TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 23, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.04.2018

As suggested in Friday’s chart analysis, price was bearish and then found support around the identified horizontal support at 0.7655. The moving averages are bearish and are widening, signalling that the AUDUSD could swing lower. Selling opportunities may exist around any of the key Fib levels and around the dynamic resistance of the moving averages. Price could continue to find support around the horizontal support at 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.

An Australian CPI figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.04.2018

Price was rejected and reversed around the bullish channel resistance area (as suggested in Friday’s chart analysis). The EURGBP then reversed around the horizontal level at 0.8735 (as also suggested). Price continues to uptrend within a bullish channel. The moving averages are bullish, signalling that the upside momentum may continue. Buying opportunities could exist around the channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.8735 and 0.8690.

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 - 23.04.2018

The EURUSD continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently. The moving averages are becoming bearish though and price has swung below some key support levels, all signalling that the EURUSD could move lower. Opportunities to go short may exist around the previous horizontal support levels at 1.2305 and 1.2335 and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the horizontal support levels at 1.2265 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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 23.04.2018

As suggested in Friday’s chart analysis, the GBPUSD continued to be bearish and found support around the horizontal level at 1.3985. The moving averages are still bearish and are widening, signalling that price may attempt a swing lower. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support levels at 1.4145 and 1.4175. The GBPUSD may continue to find support 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 - 23.04.2018

The selling momentum has continued and price has moved lower (as suggested in Friday’s chart analysis). The NZDUSD is finding support around the horizontal support and psychological level at 0.7200. The moving averages are bearish and are widening, signalling that the selling momentum could continue. Opportunities to go short may exist around the bearish moving averages and around the support and resistance areas of the previous bearish channel. The NZDUSD could continue to find support around the horizontal support at 0.7200.

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 - 23.04.2018

As suggested in Friday’s chart analysis, price reversed around the trend support area and the shorter-term moving average and is now forming a swing higher. The moving averages are bullish and are widening, signalling that the buying momentum may continue. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.2675 and 1.2645. A bullish move higher may stall or reverse around the horizontal resistance levels at 1.2805 and 1.2835.

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 speech by the Governor of the Bank of Canada (BOC) is scheduled for 1930 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.04.2018

Price has continued to be bullish and move higher (as suggested in Friday’s chart analysis). The USDCHF is up-trending. The moving averages are bullish, signalling that the uptrend could continue. If price pulls-back, long opportunities may exist around the trend support areas, around the dynamic support of the moving averages and around the horizontal levels at 0.9690, 0.9665 and 0.9640.

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 - 23.04.2018

As suggested in Friday’s chart analysis, the USDJPY closed above the horizontal resistance at 107.70 and is now attempting a bullish move higher. Price is above the recent consolidation area and the moving averages are bullish and are widening, signalling that the bullish momentum may continue. Buying opportunities could exist around the previous horizontal resistance at 107.70, around the trend support area and around the dynamic support of the moving averages.

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 -23.04.2018

GOLD has been bearish. Price continues to be indecisive though. The moving averages have been crossing frequently and have been providing no clear trend direction – confirming the market indecision. Trading opportunities could exist around the identified horizontal levels at 1322.30, 1327.60, 1334.90, 1338.80, 1353.55, around the moving averages and around the diagonal resistance area.