TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 20, 2018
AUDUSD – 1 Hour Chart
Price has been bullish and has been retracing some of the recent sell-off. The moving averages are bearish and are widening, suggesting that the AUDUSD may attempt a bearish swing lower. Shorting opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support levels at 0.7730 and 0.7775. An attempt to swing lower may find some support at the recent lows at 0.7690.
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
As suggested in yesterday’s chart analysis, price has been bearish and has formed a swing lower. The EURGBP is down-trending. The moving averages are bearish and are steady, signalling that the downtrend could continue. Opportunities to go short may exist around the moving averages, around the trend resistance area and around the previous horizontal support at 0.8845.
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.
A UK CPI figure will be released at 0930 UTC today.
EURUSD – 1 Hour Chart
The EURUSD recently moved below a consolidation area. Price action has formed a series of lower swing lows and lower swing highs and price is moving within a bearish channel, all suggesting that the EURUSD may move lower. Selling opportunities could exist around the bearish channel resistance area. A downside move may be rejected or reverse around the moving averages, around the horizontal support at 1.2260 and the channel support area. The moving averages are moving sideways and have been crossing frequently, suggesting that they may still be some market indecision.
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
Price has been bullish and is forming a swing higher. The GBPUSD is up-trending within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous swing high at 1.3995, around the dynamic support of the moving averages and around the channel support area. A bullish move could stall or reverse around the horizontal resistance at 1.4065 and the channel 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.
A UK CPI figure will be released at 0930 UTC today.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the retrace move has reversed and the NZDUSD is initiating a bearish move. The moving averages are bearish and are steady, signalling that the bearish swing may continue. Price action is looking a little indecisive though, suggesting that the NZDUSD could become choppy and move sideways. Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal resistance at 0.7260. A downside move could become bullish around the horizontal support at 0.7195.
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
The USDCAD is up-trending. Price is currently in a retrace/correction phase. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3050, 1.3000, 1.2970, 1.2870 and 1.2800. The USDCAD may start ranging between the horizontal levels at 1.3050-1.3120 and become indecisive.
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
Price is up-trending. The USDCHF has formed a new swing high at 0.9550 and is now retracing some of the recent bullish move. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Opportunities to go long may exist around the longer-term moving average, around the horizontal level at 0.9475 and around the trend support area. A move to the upside could be rejected or reverse around the recent swing high at 0.9550.
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
The USDJPY has been bullish and has once again become indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 105.35, 105.50, 105.60, 106.35, 107.20 and 107.55.
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
Price continues to move within a bearish channel. The moving averages are bearish, signalling that GOLD could attempt a swing toward the channel support area. Selling opportunities may exist around the moving averages and around the channel resistance area. A move to the downside could be rejected or reverse around the horizontal support levels at 1308.85, 1305.70 and around the channel support area. If GOLD breaks to the upside, price may reverse around the horizontal resistance at 1329.00.
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