TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 21, 2018


NZDUSD - 21.03.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 21.03.2018

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the shorter-term moving average and was bearish. Price is now moving sideways and is ranging between the recent lows at 0.7680 and the recent swing high at 0.7725. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). The moving averages are bearish, signalling that the AUDUSD could break to the downside. If price breaks to the upside, the AUDUSD could stall or reverse around the horizontal levels at 0.7735, 0.7775 and 0.7830.

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 crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC. Australian employment change and unemployment rate figures will be released at 0030 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 21.03.2018

The EURGBP has been bearish and has continued to downtrend (as suggested in yesterday’s chart analysis). Price is now looking a little indecisive and is forming a horizontal channel at 0.8745-0.8800. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the EURGBP moves out of the channel (break-out trade). The moving averages are bearish and are widening, signalling that price may start down-trending again. Selling opportunities could exist around the diagonal resistance areas and around the dynamic resistance of the moving averages.

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 average hourly earnings figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 21.03.2018

As suggested in yesterday’s chart analysis, price has swung lower and has been finding support around the bearish channel support area. The EURUSD continues to downtrend within a bearish channel. The moving averages are bearish and steady, suggesting that the downtrend could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance area, around the recent swing high at 1.2360 and around the channel resistance area. A move to the downside could be rejected or reverse around the new swing low at 1.2240 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. 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 crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 21.03.2018

Price found support around the previous swing high at 1.3995 and the shorter-term moving average and has since been bullish (as suggested in yesterday’s chart analysis). The GBPUSD continues to uptrend within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend may continue. Opportunities to go long could exist around the moving averages, around the previous swing high at 1.3995 and around the channel support area. An attempt to swing higher may find resistance around the recent swing high 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 average hourly earnings figure will be announced at 0930 UTC today. US crude oil inventories is at 1430 UTC. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 21.03.2018

As suggested in yesterday’s chart analysis, the NZDUSD has swung lower and continues to downtrend. The moving averages are bearish and are steady, suggesting that the downtrend could continue. Opportunities to go short may exist around the previous horizontal support levels at 0.7190 and 0.7200, around the trend resistance area and around the dynamic resistance of the moving averages.

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 crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC. The Reserve Bank of New Zealand (RBNZ) will announce rates at 2000 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 21.03.2018

The USDCAD is up-trending. Price is currently in a retrace/correction phase. Buying opportunities could exist around the previous horizontal resistance levels at 1.2995 and 1.2970.The moving averages are tightening and could cross bearish, suggesting that price may struggle to swing higher. A bullish move may be rejected or reverse around the horizontal levels at 1.3050 and 1.3120.

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 crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 21.03.2018

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher. The USDCHF is up-trending. The moving averages are bullish and price action has formed a potential bullish channel, all signalling that the upside momentum could continue. Long opportunities may exist around the channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.9490 and 0.9475. A move to the upside could stall or reverse around the recent swing high at 0.9565 and the channel resistance 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.

US crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 21.03.2018

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 105.35, 105.50, 105.60, 106.55 and 107.20.

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 crude oil inventories is at 1430 UTC today. The Federal Open Market Committee (FOMC) will release a rate statement and economic projections at 1800 UTC. They are also expected to raise rates by 0.25%. This is followed by a FOMC press conference at 1830 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 21.03.2018

As suggested in yesterday’s chart analysis, GOLD attempted to swing lower and reversed around the recent swing low at 1308.80. Price continues to move within a bearish channel but is now also moving within a horizontal channel at 1308.80-1318.30. The moving averages are tightening and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the channel and if GOLD closes out of the channel (break-out trade). Trading opportunities could also exist around the bearish channel support and resistance areas and around the horizontal levels at 1305.70 and 1329.00.


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