TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 12, 2018


USDCAD - 12.03.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 12.03.2018

As suggested in Friday’s chart analysis, price closed above the horizontal channel resistance area and has since been bullish. The AUDUSD is above the recent consolidation area and the moving averages are bullish and steady, all signalling that the AUDUSD may attempt to uptrend. Buying opportunities could exist around the previous horizontal channel support and resistance areas at 0.7830 and 0.7775 and around the dynamic support of the moving averages. A move to the upside may stall or reverse around the horizontal resistance 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 - 12.03.2018

Price found resistance around the diagonal resistance area (as suggested in Friday’s chart analysis) and has since moved lower. The EURGBP is now below the recent consolidation area and the moving averages are bearish and are widening, all signalling that price could attempt a move lower. Shorting opportunities may exist around the previous range support area at 0.8900, around the dynamic resistance of the moving averages and around the trend resistance area. A move lower could stall or reverse 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

 

EURUSD - 12.03.2018

The EURUSD has been moving sideways and is indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2165, 1.2285 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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 12.03.2018

As suggested in Friday’s chart analysis, the GBPUSD was rejected at the trend resistance area. Price has not attempted to swing lower though and is currently attempting a bullish move. The GBPUSD is ranging between the recent swing low at 1.3795 and the horizontal resistance at 1.3915. The moving averages are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Price could continue to find resistance around the 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 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 - 12.03.2018

Price has been bullish and is forming a swing higher (as suggested in Friday’s chart analysis). The NZDUSD is up-trending within a bullish channel. The moving averages are tight but are bullish, signalling that the upside momentum may continue. Long opportunities could exist around the horizontal levels at 0.7300 and 0.7250, around the dynamic support of the moving averages and around the bullish channel support area. A move higher 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.

The Governor of the Reserve Bank of New Zealand (RBNZ) will speak at 2345 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 12.03.2018

As suggested in Friday’s chart analysis, price moved below the horizontal channel support area and has since been bearish. Price action has formed a bearish channel and the moving averages are bearish and steady, all suggesting that the selling momentum could continue. Opportunities to go short may exist around the previous horizontal channel support area at 1.2870, around the bearish channel resistance area and around the dynamic resistance of the moving averages. A move lower could find support around the channel support area and around the previous horizontal resistance at 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 12.03.2018

Price action has formed a swing higher – the USDCHF is up-trending. The moving averages are bullish and are widening, suggesting that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the horizontal levels at 0.9485 and 0.9415 and around the diagonal support area. An attempt to swing high may be rejected or reverse around the recent swing high at 0.9530.

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 - 12.03.2018

As suggested in Friday’s chart analysis, the USDJPY reversed around the diagonal resistance area. Price continues to be indecisive. The moving averages have been crossing frequently and have been providing no clear market direction – confirming the market indecision. Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 105.35, 105.50, 106.40, 107.10, 107.55 and 107.85.

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 - 12.03.2018

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, 1315.95 and 1340.20.