TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 27, 2018
AUDUSD – 1 Hour Chart
The AUDUSD continues to be indecisive. The moving averages confirm the current lack of trend direction – they are tight and are moving sideways. Price continues to range between the horizontal support area at 0.7675 and the recent swing high at 0.7775. Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). If price breaks to the upside, the AUDUSD may stall or reverse around the horizontal levels at 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 consumer confidence figure will be announced at 1500 UTC today.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURGBP moved above the range area and has since been finding resistance around the trend resistance. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the identified diagonal support and resistance areas and around the horizontal levels at 0.8695, 0.8795 and 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.
There is no major scheduled news during today’s trading sessions that will directly impact this currency pair.
EURUSD – 1 Hour Chart
Price has been bullish and is forming a swing higher (as suggested in yesterday’s chart analysis). The EURUSD is above a number of previous resistance levels and the moving averages are bullish and are widening, all signalling that price may start up-trending. Opportunities to go long could exist around the previous horizontal resistance levels at 1.2435, 1.2410, 1.2385 and around the dynamic support 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.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 consumer confidence figure will be announced at 1500 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has continued to be bullish and uptrend. The GBPUSD is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the buying momentum could continue. Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the previous swing high at 1.4170. A bullish move higher could stall or reverse around 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 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 consumer confidence figure will be announced at 1500 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has continued to be bullish and move higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and steady, suggesting that the upside momentum may continue. Buying opportunities could exist around the trend support area, around the moving averages and around the previous horizontal resistance at 0.7260. A bullish move higher may be rejected or reverse around the recent highs at 0.7355.
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 consumer confidence figure will be announced at 1500 UTC today.
USDCAD – 1 Hour Chart
Price continues to be choppy and indecisive. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 1.2800, 1.2835, 1.2915, 1.2935, 1.2970, 1.3000 and 1.3120. If the USDCAD closes below the horizontal support at 1.2800, price could start down-trending.
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 consumer confidence figure will be announced at 1500 UTC today.
USDCHF – 1 Hour Chart
The USDCHF continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently. Trading opportunities could exist around the horizontal levels at 0.9425, 0.9435, 0.9485, 0.9510 and 0.9565. If price closes below the horizontal support at 0.9425, the USDCHF may 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.
A US consumer confidence figure will be announced at 1500 UTC today.
USDJPY – 1 Hour Chart
Price is down-trending and is currently in a retrace/correction phase. The moving averages are bearish, suggesting that the USDJPY could attempt another bearish swing. Shorting opportunities may exist around the 61.8% Fib level and around the trend resistance area. A bearish move could find support around the moving averages and around the recent swing low at 104.65.
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 consumer confidence figure will be announced at 1500 UTC today.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD has continued to be bullish and move higher. The moving averages are bullish are are widening, signalling that the bullish momentum may continue. If price pulls-back, buying opportunities could exist around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1339.05, 1333.85 and 1329.00.
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