TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 14, 2018
AUDUSD – 1 Hour Chart
Price continues to uptrend and is currently in a retrace/correction phase. The moving averages are bullish and are steady, suggesting that the AUDUSD may attempt to swing higher. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 0.7830 and 0.7775. An attempt to move higher may stall or reverse around the recent swing high at 0.7890.
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 retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, price was finding resistance around the trend resistance area and around the shorter-term moving average. The EURGBP has since closed above these areas. The moving averages are still bearish and steady, signalling that the downside momentum could continue. Shorting opportunities may exist around the longer-term moving average and around the previous horizontal support at 0.8900. A bearish move could be rejected or reverse around the previous trend resistance area (as support) and around the horizontal support 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 President of the ECB will speak at 0800 UTC today.
EURUSD – 1 Hour Chart
The EURUSD continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Price is consolidating between the horizontal levels at 1.2285-1.2435 (range) and also between the diagonal support and resistance areas (symmetrical triangle). Trading opportunities could exist around the support and resistance areas of both consolidation patterns and if the EURUSD closes out of either pattern (break-out 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 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 President of the ECB will speak at 0800 UTC today. US retail sales and PPI figures will be released at 1230 UTC. These will be followed by US crude oil inventories at 1430 UTC.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD moved above the range resistance area and has since been bullish. Price is above the recent consolidation and the moving averages are bullish and are widening, all signalling that the GBPUSD could start up-trending. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance at 1.3915. A move higher could stall or reverse around the recent highs at 1.4060.
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.
US retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC.
NZDUSD – 1 Hour Chart
Price has been finding resistance around the bullish channel resistance area and around the horizontal resistance at 0.7350 (as suggested in yesterday’s chart analysis). The NZDUSD continues to uptrend within a bullish channel. The moving averages are bullish and are steady, signalling that the buying momentum may continue. Opportunities to go long could exist around the moving averages and around the channel support area. Price may continue to find resistance around the channel resistance and the horizontal level at 0.7355.
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 retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC. A New Zealand GDP figure will be announced at 2145 UTC.
USDCAD – 1 Hour Chart
The USDCAD was bullish during yesterday’s trading sessions. Price has now become indecisive again. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the horizontal levels at 1.2725, 1.2800, 1.2870 and 1.3000.
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 retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC.
USDCHF – 1 Hour Chart
Price is choppy but is up-trending. The USDCHF is currently in a retrace phase. Long opportunities could exist around the previous horizontal resistance at 0.9415 and around the trend support area. The moving averages are bearish and are widening, suggesting that the USDCHF may struggle to swing higher. A bullish move may be rejected or reverse around the moving averages and 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 retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC.
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, 107.20, 107.55 and 107.85. The moving averages have been crossing frequently and are currently tight and moving sideways – confirming the lack of trend momentum.
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 retail sales and PPI figures will be released at 1230 UTC today. These will be followed by US crude oil inventories at 1430 UTC.
XAUUSD – 1 Hour Chart
GOLD continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 1305.70, 1315.60, 1324.90 and 1340.20.
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