TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 29, 2018


GBPUSD - 29.03.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 29.03.2018

As suggested in yesterday’s chart analysis, the AUDUSD moved below the range support area and has since been bearish. Price action has formed a potential bearish channel. Price is below the recent consolidation area and the moving averages are bearish and are widening, all signalling that the AUDUSD may start down-trending. Opportunities to go short could exist around the previous horizontal support levels at 0.7675 and 0.7690, around the dynamic resistance of the moving averages and around the channel resistance area. A bearish move may stall or reverse around the bearish channel support area.

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 during today’s trading sessions that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 29.03.2018

The EURGBP found support around the previous diagonal resistance area (as suggested in yesterday’s chart analysis). Price has since become indecisive and is sideways. The moving averages confirm the market indecision – they are tight and are moving sideways. The EURGBP is moving within a horizontal channel at 0.8695-0.8800. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade).

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 current account figure will be announced at 0930 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 29.03.2018

Price has been bearish and is now looking indecisive. The moving averages have been crossing frequently and are now moving sideways – confirming the lack of trend direction. Trading opportunities could exist around the identified horizontal levels at 1.2240, 1.2300, 1.2385 and 1.2465.

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 during today’s trading sessions that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 29.03.2018

As suggested in yesterday’s chart analysis, price broke to the downside of the range and then found support around the horizontal level at 1.4065. Price action has formed a head and shoulder reversal pattern and the moving averages are bearish and are widening, signalling that the GBPUSD could move lower. Selling opportunities may exist around the previous horizontal support at 1.4090, around the dynamic resistance of the moving averages, around the trend resistance area and around the resistance at 1.4190. A bearish move could be rejected or reverse around the horizontal support levels at 1.4060, 1.3990 and 1.3895.

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 current account figure will be announced at 0930 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 29.03.2018

The NZDUSD has been bearish and is forming a swing lower. Price is looking indecisive. The moving averages confirm this – they have been crossing frequently and are tight. Trading opportunities could exist around the horizontal levels at 0.7155 and 0.7300.

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 during today’s trading sessions that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart

 

USDCAD - 29.03.2018

As suggested in yesterday’s chart analysis, the USDCAD has reversed around the horizontal level at 1.2935. Price continues to be indecisive. The moving averages are tight – confirming the current indecision. The USDCAD is moving within a horizontal channel at 1.2825-1.2935. Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade). If the USDCAD breaks to the upside, price could stall or reverse around the horizontal levels at 1.2970 and 1.3000. A break to the downside could stall or reverse around 1.2800.

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 Canadian GDP figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 29.03.2018

Price closed above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The USDCHF has moved above the recent consolidation 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 resistance levels at 0.9565, 0.9510, 0.9495 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.

There is no major scheduled news during today’s trading sessions that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart

 

USDJPY - 29.03.2018

As suggested in yesterday’s chart analysis, price closed above the trend resistance area and has moved higher. The moving averages are bullish and are widening, suggesting that the buying momentum could continue. If the USDJPY pulls-back, long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance at 105.80. A move higher could be rejected or reverse around the horizontal resistance at 107.00 and 107.20.

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 during today’s trading sessions that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 29.03.2018

GOLD continues to be bearish and reverse the recent bullish move. Price is looking indecisive. Trading opportunities could exist around the identified horizontal levels at 1308.80, 1315.00, 1329.10 and 1355.50.