TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 06, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.03.2018

As suggested in yesterday’s chart analysis, price has reversed around the previous horizontal support at 0.7785 and the trend resistance area. The AUDUSD has been down-trending but the moving averages have become tight and are moving sideways, signalling that price may become indecisive. Price action confirms this – the AUDUSD is moving within a triangular consolidation pattern. Trading opportunities could exist around the support and resistance areas of the consolidation, if price moves out of the consolidation (break-out trade) and around the horizontal levels at 0.7710 and 0.7785.

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.

The Governor of the Reserve Bank of Australia (RBA) will speak at 2135 UTC today. An Australian GDP figure will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.03.2018

Price has found support and is currently attempting a bullish move. The EURGBP looks choppy and a little indecisive. Price is ranging between the horizontal support at 0.8895 and the recent swing high at 0.8945. Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). The moving averages are bullish and are steady, suggesting that price could break to the upside. If the EURGBP breaks to the downside, price could find support around the horizontal level at 0.8850.

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 member of the Monetary Policy Committee will speak at 1815 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.03.2018

As suggested in yesterday’s chart analysis, the EURUSD is finding resistance around the range resistance area. Price continues to be indecisive and range between the horizontal levels at 1.2165 and 1.2355. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities could 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.

There is no major scheduled news today that will directly impact this pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.03.2018

The GBPUSD was rejected and has reversed around the horizontal level at 1.3875 (as suggested in yesterday’s chart analysis). Price has been down-trending and is currently in a retrace/correction phase. Opportunities to go short may exist around any of the key Fib levels, around the horizontal levels at 1.3875 and 1.3935 and around the trend resistance area. The moving averages have crossed bullish, signalling that an attempt to swing lower could fail. The GBPUSD could stall or reverse around the moving averages and around the identified diagonal support area.

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 member of the Monetary Policy Committee will speak at 1815 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.03.2018

As suggested in yesterday’s chart analysis, price has failed to swing lower and has formed a higher swing low. The NZDUSD has become indecisive and is consolidating within a triangular pattern. The moving averages confirm the indecision – they have been crossing and are moving sideways. Trading opportunities could exist around the support and resistance areas of the consolidation pattern and if the NZDUSD closes out of the consolidation pattern (break-out trade). A break-out move may be rejected or reverse around the horizontal levels at 0.7190, 0.7280 and 0.7350.

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 pair.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.03.2018

Price has continued to be bullish and close higher (as suggested in yesterday’s chart analysis). The USDCAD is up-trending. The moving averages are bullish and are steady, signalling that the upside momentum could continue. Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal support at 1.2820.

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.

There is no major scheduled news today that will directly impact this pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.03.2018

As suggested in yesterday’s chart analysis, the USDCHF has reversed around the horizontal support at 0.9350. Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are now moving sideways. Trading opportunities could 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.

There is no major scheduled news today that will directly impact this pair.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.03.2018

The USDJPY has been bullish. Price is in a slight downtrend and is currently in a retrace phase. The moving averages are bearish, suggesting that the USDJPY could attempt a swing lower. Shorting opportunities may exist around the longer-term moving average, around the previous horizontal support at 106.50 and around the trend resistance area. A move to the downside could stall or reverse around the recent lows at 105.30.

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 pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.03.2018

GOLD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 1305.70, 1326.45, 1340.20 and 1344.60.

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