TriumphFX Intraday Forex Analysis – 1 Hour Charts – 13 March 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD continued to be bullish and has since been finding resistance around the horizontal level at 0.7880. Price action has formed a series of higher swing highs and higher swing lows – the AUDUSD is up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Opportunities to go long may exist around the dynamic support of the moving averages and around the previous horizontal resistance at 0.7830. Price could continue to find resistance 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.
US CPI figures will be released at 1230 UTC today.
EURGBP – 1 Hour Chart
The EURGBP reversed around the previous support at 0.8900 and has since swung lower (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, suggesting that the downside momentum may continue. Opportunities to go short could exist around the trend resistance area, around the moving averages and around the previous support at 0.8900. A move to the downside may stall or reverse around the recent swing low 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.
The UK government will announce their annual budget at 1130 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 1.2285. The EURUSD continues to be indecisive. The moving averages confirm this – they have been crossing frequently and are currently moving sideways. Trading opportunities could exist around the identified 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.
US CPI figures will be released at 1230 UTC today.
GBPUSD – 1 Hour Chart
Price has reversed around the range resistance area (as suggested in yesterday’s chart analysis). The GBPUSD is indecisive and is ranging between the horizontal support at 1.3795 and the horizontal resistance at 1.3915. The moving averages have been crossing frequently and are tight – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade).
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.
The UK government will announce their annual budget at 1130 UTC today. US CPI figures will be released at 1230 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD found support around the moving averages and has since swung higher. Price continues to uptrend within a bullish channel and the moving averages are bullish and are widening, signalling that the upside momentum could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal support at 0.7250. A swing higher could 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.
US CPI figures will be released at 1230 UTC today.
USDCAD – 1 Hour Chart
The USDCAD is retracing some of the recent bearish swing. Price is still below the recent consolidation area and the moving averages are bearish and are widening, all suggesting that the USDCAD may attempt to swing lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the previous consolidation support area at 1.2870. A bearish move may stall or reverse around the horizontal levels at 1.2800 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 CPI figures will be released at 1230 UTC today. The Governor of the Bank of Canada (BoC) will speak at 1415 UTC.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been finding support around the longer-term moving average. The USDCHF has been up-trending and is currently in a retrace/correction phase. The moving averages are bullish, signalling that price may attempt to swing higher. Long opportunities could exist around the longer-term moving average, around any of the key Fib levels, around the previous horizontal resistance at 0.9415 and around the trend support area. An attempt to swing higher may 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.
US CPI figures will be released at 1230 UTC today.
USDJPY – 1 Hour Chart
Price continues to be choppy and indecisive. Trading opportunities may exist around the horizontal levels at 105.35, 105.50, 106.25, 107.05, 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.
US CPI figures will be released at 1230 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD found support around the horizontal level at 1315.60. Price continues to be indecisive and is ranging between the horizontal support at 1315.60 and the horizontal resistance at 1324.90. Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the downside could stall or reverse around the lows at 1305.70. A break to the upside could stall or reverse around the horizontal resistance at 1340.20.
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