TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 07, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD moved above the consolidation resistance area and has since been bullish. Price is above the recent consolidation and the moving averages are bullish, all signalling that the AUDUSD could move higher. Buying opportunities may exist around the previous horizontal resistance level at 0.7785, around the dynamic support of the moving averages and around the support and resistance areas of the previous consolidation pattern. A move to the upside could stall or reverse around the recent swing high at 0.7880.
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 ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC. An Australian trade balance figure will be released at 0030 UTC today.
EURGBP – 1 Hour Chart
The EURGBP has been finding resistance around the range resistance area (as suggested in yesterday’s chart analysis). Price continues to range between the horizontal levels at 0.8895-0.8945. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). If price breaks to the downside, the EURGBP may 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved above the range resistance area and has since been bullish. The EURUSD is above the recent consolidation and the moving averages are bullish and are steady, all signalling that price could start up-trending. Long opportunities may exist around the previous range resistance at 1.2355 and around the dynamic support 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. 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 ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.
GBPUSD – 1 Hour Chart
Price continues to be bullish and is struggling to swing lower (as suggested in yesterday’s chart analysis). The GBPUSD is consolidating between the identified diagonal support and diagonal resistance areas. Trading opportunities could exist around the consolidation support and resistance areas, around the moving averages and around the horizontal levels at 1.3720 and 1.3935. The moving averages are bullish and are widening, suggesting that the GBPUSD may move higher.
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 US ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD closed above the consolidation resistance area and has since been bullish. Price action is forming a bullish channel and the moving averages are bullish and are widening, all signalling that the NZDUSD could start up-trending. Opportunities to go long may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 0.7200 and 0.7190. A move to the upside could be rejected or reverse around the channel resistance area and around the horizontal level at 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.
A US ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.
USDCAD – 1 Hour Chart
The USDCAD has been up-trending and is currently in a retrace phase. Price has moved below the trend support area and the bullish moving averages are starting to tighten, all signalling that the USDCAD may struggle to swing higher. Selling opportunities could exist around the previous trend support area (as resistance) and around the recent swing high at 1.3000. A move to the downside may stall or reverse around the horizontal levels at 1.2870, 1.2820 and 1.2725.
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 ADP non-farm employment change figure will be announced at 1315 UTC today. A Canadian trade balance figure will be released at 1330 UTC. The Bank of Canada will release a rate statement and announce interest rates at 1500 UTC. This is followed by US crude oil inventories at 1530 UTC.
USDCHF – 1 Hour Chart
Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The USDCHF is ranging between the horizontal support at 0.9350 and the horizontal resistance at 0.9415. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Once the USDCHF breaks out, price could be rejected or reverse around the horizontal levels at 0.9190, 0.9320 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 ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been bearish. The USDJPY is now looking a little indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities could exist around any of the horizontal levels at 105.35, 106.40, 107.10 and 107.55 and around the diagonal resistance area.
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 ADP non-farm employment change figure will be announced at 1315 UTC today. This is followed by US crude oil inventories at 1530 UTC.
XAUUSD – 1 Hour Chart
GOLD continues to be indecisive but recent price action has been bullish. Price has formed a bullish channel and the moving averages are bullish and are widening, all suggesting that GOLD could start up-trending. Opportunities to go long may exist around the channel support area, around the dynamic support of the moving averages and around the previous swing high at 1326.70. An attempt to swing high could find resistance around the horizontal resistance at 1340.20 and the channel resistance area.
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