TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 23, 2018
AUDUSD – 1 Hour Chart
The AUDUSD has been bearish and is now looking indecisive. The moving averages confirm this – they are moving sideways. Trading opportunities may exist around the horizontal levels at 0.7675, 0.7775, 0.7830, 0.7850 and 0.7900.
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.
A US durable goods orders figure will be announced at 1230 UTC today.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURGBP reversed around the shorter-term moving average and the previous horizontal support at 0.8745 and then formed a swing lower. Price is now bullish and is in a retrace/correction phase. The moving averages are still bearish, signalling that the EURGBP may attempt to swing lower. Opportunities to go short could exist around the previous horizontal support at 0.8745, around the longer-term moving average, around the trend resistance area and around the horizontal resistance at 0.8800. A move to the downside may stall or reverse around the recent swing low at 0.8695.
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 during today’s trading sessions that will directly impact this currency pair.
EURUSD – 1 Hour Chart
Price continues to move within the bearish channel. The EURUSD is struggling form a swing lower and the moving averages are bullish and are widening, suggesting that price could close above the channel resistance area. Opportunities to go long may exist around the moving averages, around the diagonal support area and if price closes above the channel resistance area. A bullish move could be rejected or reverse around the horizontal resistance levels at 1.2375, 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.
A US durable goods orders figure will be announced at 1230 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has been finding support around the shorter-term moving average. The GBPUSD is up-trending. The moving averages are bullish and are steady, signalling that the upside momentum may continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.4065 and 1.3990. A bullish move may stall or reverse around the recent swing high at 1.4170.
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 US durable goods orders figure will be announced at 1230 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD reversed around the horizontal resistance level at 0.7260 (as suggested in yesterday’s chart analysis). Price is indecisive and ranging between the recent lows at 0.7155 and the horizontal resistance at 0.7260. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if the NZDUSD closes out of the range (break-out trade).
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.
A US durable goods orders figure will be announced at 1230 UTC today.
USDCAD – 1 Hour Chart
Price continues to be indecisive and move between a number of horizontal levels. Trading opportunities could exist around the horizontal levels at 1.2800, 1.2850, 1.2970 and 1.3000. The moving averages are bearish and are widening, suggesting that the USDCAD may move lower. Selling opportunities could exist around the dynamic resistance of the moving averages.
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.
A US durable goods orders figure will be announced at 1230 UTC today. Canadian CPI and and retails sales figures will be released at the same time.
USDCHF – 1 Hour Chart
The USDCHF continues to be indecisive. Price action has formed a bearish channel though and the moving averages are bearish and are widening, signalling that the USDCHF could attempt a bearish move lower. Shorting opportunities may exist around the channel resistance area, around the previous support levels at 0.9490 and 0.9495 and around the moving averages. A move to the downside could be rejected or reverse around the channel support area and around the horizontal support at 0.9425.
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 US durable goods orders figure will be announced at 1230 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY closed below the horizontal support at 105.53 and has since been bearish. Price is now below the recent consolidation area and the moving averages are bearish and widening, all signalling that the USDJPY may start down-trending. Shorting opportunities could exist around the previous horizontal support levels at 105.35, 105.55, 105.60 and around the dynamic resistance of the moving averages.
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.
A US durable goods orders figure will be announced at 1230 UTC today.
XAUUSD – 1 Hour Chart
GOLD has been bullish. Price has moved above the recent consolidation area and the moving averages are bullish and are widening, all suggesting that price could start up-trending. Long opportunities may exist around the horizontal levels at 1339.05, 1333.85, 1326.85 and around the dynamic support of the moving averages.
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