TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 19, 2018


XAUUSD - 19.03.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 19.03.2018

As suggested in Friday’s chart analysis, the AUDUSD has been bearish and has moved lower. Price has swung below a number of support levels and the moving averages are bearish and are widening, signalling that the AUDUSD could start down-trending. Opportunities to go short may exist around the previous support levels at 0.7715, 0.7735 and 0.7775 and around the dynamic resistance of the moving averages.

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.

The Reserve Bank of Australia will released monetary policy meeting minutes at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 19.03.2018

The EURGBP has continued to be bearish and move lower (as suggested in Friday’s chart analysis). The moving averages are bearish and are steady, signalling that the downside momentum may continue. Shorting opportunities could exist around the moving averages, around the trend resistance area and around the previous horizontal support at 0.8845. A bearish move may stall or reverse around the potential diagonal support area (bearish channel support).

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 - 19.03.2018

As suggested in Friday’s chart analysis, price closed below the symmetrical triangle support area and has since been bearish. The EURUSD is below the recent consolidation area and the moving averages are bearish and are widening, all signalling that price could start down-trending. Selling opportunities may exist around the previous horizontal support area at 1.2285, around the previous symmetrical triangle support area (as resistance) and around the moving averages. A move lower could find support around the recent lows at 1.2165.

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 - 19.03.2018

Price closed below the horizontal channel support area but continues to be choppy and indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 1.3720, 1.3795, 1.3895, 1.3995 and 1.4060 and around the support and resistance areas of the potential bearish channel.

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 - 19.03.2018

As suggested in Friday’s chart analysis, the upside momentum is over – the NZDUSD has been bearish. The moving averages are bearish and are widening, suggesting that price could swing lower. Opportunities to go short may exist around the dynamic resistance of the moving averages and around the previous swing low at 0.7250. Price could be rejected or reverse around the recent lows at 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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 19.03.2018

The USDCAD has been bullish and is forming a swing higher (as suggested in Friday’s chart analysis). Price is up-trending within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend may continue. Buying opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1.3000 and 1.2970. A move higher may stall 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 19.03.2018

Price has swung above the recent consolidation area. The moving averages have crossed bullish and are widening, suggesting that the USDCHF could start up-trending. Long opportunities may exist around the previous horizontal resistance levels at 0.9530 and 0.9475, around the dynamic support of the moving averages and around the trend support 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. 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 - 19.03.2018

The USDJPY continues to be indecisive. Price action has formed a potential bearish channel and the moving averages are bearish, suggesting that the USDJPY may attempt a move lower. Opportunities to go short could exist around the channel resistance area, around the bearish moving averages and around the horizontal level at 106.35. A move to the downside may reverse around the horizontal support levels at 105.60, 105.50, 105.35 and around the channel support 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 19.03.2018

As suggested in Friday’s chart analysis, price closed below the horizontal channel support area and has since been bearish. GOLD still looks indecisive but price action has formed a bearish channel, signalling that GOLD may attempt a move lower. The moving averages confirm this – they have crossed bearish and are widening. Selling opportunities could exist around the previous horizontal support at 1314.90, around the moving averages and around the bearish channel resistance area. A move to the downside may be rejected or reverse around the channel support area.