TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 5, 2018
AUDUSD – 1 Hour Chart
Price has been slightly bullish but continues to be indecisive. Price action has formed a potential bullish channel and the moving averages are bullish, all suggesting that the AUDUSD could attempt to move higher. Opportunities to go long may exist around the dynamic support of the moving averages and around the bullish channel support area. An attempt to move higher could be rejected or reverse around the channel resistance area and 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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average. The EURGBP has since been finding support around 0.8715. The moving averages continue to be bearish and are widening, signalling that price may move lower. Opportunities to go short could exist around the dynamic resistance of the moving averages and around the trend resistance area. An attempt to move lower may stall or reverse around the horizontal support levels at 0.8715 and 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 services PMI figure will be released at 0830 UTC today.
EURUSD – 1 Hour Chart
The EURUSD reversed around the longer-term moving average and trend resistance area (as suggested in yesterday’s chart analysis). Price is choppy but is down-trending. The moving averages are bearish and are widening, signalling that the bearish momentum could continue. Selling opportunities may exist around the trend resistance area, around the moving averages and around the horizontal resistance at 1.2300. A bearish move could find support around the horizontal levels at 1.2255 and 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 today that will directly impact this currency pair.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD has reversed around the range resistance area. Price continues to be indecisive and range between the support area at 1.4005 and the resistance area at 1.4095. 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 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 services PMI figure will be released at 0830 UTC today.
NZDUSD – 1 Hour Chart
Price has been bullish and has formed a higher swing high (as suggested in yesterday’s chart analysis). The NZDUSD is now retracing some of the recent bullish move. The moving averages are bullish and are widening, signalling that price could swing higher and uptrend. Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous horizontal resistance at 0.7250. A bullish move could be rejected or reverse around the recent swing high at 0.7320.
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 today that will directly impact this currency pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the shorter-term moving average and has since been bearish. The USDCAD is down-trending. The moving averages are bearish and are widening, signalling that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 1.2825 and 1.2860 and around the trend resistance area.
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 trade balance figure will be announced at 1230 UTC today.
USDCHF – 1 Hour Chart
The USDCHF found support around the previous resistance at 0.9560 and the moving averages and has since swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and are widening, signalling that the upside momentum could continue. Buying opportunities may exist around the previous resistance levels at 0.9595 and 0.9560, around the dynamic support of 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.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY is finding resistance around the horizontal level at 107.00. Price action has formed a bullish channel and the moving averages are bullish and are widening, all suggesting that the USDJPY may swing higher. Price does continue to look indecisive though. Opportunities to go long could exist around the bullish moving averages and around the bullish channel support area. The USDJPY may reverse around the horizontal resistance at 107.00 and the channel resistance 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. 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 today 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, 1347.10 and 1355.50.
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