TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 11, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 11.04.2018

Price has been bullish. The AUDUSD continues to look indecisive but price action is forming a swing higher and the moving averages are bullish and are widening, suggesting that the AUDUSD could attempt another bullish move. Buying opportunities may exist around the previous resistance at 0.7725 and around the dynamic support of the moving averages. An attempt to move higher could stall or reverse around the horizontal resistance levels at 0.7765 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 CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 11.04.2018

As suggested in yesterday’s chart analysis, price has reversed around the longer-term moving moving average, the horizontal resistance at 0.8720 and the triangle pattern resistance area. The EURGBP continues to move within the bearish triangle pattern but is now also moving within a horizontal channel at 0.8695-0.8725. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). Selling opportunities could exist around the triangle pattern resistance area. The moving averages are tightening and are moving sideways, signalling market indecision. A bullish move may reverse around the horizontal resistance levels at 0.8750 and 0.8755.

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 manufacturing production figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 11.04.2018

The EURUSD has been bullish (as suggested in yesterday’s chart analysis). Price continues to be indecisive. Trading opportunities may exist around the horizontal levels at 1.2225, 1.2255, 1.2290, 1.2340, 1.2385 and 1.2465. The moving averages are bullish and are widening, signalling that the EURUSD could continue to move higher.

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 CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 11.04.2018

As suggested in yesterday’s chart analysis, the GBPUSD has continued to be bullish and move higher. The moving averages are bullish and are widening, signalling that the upside momentum may continue. If price pulls-back, opportunities to go long could exist around the previous swing high at 1.4195, around the dynamic support of the moving averages and around the previous horizontal resistance at 1.4095. A bullish move may be rejected or reverse around the horizontal resistance at 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 UK manufacturing production figure will be released at 0830 UTC. US CPI figures will be announced at 1230 UTC. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD -11.04.2018

Price has reversed around the bullish channel resistance area (as suggested in yesterday’s chart analysis). The NZDUSD is up-trending within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend may continue. Long opportunities could exist around the previous horizontal resistance at 0.7320, around the bullish moving averages and around the bullish channel support area. The NZDUSD may continue to find resistance around the 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.

US CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 11.04.2018

As suggested in yesterday’s chart analysis, price has continued to be bearish. The USDCAD is clearly down-trending. Price is below the recent bearish channel and the moving averages are bearish and are widening, all signalling that the downtrend could continue. Shorting opportunities may exist around the previous bearish channel support and resistance areas, around the dynamic resistance of the moving averages and around the previous horizontal support at 1.2735.

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 CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 11.04.2018

The USDCHF continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.9525, 0.9535 and 0.9640.

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 CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 11.04.2018

Price continues to be indecisive and range between the horizontal levels at 106.65 and 107.50. The moving averages confirm the current indecision – they are tight and are moving sideways. 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.

US CPI figures will be announced at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC and the release of FOMC meeting minutes at 1800 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 11.04.2018

GOLD has moved above the diagonal resistance area. Price has been bullish but is still looking indecisive. The moving averages have been crossing frequently and have been moving sideways – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1308.80, 1322.30, 1347.10 and 1355.50.