TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 16, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 16.03.2018

As suggested in yesterday’s chart analysis, price closed below the range support area and has since been bearish. As also suggested, the AUDUSD has found support around the horizontal level at 0.7775. The moving averages are bearish and are widening, signalling that price may attempt a bearish move lower. If the AUDUSD starts retracing, shorting opportunities could exist around the horizontal levels at 0.7830 and 0.7850 and around the dynamic resistance of the moving averages. A bearish move lower may find support 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.

A US building permits figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 16.03.2018

Price reversed around the horizontal support at 0.8845 (as suggested in yesterday’s chart analysis). As also suggested, the EURGBP then reversed around the longer-term moving average and has since swung lower. Price action has formed a bearish channel and the moving averages are bearish, all signalling that the downside momentum could continue. Selling opportunities may exist around the previous horizontal support at 0.8845, around the moving averages and around the bearish channel resistance area. The EURGBP could find support around the channel support 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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 16.03.2018 #

As suggested in yesterday’s chart analysis, the EURUSD has reversed around the symmetrical triangle support area. Price continues to be indecisive and consolidate 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 moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

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.

A US building permits figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 16.03.2018

The GBPUSD has become indecisive and has formed a horizontal channel at 1.3920-1.3995. The moving averages are tightening and are moving sideways – confirming the indecision. 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). A break to the upside could be rejected or reverse around the recent highs at 1.4060. A break to the downside could be rejected or reverse around the horizontal support levels at 1.3795 and 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 US building permits figure will be announced at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 16.03.2018

Price has been bearish. The NZDUSD has swung below the bullish channel support area and the moving averages have crossed bearish and are widening, all suggesting the upside momentum may now be over. Opportunities to go short could exist around the previous channel support area (as resistance) and around the dynamic resistance of the moving averages. A bearish move lower may stall or reverse around the horizontal support levels at 0.7205 and 0.7190.

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.

A US building permits figure will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 16.03.2018

As suggested in yesterday’s chart analysis, price closed above the resistance area and has since been bullish. The USDCAD is above the recent consolidation area and the moving averages are bullish and steady, all signalling that price could start up-trending. Buying opportunities may exist around the diagonal support area, around the previous horizontal resistance levels at 1.3000 and 1.2970 and around the bullish moving averages. A move higher could be rejected or reverse around the channel resistance area.

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.

A US building permits figure will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 16.03.2018

The USDCHF has been bullish but has not formed a swing higher (as suggested in yesterday’s chart analysis). Price now looks indecisive again. The moving averages confirm the indecision – they have been crossing and are tight. Trading opportunities could exist around the horizontal levels at 0.9350, 0.9415, 0.9425, 0.9475 and 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.

A US building permits figure will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 16.03.2018

Price continues to be choppy and indecisive. Trading opportunities may exist around the horizontal levels at 105.35, 105.50, 105.85, 106.35, 107.20 and 107.55. 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.

A US building permits figure will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 16.03.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal channel support area. GOLD continues to be indecisive and move within the horizontal channel at 1314.90-1328.95. 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). A break to the downside may stall or reverse around the recent lows at 1305.70. A break to the upside may stall or reverse around the recent highs at 1340.20.