TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 20, 2018


USDJPY - 20.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 20.04.2018

As suggested in yesterday’s chart analysis, the AUDUSD closed below the range support area and has since been bearish. Price is below the recent consolidation area and the moving averages are bearish, all signalling that the AUDUSD may attempt another bearish move. Shorting opportunities could exist around the previous range support area at 0.7740 and around the dynamic resistance of the moving averages.

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 - 20.04.2018

The EURGBP has been bullish. Price action has formed a bullish channel and the moving averages are bullish and are widening, all suggesting that the upside momentum could continue. Opportunities to go long may exist around the previous horizontal resistance at 0.8735, around the dynamic support of the moving averages and around the bullish channel support area. Price may be rejected or reverse around the channel resistance area. The upside momentum has been very aggressive, signalling that the EURGBP could suddenly become bearish and retrace some of the recent upside move.

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 - 20.04.2018

As suggested in yesterday’s chart analysis, price was rejected and then reversed off the horizontal resistance at 1.2390. The EURUSD continues to be choppy and 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 1.2225, 1.2305, 1.2335, 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 - 20.04.2018

Price has been bearish and is forming a swing lower. The GBPUSD is down-trending. The moving averages are bearish and are widening, suggesting that the downtrend may continue. If price pulls-back, selling opportunities may exist around the previous horizontal support levels at 1.4145 and 1.4175, around the trend resistance area and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the horizontal support at 1.3985.

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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 20.04.2018

As suggested in yesterday’s chart analysis, the selling momentum continued – the NZDUSD has been bearish and has moved lower. The moving averages are bearish and are widening, signalling that the downside price action may continue. Opportunities to go short could exist around the support and resistance areas of the previous bearish channel, around the moving averages and around the previous swing low at 0.7305.

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 - 20.04.2018

The USDCAD has been bullish. Price action has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish and are widening, all signalling that the USDCAD could start up-trending. Long opportunities may exist around the previous horizontal resistance levels at 1.2645 and 1.2625, around the trend support area and around the dynamic support of the moving averages. A bullish move higher could be rejected or reverse around the horizontal levels at 1.2735 and 1.2805.

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 Canadian CPI figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 20.04.2018

As suggested in yesterday’s chart analysis, price reversed around the shorter-term moving average and has since been bullish. The USDCHF is up-trending and is currently forming a swing higher. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous horizontal resistance levels at 0.9590 and 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 20.04.2018

Price has reversed around the horizontal level at 107.70 (as suggested in yesterday’s chart analysis). The USDJPY continues to move sideways and be indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Trading opportunities could exist around the identified horizontal levels at 106.65, 106.90 and 107.70. If price closes above the horizontal resistance at 106.65, the USDJPY may attempt a bullish 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. 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 - 20.04.2018

GOLD has moved below the bullish channel support area and has become indecisive again. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the horizontal levels at 1322.30, 1326.85, 1334.85, 1338.80, 1353.60 and 1361.30.