TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 08, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 08.03.2018

As suggested in yesterday’s chart analysis, price reversed bullish around the shorter-term moving average. The AUDUSD is currently ranging between the horizontal level at 0.7785 and the horizontal resistance at 0.7830. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). The moving averages are still bullish and price action has formed a bullish channel, all signalling that the AUDUSD may move higher. Buying opportunities could exist around the channel support area and around the dynamic support of the moving averages. A move to the upside may stall or reverse around the channel resistance area and the horizontal level 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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 08.03.2018

Price has been bullish and has formed a swing higher. The EURGBP is now in a retrace/correction phase. The moving averages are slightly bullish, suggesting that price could attempt another upside swing. Long opportunities may exist around the bullish channel support area and around the horizontal levels at 0.8895 and 0.8850. A bullish move could be rejected or reverse around the recent swing high at 0.8960 and the channel resistance 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 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.

The European Central Bank (ECB) will announce rates at 1245 UTC today. This is followed by a ECB press conference at 1330 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 08.03.2018

The EURUSD is moving sideways and ranging between the horizontal support at 1.2390 and the horizontal resistance at 1.2435. Price is still above the recent consolidation area and the moving averages are bullish and steady, all signalling that the EURUSD may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous consolidation resistance at 1.2355, around any of the key Fib levels and if price closes above the range 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. 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.

The European Central Bank (ECB) will announce rates at 1245 UTC today. This is followed by a ECB press conference at 1330 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 08.03.2018

Price continues to consolidate within a large triangular consolidation pattern. The GBPUSD is now also consolidating within a horizontal channel at 1.3855-1.3915. Trading opportunities may exist around the horizontal channel support and resistance areas and around the consolidation support and resistance areas and if price closes out of either consolidation (break-out trades). If the GBPUSD breaks to the upside, a bullish move could stall or reverse around the horizontal resistance at 1.4060. If the GBPUSD breaks to the downside, a bearish move could stall or reverse around the horizontal support 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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 08.03.2018

As suggested in yesterday’s chart analysis, price has been finding support around the shorter-term moving average. The NZDUSD continues to move within a bullish channel. The moving averages are bullish and are widening, signalling that the upward direction may continue. Buying opportunities could exist around the dynamic support of the moving averages and around the channel support area. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal resistance 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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 08.03.2018

Price found resistance around the previous trend support area and around the swing high at 1.3000 (as suggested in yesterday’s chart analysis). The USDCAD has failed to swing higher and is now moving within a horizontal channel at 1.2870-1.3000. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). If the USDCAD breaks to the downside, price could find support around the horizontal levels at 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.

The Governor of the Bank of Canada (BoC) will speak at 1600 UTC today. A Governor Council member will speak at 2035 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 08.03.2018

As suggested in yesterday’s chart analysis, the USDCHF moved above the range resistance area and has since been bullish. Price 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 any of the identified horizontal levels at 0.9320, 0.9350, 0.9415 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 currency pair.

 

USDJPY – 1 Hour Chart

 

USDJPY - 08.03.2018

The USDJPY continues to be indecisive and lack trend direction. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 105.35, 105.50, 106.40, 107.10, 107.55 and 107.85 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 08.03.2018

GOLD has moved below the bullish channel support area and has become indecisive again. Trading opportunities could exist around the horizontal levels at 1305.70, 1317.70 and 1340.20 and around the support and resistance areas of the previous bullish channel. The moving averages are bullish and steady, signalling that GOLD may attempt a bullish move higher.