TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 30, 2018

AUDUSD – 1 Hour Chart

The AUDUSD has become indecisive and is moving sideways. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between the horizontal levels at 0.7540-0.7585. 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 horizontal resistance at 0.7620.

The Reserve Bank of Australia (RBA) have held the official interest rate at 1.5% for over 18 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.  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 Governor of the RBA will speak at some point today.

EURGBP – 1 Hour Chart

Price has been bullish and has swung higher. The EURGBP has formed a short series of higher swing highs and higher swing lows – price could start up-trending. The moving averages confirm this – they are about to cross bullish. Buying opportunities may exist around the previous horizontal resistance levels at 0.8775 and 0.8770 and around the dynamic support of 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%. There are hints that the Bank of England (BOE) will hike the interest rate 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 – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

EURUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, price was bearish and has formed a swing lower. The EURUSD is down-trending. Price is now in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend may continue. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2160, 1.2195 and 1.2240. An attempt to swing lower may be rejected or reverse around the recent swing low at 1.2060.

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 – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

GBPUSD – 1 Hour Chart

Price moved below the range support area and has since been bearish (as suggested in Friday’s chart analysis). The GBPUSD is down-trending. The moving averages are bearish and are widening, signalling that the downtrend could continue. Shorting opportunities may exist around the bearish moving averages, around the trend resistance area and around the previous support and resistance areas of the range. An attempt to swing lower could find support around the recent swing low at 1.3755.

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%. There are hints that the Bank of England (BOE) will hike the interest rate 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 that will directly impact this currency pair during today’s trading sessions.

NZDUSD – 1 Hour Chart

The NZDUSD has become indecisive and is moving sideways. The moving averages are tightening and are moving sideways – confirming the current indecision. Price action is forming a horizontal channel at 0.7045-0.7095. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the NZDUSD moves out of the channel (break-out trade).

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 – there is some economic uncertainty caused by New Zealand’s GDP and CPI figures. 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 that will directly impact this currency pair during today’s trading sessions.

USDCAD – 1 Hour Chart

As suggested in Friday’s chart analysis, the USDCAD has been reversing off the support and resistance areas of the range. Price continues to be indecisive. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade).

The Bank of Canada (BOC) recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will increase the interest rate at least 1 more time before the end of 2018. 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 that will directly impact this currency pair during today’s trading sessions.

USDCHF – 1 Hour Chart

Price reversed around the channel resistance area (as suggested in Friday’s chart analysis). The USDCHF has been up-trending within a bullish channel. Even though the moving averages are still bullish and are steady, price looks over-extended and may be due a bearish move. The USDCHF may move below the channel support area. A bearish move could find support around the horizontal support levels at 0.9820 and 0.9770. A bullish move could reverse around the recent swing high at 0.9915.

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 that will directly impact this currency pair during today’s trading sessions.

USDJPY – 1 Hour Chart

As suggested in Friday’s chart analysis, price closed below the tight horizontal channel support area and then attempting a bearish move lower. The USDJPY quickly reversed bullish though and is now looking indecisive again. The moving averages confirm the market indecision – they are tightening and are moving sideways. Trading opportunities could exist around the horizontal levels at 109.45, 108.95 and 108.60. If the USDJPY closes above the horizontal level at 109.45, price 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. The Bank of Japan (BOJ) has not changed the official interest rate since early 2016. Economic indicators for Japan continue to show signs of moderate growth.

There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

XAUUSD – 1 Hour Chart

GOLD reversed around the horizontal resistance at 1325.25 (as suggested in Friday’s chart analysis). Price is now looking indecisive and is moving within a horizontal channel at 1316.20-1325.25. The moving averages confirm the market indecision – they are moving sideways. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade). If price breaks to the downside, GOLD could start down-trending. A break to the upside could stall or reverse around the horizontal levels at 1332.05, 1334.90 and 1338.80.

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