TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 03, 2018
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has reversed around the recent swing low at 0.7640. The AUDUSD continues to move within a bearish channel but also continues to look indecisive. Price action has formed a horizontal channel at 0.7640-0.7700. Trading opportunities may exist around the support and resistance areas of the horizontal channel and the bearish channel and if the AUDUSD moves out of either channel (break-out trades). A bullish move higher could stall or reverse around the horizontal resistance levels at 0.7755 and 0.7775.
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.
An Australian retail sales figure will be announced at 0130 UTC.
EURGBP – 1 Hour Chart
Price continues to be indecisive and move within the large horizontal channel at 0.8695-0.8800 and the tighter horizontal channel at 0.8735-0.8800. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could 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.
A UK manufacturing PMI figure will be released at 0830 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD has continued to be indecisive and move off the range support and resistance areas. Price is ranging and has formed a horizontal channel at 1.2285-1.2340. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURUSD moves out of the channel (break-out trade). A break to the upside could be rejected or reverse around the horizontal levels at 1.2380 and 1.2465. A break to the downside could 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
The GBPUSD reversed around the longer-term moving average (as suggested in yesterday’s chart analysis) but price is now looking indecisive again. The moving averages are tightening and are moving sideways – confirming the indecision. Trading opportunities could exist around any of the identified horizontal levels at 1.3890, 1.3990, 1.4005, 1.4090, 1.4190 and 1.4240.
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 manufacturing PMI figure will be released at 0830 UTC today.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price broke to the downside of the range and then was bearish. The NZDUSD has since been bullish. Price continues to be choppy and indecisive. The moving averages confirm this – they have been crossing frequently and are tight. Trading opportunities may exist around the horizontal levels at 0.7155, 0.7185, 0.7250, 0.7300 and around the identified diagonal support 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 during today’s trading sessions that will directly impact this currency pair.
USDCAD – 1 Hour Chart
Price has reversed around the horizontal channel resistance area (as suggested in yesterday’s chart analysis). The USDCAD continues to be indecisive and move within the horizontal channel at 1.2825-1.2940. 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.
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
As suggested in yesterday’s chart analysis, the USDCHF found support around the longer-term moving average. Price has failed to swing higher and is now looking choppy and indecisive. The moving averages are tight and are moving sideways – confirming the indecision. Trading opportunities may exist around the horizontal levels at 0.9425, 0.9430, 0.9495, 0.9510, 0.9525, 0.9560 and 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. The bearish stock markets may give strength to the Swiss Franc as the CHF is a safe-haven currency. The concern of a potential tariff war between the US and China may also give strength to the CHF.
There is no major scheduled news during today’s trading sessions that will directly impact this currency pair.
USDJPY – 1 Hour Chart
The USDJPY 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, 105.65, 106.45, 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. The concern of a potential tariff war between the US and China may also give strength to the Yen.
There is no major scheduled news during today’s trading sessions that will directly impact this currency pair.
XAUUSD – 1 Hour Chart
GOLD continues to be indecisive and lack trend direction. The moving averages are tightening and are moving sideways – confirming the indecision. Trading opportunities may exist around the identified horizontal levels at 1308.85, 1322.30 and 1355.50.
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