TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 02, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 02.04.2018

The AUDUSD continues to downtrend within a bearish channel. Recent price action has been sideways – markets are quiet due to the Easter holiday season. The moving averages confirm the current market conditions – they are tight and are moving sideways. Shorting opportunities could exist around the bearish channel resistance area. A move to the downside may stall or reverse around the recent swing low at 0.7640 and the 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.

The Reserve Bank of Australia (RBA) will announce the official cash rate and release a rate statement at 0430 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 02.04.2018

As suggested in Friday’s chart analysis, the EURGBP has reversed around the horizontal channel resistance area. Price continues to be indecisive and move within the horizontal channel at 0.8695-0.8800. Price action has now also formed a tighter horizontal channel at 0.8735-0.8800. Trading opportunities may exist around the support and resistance areas of both horizontal channels and if the EURGBP closes out of either channel (break-out trades).

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

 

EURUSD - 02.04.2018

Price continues to lack trend direction and be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are currently tightening. The EURUSD is ranging between the horizontal levels at 1.2285 and 1.2235. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may be rejected or reverse around the horizontal levels at 1.2380 and 1.2465. A break to the downside may be rejected or reverse around the lows at 1.2240.

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 - 02.04.2018

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average. The GBPUSD has since been moving sideways and has become indecisive. The moving averages are tightening – confirming the lack of trend momentum. Trading opportunities may exist around the horizontal levels at 1.3890, 1.3990, 1.4005, 1.4055, 1.4090, 1.4190, 1.4240 and around 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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 02.04.2018

Just like most other currency pairs, the NZDUSD is moving sideways due to the lack of momentum caused by the Easter holiday season. Price is ranging between the horizontal levels at 0.7225 and 0.7250. Trading opportunities could exist around the support and resistance areas of the range and if the NZDUSD breaks out of the range. Trading opportunities may also exist around the identified horizontal levels at 0.7155, 0.7185, 0.7300 and 0.7350. The moving averages are tight and are moving sideways – confirming the current indecision.

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 - 02.04.2018

The USDCAD continues to be indecisive and move within the horizontal channel at 1.2825-1.2940. The moving averages are very tight and are moving sideways – confirming the lack of trend momentum. Trading opportunities could exist around the support and resistance areas of the horizontal 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 02.04.2018

As suggested in Friday’s chart analysis, the USDCHF found support and reversed around the 38.2% Fib level. Price has formed a swing higher and is currently in a retrace/correction phase. The moving averages are bullish, signalling that the USDCHF could attempt to swing higher. Opportunities to go long may exist around the key Fib levels, around the longer-term moving average and around the previous horizontal resistance levels at 0.9510 and 0.9495. An attempt to swing higher could find resistance around the recent high at 0.9580.

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 - 02.04.2018

Price is indecisive. The moving averages confirm this – they have been crossing frequently and are currently tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 104.65, 105.80, 106.15, 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 - 02.04.2018

Just like most currency pairs, GOLD continues to be indecisive. Trading opportunities may exist around the identified horizontal levels at 1308.85, 1322.30 and 1355.50.