TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 22, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 22.03.2018

As suggested in yesterday’s chart analysis, price was bullish after moving above the range resistance area and then reversed around the previous horizontal support at 0.7775. The AUDUSD is forming a higher swing high and the moving averages are about to cross bullish, all signalling that price may attempt another bullish move. Buying opportunities could exist around the previous range resistance at 0.7725 and around the dynamic support of the moving averages. A bullish move may stall or reverse around the horizontal levels at 0.7775, 0.7830 and 0.7850.

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 Open Market Committee (FOMC)  recently raised rates to 1.75%. 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

 

EURGBP - 22.03.2018

Price has been bearish and continues to downtrend (as suggested in yesterday’s chart analysis). The EURGBP is clearly down-trending. The moving averages are bearish and are steady, signalling that the selling momentum could continue. Shorting opportunities may exist around both diagonal resistance areas, around the horizontal levels at 0.8745 and 0.8800 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 retail sales figure will be announced at 0930 UTC today. The Bank of England (BoE) will announce the official bank rate and release a monetary policy summary at 1200 UTC.

 

EURUSD – 1 Hour Chart

 

EURUSD - 22.03.2018

The EURUSD found resistance around the channel resistance area (as suggested in yesterday’s chart analysis) but price is now bullish and attempting a move above the channel resistance area. If the EURUSD closes above the channel resistance area, price may start up-trending. Long opportunities could exist around the previous channel resistance area, around the previous swing high at 1.2360 and around the moving averages. A move higher may be rejected or reverse around the horizontal levels at 1.2410 and 1.2435.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 - 22.03.2018

As suggested in yesterday’s chart analysis, the GBPUSD has been bullish and has swung higher. Price is clearly up-trending. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Opportunities to go long may exist around the previous bullish channel resistance area (as support), around the previous swing high at 1.4065 and around the dynamic support 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 US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 retail sales figure will be announced at 0930 UTC today. The Bank of England (BoE) will announce the official bank rate and release a monetary policy summary at 1200 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 22.03.2018

Price has been bullish and has closed above the recent trend resistance area. The NZDUSD is now ranging between the recent swing high at 0.7260 and the recent swing low at 0.7155. The moving averages confirm the current indecision – they are tightening and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD moves out of the range (break-out trade). Trading opportunities could also exist around the moving averages and around the previous trend resistance area.

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 Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 - 22.03.2018

As suggested in yesterday’s chart analysis, price attempted a bullish move but failed to swing higher. The USDCAD has since been bearish. Price is now looking indecisive and is moving between a number of horizontal levels. Trading opportunities may exist around the horizontal levels at 1.2800, 1.2870, 1.2970, 1.3000, 1.3050 and 1.3120.

The Bank of Canada recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 - 22.03.2018

The USDCHF was up-trending within a bullish channel but price has been bearish and is below the recent upward channel. The USDCHF is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.9425, 0.9490 and 0.9565.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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.

 

USDJPY – 1 Hour Chart

 

USDJPY - 22.03.2018

As suggested in yesterday’s chart analysis, the USDJPY found support around the horizontal level at 105.60. Price continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the lack of trend direction. Trading opportunities may exist around any of the horizontal levels at 105.35, 105.50, 105.60, 106.55 and 107.20. If price closes below the support at 105.35, the USDJPY could attempt a bearish move lower.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. 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 become 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 - 22.03.2018

As suggested in yesterday’s chart analysis, price closed above the horizontal channel resistance area and has since been bullish. GOLD is now looking indecisive. Trading opportunities could exist around the horizontal levels at 1305.70, 1308.80, 1318.30, 1329.00, 1340.20 and around the moving averages.