TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 10, 2018
AUDUSD – 1 Hour Chart
The AUDUSD continues to be indecisive. The moving averages have been crossing frequently and have been providing no clear trend direction – confirming the indecision. Trading opportunities could exist around the moving averages and around the identified horizontal levels at 0.7640, 0.7655, 0.7725, 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 PPI figure will be announced at 1230 UTC today.
EURGBP – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURGBP found support around the diagonal support area and the horizontal support at 0.8695. Price continues to downtrend and also move within a triangular downward pattern. The moving averages are bearish and are widening, signalling that the EURGBP could move lower. Selling opportunities may exist around the horizontal level at 0.8720, around the bearish moving averages and around the triangle pattern resistance area. Price could continue to find support around the diagonal support area and 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD – 1 Hour Chart
Price continues to be indecisive. Trading opportunities could exist around the horizontal levels at 1.2225, 1.2255, 1.2290, 1.2340, 1.2380 and 1.2465. The moving averages have just crossed bullish, suggesting that the EURUSD may attempt a bullish move.
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 PPI figure will be announced at 1230 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price closed above the range resistance area and has since been bullish. The GBPUSD is above the recent consolidation and the moving averages are bullish and are widening, signalling that price could start up-trending. Opportunities to go long may exist around the previous range resistance at 1.4100 and around the dynamic support of the moving averages. A bullish move could stall 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.
A US PPI figure will be announced at 1230 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD has continued to be bullish and is forming a swing higher. Price is clearly up-trending. If the NZDUSD pulls-back, buying opportunities could exist around the previous swing high at 0.7320, around the moving averages and around the potential bullish channel support area. A bullish move higher may be rejected or reverse around the potential channel resistance 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.
A US PPI figure will be announced at 1230 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the selling momentum has continued – the USDCAD has been bearish and has moved lower. Price is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue. Shorting opportunities may exist around the horizontal levels at 1.2735, 1.2805, 1.2835 and 1.2860, around the dynamic resistance of the moving averages and around the bearish channel resistance area. The USDCAD could be rejected or reverse around the bearish channel 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.
A US PPI figure will be announced at 1230 UTC today.
USDCHF – 1 Hour Chart
Price has found support around the horizontal level at 0.9560 (as suggested in yesterday’s chart analysis). The USDCHF has been up-trending but is now looking indecisive. The moving averages have crossed bearish, signalling that the uptrend momentum is weakening. Trading opportunities could exist the identified horizontal levels at 0.9525, 0.9560, 0.9640 and around the moving averages.
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 PPI figure will be announced at 1230 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed off the previous horizontal resistance at 106.65. The USDJPY is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price is ranging between the horizontal levels at 106.65 and 107.50. Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY closes out of the range (break-out trade).
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 PPI figure will be announced at 1230 UTC today.
XAUUSD – 1 Hour Chart
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.
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