TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 09, 2018


USDCHF - 09.03.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 09.03.2018

As suggested in yesterday’s chart analysis, the AUDUSD has been moving off the consolidation support and resistance areas. Price failed to swing higher and is moving within a horizontal channel at 0.7775-0.7830. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the AUDUSD moves out of the channel (break-out trade). If price breaks to the upside, the AUDUSD could stall or reverse around the previous trend support area and the horizontal resistance at 0.7880. If price breaks to the downside, the AUDUSD could stall or reverse around the recent lows 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 09.03.2018

The EURGBP is moving within a bullish channel and also a horizontal channel at 0.8895-0.8960. Price is moving sideways. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could exist around the support and resistance areas of both channels. If the EURGBP breaks to the downside, price may find support around the horizontal level at 0.8850. Price may find resistance around the identified diagonal 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.

A UK manufacturing production figure will be released at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 09.03.2018

As suggested in yesterday’s chart analysis, price has found support around the 50.0% Fib level and is becoming bullish. The EURUSD recently formed a swing higher and is in a retrace/correction phase. Opportunities to go long may exist around the 50.0% and 61.8% Fib levels. The moving averages are becoming bearish, signalling that price could fail to swing higher. An attempt to swing higher may be rejected or reverse around the moving averages and around the horizontal levels at 1.2355, 1.2390 and 1.2435.

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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 09.03.2018

Price closed below both consolidation support areas and has since been bearish (as suggested in yesterday’s chart analysis). The GBPUSD may now continue to downtrend. Opportunities to go short could exist around the previous range support and resistance areas, around the dynamic resistance of the moving averages and around the trend resistance area. A swing lower may be rejected or reverse around the recent lows 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 manufacturing production figure will be released at 0930 UTC today. US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 09.03.2018

The NZDUSD continues to move within a bullish channel. The moving averages are bullish, suggesting that price could swing higher. Buying opportunities may exist around the moving averages, around the horizontal support at 0.7250, around the channel support area and around the horizontal support levels at 0.7200 and 0.7190. A move to the upside could stall 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 09.03.2018

As suggested in yesterday’s chart analysis, the USDCAD has been reversing off the horizontal channel support and resistance areas. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities could 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 may 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 09.03.2018

Price has been bullish and has swung out of the consolidation area. Price action is forming a swing higher and the moving averages are bullish and are widening, suggesting that the USDCHF could start up-trending. Long opportunities may exist around the previous horizontal resistance levels at 0.9485 and 0.9415 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 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 09.03.2018

As suggested in yesterday’s chart analysis, price has found resistance around the identified diagonal resistance area. The USDJPY continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently. Trading opportunities could exist around any of the horizontal levels at 105.30, 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.

US non-farm employment change (NFP), average hourly earnings and unemployment rate figures will be released at 1330 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 09.03.2018

GOLD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1305.70, 1317.25 and 1340.20.


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