TriumphFX Inter-day Chart Analysis – Daily Charts – April 06, 2018


GBPUSD - 06.04.2018 - Daily

 

EURGBP – Daily Chart

 

EURGBP - 06.04.2018 - Daily

As suggested in our last inter-day analysis, the EURGBP has been moving off the horizontal channel support and resistance areas and continues to be indecisive. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities could continue to exist around the support and resistance areas of the horizontal channel and if the EURGBP closes out of the channel (break-out trade). The moving averages are bearish, signalling that price may break to the downside.

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.

 

EURUSD – Daily Chart

 

EURUSD - 06.04.2018 - Daily

The EURUSD is also moving within a horizontal channel (1.2185-1.2505). Trading opportunities may exist around the support and resistance areas of the channel and if the EURUSD moves out of the channel (break-out trade). Price is also moving within the identified bullish channel. The EURUSD recently failed to reach the bullish channel resistance area, suggesting that price is going to move lower. A bearish move could find support around the dynamic support of the moving averages and around the horizontal levels at 1.2060 and 1.1590.

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.

 

GBPUSD – Daily Chart

 

GBPUSD - 06.04.2018 - Daily

As suggested in our last inter-day chart analysis, price reversed around the trend support area and then reversed around the swing high at 1.4260. The GBPUSD is up-trending. The moving averages are bullish and are widening, signalling that the uptrend may continue. Buying opportunities could exist around the trend support area, around the moving averages and around the horizontal levels at 1.3750 and 1.3595. Price may continue to find resistance around the horizontal resistance at 1.4260.

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.

 

NZDUSD – Daily Chart

 

NZDUSD - 06.04.2018 - Daily Chart

Price reversed around the horizontal level at 0.7400 (as suggested in our last inter-day analysis). The NZDUSD continues to be choppy and indecisive. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.6800, 0.7050, 0.7175, 0.7400 and 0.7525.

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.

 

USDCHF – Daily Chart

 

USDCHF - 06.04.2018 - Daily

The USDCHF has formed a swing lower and is possibly down-trending. Price is currently in a retrace/correction phase. The moving averages are bearish and are widening, signalling that the USDCHF may swing lower. Shorting opportunities could exist around the longer-term moving average, around the 61.8% Fib level and around the horizontal level at 0.9750. An attempt to swing lower may be rejected or reverse around the horizontal support levels at 0.9445 and 0.9220.

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.

 

USDJPY – Daily Chart

 

USDJPY - 06.04.2018 - Daily

As suggested in our last inter-day chart analysis, the USDJPY was bearish and has formed a swing lower. Price is now bullish and is retracing some of the recent bearish move. The USDJPY is below the recent horizontal channel and the moving averages are bearish and are widening, all signalling that price could start down-trending. Opportunities to go short may exist around the previous horizontal channel support at 107.80, around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous support at 111.10.

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.

 

XAUUSD – Daily Chart

 

XAUUSD - 06.04.2018 - Daily

GOLD has been reversing off the horizontal resistance at 1356.20 (as suggested in our last inter-day analysis). Price is indecisive and has formed a horizontal channel at 1309.65-1356.20. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GOLD closes out of the channel (break-out trade). The moving averages are bullish and are widening, suggesting that GOLD may break to the upside.


Warning: count(): Parameter must be an array or an object that implements Countable in C:\WebApps\analysis.tfxi.com\wp-includes\class-wp-comment-query.php on line 405