TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 18, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 18.04.2018

The AUDUSD continues to be indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price is ranging between the horizontal levels at 0.7755 and 0.7785. Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the upside may stall or reverse around the recent high at 0.7800. A break to the downside may stall or reverse around the horizontal levels at 0.7740 and 0.7725.

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 crude oil inventories is at 1430 UTC today. Australian unemployment rate and employment change figures will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 18.04.2018

As suggested in yesterday’s chart analysis, the EURGBP broke to the downside of the horizontal channel. Price quickly reversed though and is now looking indecisive again. The moving averages are tightening and are beginning to move sideways – confirming the indecision. The EURGBP is ranging between the recent low at 0.8620 and the horizontal resistance at 0.8670. Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around the previous horizontal 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 CPI figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 18.04.2018

Price has been bearish and has moved below the bullish channel support area. The EURUSD is now looking indecisive again. The moving averages confirm this – they have been crossing frequently and are now moving sideways. Trading opportunities could exist around the horizontal levels at 1.2225, 1.2305, 1.2405 and around the identified diagonal level.

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 crude oil inventories is at 1430 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 18.04.2018

Just like the EURUSD, the GBPUSD has been bearish. Price has moved below the shorter-term moving average and the trend support area, suggesting that buying momentum is weakening. The moving averages are still bullish though, signalling that the GBPUSD could attempt another bullish move. Long opportunities may exist around the longer-term moving average and around the horizontal levels at 1.4225 and 1.4205. A bullish move could be rejected or reverse around the previous trend support area (as resistance) and around the recent swing high at 1.4365.

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 CPI figure will be announced at 0830 UTC today. US crude oil inventories is at 1430 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 18.04.2018

As suggested in yesterday’s chart analysis, price has been bearish and is moving lower. Price action has formed a bearish channel and the moving averages are bearish, all signalling that the NZDUSD may swing even lower. Selling opportunities could exist around the bearish channel resistance area and around the dynamic resistance of the moving averages. Price may find support around the channel support 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 crude oil inventories is at 1430 UTC today. A New Zealand CPI figure will be released at 2245 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 18.04.2018

The USDCAD broke to the downside of the horizontal channel but the bearish move quickly reversed. Price is now moving sideways again. The moving averages are moving sideways – confirming the indecision. The USDCAD is ranging between the recent low at 1.2530 and the horizontal resistance at 1.2625. Trading opportunities may exist around the support and resistance areas and if price moves out of the range (break-out trade). Selling opportunities may exist 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.

The Bank of Canada will announce the overnight rate and release a rate statement and monetary policy report at 1400 UTC. This is followed by a press conference at 1515 UTC. US crude oil inventories is at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 18.04.2018

As suggested in yesterday’s chart analysis, the USDCHF closed above the horizontal channel resistance area and has since been bullish. Price is above the horizontal channel and the moving averages are bullish, all signalling that the USDCHF may start up-trending. Buying opportunities could exist around the previous channel resistance at 0.9640, around the dynamic support of the moving averages and around the trend support 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 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 crude oil inventories is at 1430 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 18.04.2018

Price continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 105.65, 106.65, 106.90 and 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 crude oil inventories is at 1430 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 18.04.2018

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.