TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 19, 2018


USDCAD - 19.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 19.04.2018

As suggested in yesterday’s chart analysis, price broke to the downside of the range and then reversed around the horizontal support at 0.7740. The AUDUSD is looking choppy and indecisive again. The moving averages confirm the indecision – they are tight and are moving sideways. Price is ranging between the horizontal support at 0.7740 and the horizontal resistance at 0.7805. 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 0.7225 and 0.7655.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

EURGBP – 1 Hour Chart

 

EURGBP - 19.04.2018

Price moved above the range resistance area and has since been bullish (as suggested in yesterday’s chart analysis). The EURGBP is now looking indecisive. Trading opportunities could exist around the horizontal levels at 0.8620, 0.8670 and 0.8735.

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 retail sales figure will be released at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 19.04.2018

As suggested in yesterday’s chart analysis, the EURUSD has been reversing off the diagonal support area. Price continues to be indecisive. The moving averages have been crossing frequently – confirming the current indecision. The EURUSD is moving between a number of horizontal levels and within a tightening triangular consolidation pattern. Trading opportunities may exist when price moves out of the consolidation pattern and around the identified horizontal levels at  1.2225, 1.2305, 1.2345, 1.2390 and 1.2405.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 19.04.2018

The GBPUSD has been bearish. Price is below the recent trend support area and the moving averages, suggesting that the recent uptrend is now over. The GBPUSD is now looking indecisive. Trading opportunities could exist around the horizontal levels at 1.4095, 1.4145, 1.4185, 1.4365 and around the moving averages.

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 retail sales figure will be released at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 19.04.2018

As suggested in yesterday’s chart analysis, price has been reversing around the bearish channel support and resistance areas and around the shorter-term moving average. The NZDUSD continues to be bearish and move within a bearish channel. The moving averages are bearish and are steady, signalling that the selling momentum could continue. Opportunities to go short may exist around the channel resistance area, around the dynamic resistance of the moving averages and around the horizontal resistance at 0.7370. A bearish move could stall or reverse 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCAD – 1 Hour Chart

 

USDCAD - 19.04.2018

Price has been bullish and has swung above the trend resistance area. The USDCAD is looking indecisive again. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the previous trend resistance area (as support) and around the horizontal levels at 1.2530, 1.2645 and 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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDCHF – 1 Hour Chart

 

USDCHF - 19.04.2018

The USDCHF is up-trending. The moving averages are bullish and are widening, suggesting that the uptrend could continue. Buying opportunities may exist around the dynamic support of the moving averages, around the previous horizontal resistance at 0.9640 and around the trend support area. Price could continue to find resistance around the horizontal resistance at 0.9690.

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.

There is no major scheduled news today that will directly impact this currency pair.

 

USDJPY – 1 Hour Chart

 

usdjpy - 19.04.2018

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.

There is no major scheduled news today that will directly impact this currency pair.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 19.04.2018

GOLD has been bullish. Price action has formed a bullish channel and the moving averages are bullish, all suggesting that GOLD may start up-trending. Long opportunities could exist around the dynamic support of the moving averages, around the channel support area and around the horizontal support at 1338.80. A bullish move may be rejected or reverse around the channel resistance area and around the highs at 1361.30.