price has been down-trending but price is above the trend resistance area and the moving averages are tightening and becoming more bullish, all suggesting that the downtrend may becoming to an end. Trading opportunities could exist around the horizontal levels at 1305.70, 1326.45, 1340.20, 1344.60 and 1359.85, around the moving averages and around the previous trend resistance area (as support).