TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 09, 2018


EURGBP - 09.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 09.04.2018

As suggested in Friday’s chart analysis, price has reversed around range support area. The AUDUSD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). If the AUDUSD breaks to the downside, price could find support around the recent lows at 0.7640. If the AUDUSD breaks to the upside, price could 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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 09.04.2018

Price moved below the horizontal channel support area and has since been bearish (as suggested in Friday’s chart analysis). The EURGBP is below the recent consolidation area and the moving averages are bearish, all signalling that price may attempt a bearish move lower. Shorting opportunities could exist around the previous horizontal channel support and resistance at 0.8715 and 0.8750, around the dynamic resistance of the moving averages and around the diagonal resistance areas. A bearish move may find support around the horizontal support at 0.8695 and the diagonal support area.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 09.04.2018

As suggested in Friday’s chart analysis, the EURUSD attempted a bearish move lower and found support around 1.2230. Price has swung above the moving averages and the trend resistance area, signalling that the downside momentum could be weakening. The moving averages are starting to move sideways, suggesting market indecision. Trading opportunities may exist around the identified horizontal levels at 1.2225, 1.2255, 1.2300, 1.2340, 1.2380 and around the previous trend resistance (as support).

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

 

GBPUSD - 09.04.2018

The GBPUSD found support around 1.3985 (as suggested in Friday’s chart analysis) and has since been bullish. Price is now looking indecisive and is ranging between the horizontal levels at 1.3985-1.4100. The moving averages are tight and are moving sideways – confirming the current indecision. 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). A break to the upside may be rejected or reverse around the horizontal resistance levels at 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.

There is no major scheduled news today that will directly impact this currency pair.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 09.04.2018

As suggested in Friday’s chart analysis, price reversed around the 61.8% Fib level and has since been bullish. The NZDUSD is up-trending. The moving averages are about to cross bearish though, signalling that price could struggle to swing higher. Buying opportunities may exist around the dynamic support of the moving averages. Selling opportunities may exist 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

 

USDCAD - 09.04.2018

Price has been finding support around the triangle pattern support area (as suggested in Friday’s chart analysis). The USDCAD continues to downtrend within a tightening triangle pattern. The moving averages are bearish, suggesting that the selling momentum may continue. Opportunities to go short could exist around the dynamic resistance of the moving averages, around the previous horizontal support levels at 1.2800, 1.2835 and 1.2860 and around the triangle pattern resistance area. A bearish move may stall or reverse around the horizontal support at 1.2735 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.

There is a Bank of Canada business outlook survey release at 1430 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 09.04.2018

The USDCHF has been up-trending – price action has formed a series of higher swing highs and higher swing lows. The USDCHF is now below the moving averages and trend support area though, suggesting that buying momentum could be weakening. A bullish move may become bearish around the moving averages, around the previous trend support area (as resistance) and around the horizontal resistance at 0.9640. A bearish move may find support around the horizontal levels at 0.9560 and 0.9525.

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

 

USDJPY - 09.04.2018

As suggested in Friday’s chart analysis, price found resistance around 107.50. The USDJPY is up-trending and is currently in a retrace/correction phase. The moving averages are bullish and are steady, signalling that price may attempt a swing higher. Long opportunities could exist around the longer-term moving average, around the trend support area, around the previous horizontal resistance at 106.65 and around any of the key Fib levels. A bullish move may be rejected or reverse around the shorter-term moving average and around the recent swing high and horizontal resistance 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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 09.04.2018

Price found support and reversed off the horizontal level at 1322.30 (as suggested in Friday’s chart analysis). GOLD continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 1308.80, 1322.30, 1347.10 and 1355.50 and around the identified diagonal support and resistance areas of the tightening triangular consolidation pattern.