TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 17, 2018


EURUSD - 17.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 17.04.2018

As suggested in yesterday’s chart analysis, price has found support around the longer-term moving average. The AUDUSD is now looking indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Price is ranging between the horizontal support at 0.7740 and the recent high at 0.7800. Trading opportunities may 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 could be rejected or reverse around the horizontal levels at 0.7725, 0.7655 and 0.7640.

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 building permits figure will be announced at 1230 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 17.04.2018

Price is attempting to swing lower but is finding support around the horizontal support level at 0.8630 (as suggested in yesterday’s chart analysis). The EURGBP has been down-trending but is now moving within a horizontal channel at 0.8630-0.8670. 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). The moving averages are bearish and steady, signalling that the EURGBP may break to the downside and continue to downtrend. If price breaks to the upside, the EURGBP may reverse around the previous support at 0.8695 and the trend resistance 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.

A UK averages earnings index will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 17.04.2018

As suggested in yesterday’s chart analysis, the EURUSD found resistance around the range resistance at 1.2385. Price has been ranging between 1.2305-1.2385 but is currently attempting a move above the range resistance area. The moving averages are crossing bullish and price action has formed a bullish channel, all signalling that the EURUSD could start up-trending. Buying opportunities may exist around the previous range resistance area, around the dynamic support of the moving averages and around the bullish channel support area. A move higher could stall or reverse around the bullish channel resistance 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 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 building permits figure will be announced at 1230 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 17.04.2018

The GBPUSD reversed around the shorter-term moving average and the trend support area and has since been bullish (as suggested in yesterday’s chart analysis). Price is up-trending and is currently forming a higher swing high. The moving averages are bullish and are steady, signalling that the uptrend may continue. If the GBPUSD starts retracing, opportunities to go long could exist around the bullish moving averages, around the horizontal levels at 1.4285 and 1.4225 and around the trend 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 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 averages earnings index will be released at 0830 UTC today. A US building permits figure will be announced at 1230 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 17.04.2018

Price has been bearish and has moved below the bullish channel support area. The NZDUSD is looking indecisive. Price is below the recent consolidation area though and the moving averages have crossed bearish, all suggesting that the NZDUSD could attempt a bearish move lower. Shorting opportunities may exist around the previous bullish channel support area (as resistance), around the diagonal resistance area, around the bearish moving averages and around the horizontal resistance at 0.7370. A bearish move could be rejected or reverse around the horizontal levels at 0.7335 and 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.

A US building permits figure will be announced at 1230 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 17.04.2018

As suggested in yesterday’s chart analysis, price has been reversing off the support and resistance areas of the horizontal channel (1.2555-1.2620). The USDCAD continues to be indecisive. The moving averages confirm this – they are tightening and are moving sideways. Trading opportunities could 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.

A US building permits figure will be announced at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 17.04.2018

The USDCHF has reversed off the horizontal channel resistance area (as suggested in yesterday’s chart analysis). Price continues to be indecisive and move within a large horizontal channel at 0.9525-0.9640. The moving averages confirm the current indecision – they have been crossing frequently and are providing no clear trend direction. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (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.

A US building permits figure will be announced at 1230 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 17.04.2018

Price has become indecisive again. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. The USDJPY is ranging between the horizontal support at 106.65 and the recent swing high at 107.70. Trading opportunities could exist around the support and resistance areas of the range and and if the USDJPY 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. 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 building permits figure will be announced at 1230 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 17.04.2018

GOLD 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.