TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 24, 2018


XAUUSD - 24.04.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.04.2018

As suggested in yesterday’s chart analysis, the AUDUSD has been bearish and has swung lower. Price is finding support and may start retracing some of the recent bearish move. The moving averages are bearish and are widening, signalling that the AUDUSD may swing lower. If price does start retracing, opportunities to go short could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous 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.

A US consumer confidence figure will be released at 1400 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.04.2018

The EURGBP has moved below the bullish channel support area. Price is now looking indecisive. The moving averages confirm the current indecision – they are tightening and are starting to move sideways. Trading opportunities may exist around the identified horizontal levels at 0.8620, 0.8670, 0.8690, 0.8735, 0.8770 and 0.8780. If the EURGBP closes above the horizontal resistance at 0.8780, price could attempt a bullish move higher.

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 - 24.04.2018

As suggested in yesterday’s chart analysis, price has been bearish and has moved lower. The moving averages are bearish and are widening, signalling that the EURUSD may swing lower. Shorting opportunities could exist around the previous horizontal support levels at 1.2225, 1.2265, 1.2305 and 1.2335, around the dynamic resistance of the moving averages and around any of the key Fib levels. A bearish move may find support around the recent lows and psychological level at 1.2200.

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 consumer confidence figure will be released at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 24.04.2018

Price has been bearish and is forming a swing lower (as suggested in yesterday’s chart analysis). The moving averages are bearish, signalling that the downside momentum could continue. If the GBPUSD starts retracing, selling opportunities may exist around the previous support level at 1.3985, around the bearish moving averages, around any of the key Fib levels and around the trend resistance.

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 US consumer confidence figure will be released at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 24.04.2018

As suggested in yesterday’s chart analysis, the downside momentum has continued. The NZDUSD has been very bearish. The moving averages are bearish and are widening, signalling that price may continue to move lower. The NZDUSD is looking over-extended though, suggesting that price may attempt a bullish retrace move before attempting to swing lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the previous 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.

A US consumer confidence figure will be released at 1400 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 24.04.2018

The USDCAD has continued to be bullish and has swung higher (as suggested in yesterday’s chart analysis). The moving averages are bullish, signalling that the upside momentum could continue. Buying opportunities may exist around the previous horizontal resistance at 1.2805, around the moving averages and around the trend support 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 consumer confidence figure will be released at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 24.04.2018

As suggested in yesterday’s chart analysis, the USDCHF has continued to be bullish and has been finding support around the trend support area. The moving averages are bullish, suggesting that price may continue to move higher. The USDCHF is looking a little over-extended though, signalling that price may start retracing and move below the trend support area. Opportunities to go long could exist around the dynamic support of the moving averages and around the previous 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.

A US consumer confidence figure will be released at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 24.04.2018

Price has continued to be bullish and has swung higher (as suggested in yesterday’s chart analysis). The USDJPY is up-trending. The moving averages are bullish, signalling that the uptrend could continue. Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance at 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.

A US consumer confidence figure will be released at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 24.04.2018

As suggested in yesterday’s chart analysis, price found support around the horizontal level at 1322.30. GOLD continues to look choppy and be indecisive. The moving averages are bearish though, signalling that price may swing lower. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the previous support levels at 1334.85 and 1338.80 and around the diagonal resistance. GOLD may continue to find support at the horizontal support at 1322.30.


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