TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 6, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.04.2018

The AUDUSD moved below the bullish channel support area and has become indecisive again. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between the horizontal support at 0.7665 and the recent swing high at 0.7725. Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). If price breaks to the downside, the AUDUSD may find support around the recent lows at 0.7640. If price breaks to the upside, the AUDUSD may find resistance 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.04.2018

Price is moving sideways and is indecisive. The moving are tightening and are also moving sideways – confirming the indecision. The EURGBP is moving within a horizontal channel at 0.8715-0.8755. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). If the EURGBP breaks to the upside, price could stall or reverse around the horizontal resistance levels at 0.8790 and 0.8800. If the EURGBP breaks to the downside, price could stall or reverse around the horizontal support 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.04.2018

As suggested in yesterday’s chart analysis, the EURUSD reversed around the trend resistance area and the shorter-term moving average and has since been bearish. Price continues to downtrend and move lower. The moving averages are bearish, signalling that the bearish momentum may continue. Opportunities to go short could exist around the horizontal levels at 1.2260 and 1.2300, around the trend resistance area and around the dynamic resistance of the moving averages. An attempt to move lower may find support around the recent low at 1.2230.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.04.2018

The GBPUSD closed below the horizontal channel support area and then found support around the horizontal support at 1.3990 (as suggested in yesterday’s chart analysis). Price is below the recent consolidation and the moving averages are bearish, all signalling that the GBPUSD could start down-trending. Selling opportunities may exist around the previous support at 1.4025, around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move could be rejected or reverse around the horizontal support levels at 1.3985 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.04.2018

As suggested in yesterday’s chart analysis, price is finding support around the 50.0% Fib level. The NZDUSD has been up-trending and is currently in a retrace phase. The moving averages are bullish, suggesting that price may attempt to swing higher. Opportunities to go long could exist around the longer-term moving average, around the 50.0% and 61.8% Fib levels, around the previous swing high at 0.7250 and around the trend 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.04.2018

Price has continued to be bearish and move lower. The USDCAD is down-trending within a tightening triangle pattern. The moving averages are bearish and are widening, suggesting that the selling momentum could continue. Shorting opportunities may exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 1.2825 and 1.2860 and around the triangle pattern resistance area. A bearish move could be rejected or reverse around the horizontal support at 1.2750 and the triangle pattern support 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today. Canadian unemployment rate and employment change figures will be released at the same time.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.04.2018

The USDCHF has continued to be bullish and move higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and are steady, signalling that the uptrend may continue. Long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 0.9595 and 0.9560 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 06.04.2018

As suggested in yesterday’s chart analysis, the USDJPY has been bullish and has swung higher. Price is up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous horizontal resistance levels at 107.00 and 106.65, around the bullish moving averages and around the trend support area. The USDJPY could continue to find resistance around the new swing high at 107.50.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.04.2018

Price has reversed around the horizontal support at 1322.30 (as suggested in yesterday’s chart analysis). 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.