TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 04, 2018


GBPUSD - 04.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 04.04.2018

The AUDUSD has swung above the horizontal channel and bearish channel resistance areas, suggesting that price may become bullish. Buying opportunities could exist around the previous bearish channel resistance area and around the moving averages. A move higher may 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.

A US ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC. An Australian trade balance figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 04.04.2018

As suggested in yesterday’s chart analysis, the EURGBP closed below the horizontal channel support area and has since been bearish. Price is below the recent consolidation area and the moving averages are bearish, all signalling that the EURGBP could move lower. Selling opportunities may exist around the previous horizontal support at 0.8735 and around the dynamic resistance of the moving averages. A move lower could find support around the recent lows 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.

A UK construction PMI figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 04.04.2018

Price moved below the horizontal channel support area and has since been bearish (as suggested in yesterday’s chart analysis). The EURUSD is below the recent horizontal channel and the moving averages are bearish, all signalling that price may swing lower. Shorting opportunities could exist around the trend resistance area, around the previous horizontal channel support at 1.2290 and around the bearish moving averages. The EURUSD may be rejected or reverse around the recent 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.

A US ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 04.04.2018

As suggested in yesterday’s chart analysis, price has reversed around the horizontal level at 1.4090. The GBPUSD is now ranging between the horizontal levels at 1.4005-1.4090. The moving averages are tight and are moving sideways – confirming the market indecision. Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). If price breaks to the upside, the GBPUSD could stall or reverse around the horizontal resistance levels at 1.4190 and 1.4240. If price breaks to the downside, the GBPUSD could stall or reverse around the horizontal support levels at 1.3990 and 1.3890.

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 construction PMI figure will be released at 0830 UTC today. A US ADP non-farm employment change figure will be released at 1215 UTC. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 04.04.2018

The NZDUSD has been bullish. Price action is forming a swing higher and the moving averages are bullish, all suggesting that the NZDUSD may start up-trending. Opportunities to go long could exist around the previous swing low at 0.7250 and around the dynamic support of the moving averages. The NZDUSD may find resistance around the horizontal resistance at 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.

A US ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 04.04.2018

As suggested in yesterday’s chart analysis, the USDCAD moved below the horizontal channel support area and has since been bearish. Price is below the recent consolidation channel and the moving averages are bearish and are widening, all signalling that the USDCAD could start down-trending. Opportunities to go short may exist around the previous support levels at 1.2825 and 1.2860 and 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 ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 04.04.2018

Price has been bullish and has swung higher. The USDCHF is forming a swing higher – price continues to uptrend. The moving averages confirm this – they have crossed bullish and are widening. Long opportunities could exist around the previous horizontal resistance levels at 0.9575 and 0.9560, around the bullish moving averages and around the trend support area.

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.

A US ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 04.04.2018

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.

A US ADP non-farm employment change figure will be released at 1215 UTC today. This is followed by a non-manufacturing PMI figure at 1400 UTC and US crude oil inventories at 1430 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 04.04.2018

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, 1344.50 and 1355.50.