Intraday Forex Analysis – 1 Hour Charts – March 28, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD moved-off the horizontal channel support and resistance areas and continues to range. Price is now attempting a bearish move below the horizontal channel support area. The moving averages are bearish and steady – confirming the current bearish momentum. Selling opportunities may exist around the previous horizontal channel support and resistance at 0.7610 and 0.7640 and around the dynamic resistance of the moving averages.
The Bank of Australia recently decided to hold rates at 1.50%.The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. There are concerns over how a Trump led US could negatively impact the Australian economy. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Consumer Confidence figure will be announced at 1500 UTC today.
EURGBP – 1 Hour Chart
The bearish swing lower has failed and price is currently testing the bearish channel resistance area (as suggested in yesterday’s chart analysis). Price action has formed a symmetrical triangle consolidation pattern. Trading opportunities could exist around the consolidation support and resistance areas and if the EURGBP moves out of the consolidation (break-out trade). The moving averages have crossed bullish and are widening, signalling that price may move higher.
The British Prime Minister has announced that Article 50 will be triggered on 29 March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and has announced what deal the UK government would like when they leave the EU. The ECB have announced that the economic future of the Eurozone is looking more stable. Macron emerged as the most convincing during the recent French political debate. Overall, things are looking more positive for the Eurozone. This could continue to provide added strength. There is no major scheduled news today that will directly impact this pair.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed bearish around the bullish channel resistance area and is currently retracing some of the recent bullish swing. The EURUSD continues to uptrend within the bullish channel. The moving averages are bullish and are widening, suggesting that price could attempt a swing higher. Buying opportunities may exist around the dynamic support of the moving averages, around the previous swing high at 1.0815 and around the bullish channel support area.
The US Federal Reserve have raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. The ECB have announced that the economic future of the Eurozone is looking more stable. Macron emerged as the most convincing during the recent French political debate. This has given strength to the Euro. Overall, things are looking more positive for the Eurozone. This could continue to provide added strength. A US Consumer Confidence figure will be announced at 1500 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD continues to be bullish and uptrend. The moving averages are bullish and are steady, suggesting that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages and around the identified trend support area. A bullish move may stall or reverse around the previous swing high at 1.2600.
The British Prime Minister has announced that Article 50 will be triggered on 29 March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like when leave the EU. This has given strength to the GBP. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. A US Consumer Confidence figure will be announced at 1500 UTC today.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD reversed around the symmetrical triangle resistance area and continues to move within the symmetrical triangle consolidation pattern. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities may exist around the symmetrical triangle support and resistance areas and if price moves out of the symmetrical triangle (break-out trade).
New Zealand’s economy continues to seem steady. The Reserve Bank of New Zealand recently kept rates at 1.75%. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Consumer Confidence figure will be announced at 1500 UTC today.
USDCAD – 1 Hour Chart
Price is ranging within a horizontal channel at 1.3320-1.3400. The moving averages confirm the current indecision – they have been tight and have been moving sideways. The moving averages have recently been more bullish though, signalling that the USDCAD may move above the channel resistance area. Trading opportunities could exist around the range support and resistance areas and if the USDCAD moves out of the range (break-out trade).
Recent Canadian economic figures have been mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon. The recent depreciation of OIL has caused weakness to the Canadian Dollar. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Consumer Confidence figure will be announced at 1500 UTC today. This is followed by a Bank of Canada Speech at 1510 UTC.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has continued to downtrend and has moved lower. The moving averages are bearish and are widening, suggesting that the USDCHF may attempt a swing lower. Shorting opportunities could exist around the bearish moving averages, around the previous swing low at 0.9885 and around the trend resistance area.
The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. The Swiss National Bank have kept rates at -0.75%. A US Consumer Confidence figure will be announced at 1500 UTC today.
USDJPY – 1 Hour Chart
The USDJPY is testing the previous range support area at 110.80. The moving averages are bearish and steady, signalling that price may continue to downtrend. Opportunities to go short could exist around the moving averages and around the previous horizontal channel levels at 110.80 and 111.50. A bearish move may stall or reverse around the previous swing low at 110.15.
The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US returns. The US Federal Reserve have raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Consumer Confidence figure will be announced at 1500 UTC today.
XAUUSD – 1 Hour Chart
GOLD continues to uptrend and is currently retracing some of the recent bullish move higher. The moving averages are bullish and are steady, signalling that price may attempt another swing higher. Buying opportunities could exist around the bullish moving averages and around the horizontal levels at 1242.20 and 1253.00. A bullish move may stall or reverse around the previous swing high at 1258.75.
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