TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 16, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 16.04.2018

As suggested in Friday’s chart analysis, the AUDUSD has been bullish and has swung higher. Price action has formed a series of higher highs and higher lows – the AUDUSD is up-trending. The moving averages are bullish and are steady, signalling that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.7740 and 0.7725. An attempt to swing higher may stall or reverse around the recent high at 0.7800.

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 retail sales figures will be announced at 1230 UTC today. The Reserve Bank of Australia (RBA) will release monetary policy meeting minutes at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 16.04.2018

The EURGBP reversed around the 23.6% Fib level and has since swung lower (as suggested in Friday’s chart analysis). Price is down-trending. The moving averages are bearish and are widening, signalling that the downtrend could continue. Selling opportunities may exist around any of the key Fib levels, around the bearish moving averages and around the previous support at 0.8695. A bearish move could be rejected or reverse around the swing low at 0.8630.

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 - 16.04.2018

As suggested in Friday’s chart analysis, price has reversed around the horizontal level at 1.2305. The EURUSD continues to be indecisive. The moving averages confirm this – they are tight and are moving sideways. Price is ranging between the horizontal support at 1.2305 and the recent swing high at 1.2385. Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD closes out of the range (break-out trade). If price breaks to the downside, the EURUSD may find support around the horizontal levels at 1.2290, 1.2260 and 1.2225.

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 retail sales figures will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD -16.04.2018

Price has continued to be bullish and has formed a swing higher (as suggested in Friday’s chart analysis). The GBPUSD is up-trending. The moving averages are bullish and are steady, signalling that the uptrend could continue. Long opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.4210 and 1.4145. A bullish move could be rejected or reverse around the recent swing high at 1.4285.

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 retail sales figures will be announced at 1230 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 16.04.2018

The NZDUSD continues to move within a bullish channel and also range (0.7345-0.7390). The moving averages confirm the current lack of trend momentum – they are tightening and are moving sideways. Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Trading opportunities could also exist around the support and resistance areas of the bullish channel and around the horizontal level 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.

US retail sales figures will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 16.04.2018

As suggested in Friday’s chart analysis, the USDCAD has been reversing off the support and resistance areas of the horizontal channel (1.2555-1.2620). Price continues to be indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities may exist around the support and resistance areas of the channel and if the USDCAD moves out of the channel (break-out trade). A break to the upside could stall or reverse around the trend resistance 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 retail sales figures will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 16.04.2018

Price has been finding resistance around the range resistance area (as suggested in Friday’s chart analysis). The USDCHF continues to be indecisive and range between the horizontal levels at 0.9525 and 0.9640. The moving averages confirm the market indecision – they have been crossing frequently and are providing no clear trend direction. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves 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. 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 retail sales figures will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 16.04.2018

The USDJPY is looking choppy but is steadily up-trending. The moving averages are bullish and are widening, suggesting that price may attempt a bullish move higher. Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support at 106.65. A bullish move could be rejected or reverse around the horizontal resistance at 107.70.

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 retail sales figures will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 16.04.2018

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Trading opportunities could exist around the horizontal levels at 1322.30, 1326.80, 1334.85 and 1361.30.